Life insurance question...

[Jumpem]

I am trying to figure what benfits to enroll in at my new employer. Life insurance has me stumped. I am a single 26 year old without any dependants, so I don't think that I needit. Am I correct?

I would want to enroll in it once I am married and have a wife that depends on me though, right?

 

[BlueWeasel]

Originally posted by: Jumpem
I would want to enroll in it once I am married and have a wife that depends on me though, right?

Definately.

I'd probably go ahead and pick some up, though. The rates would probably be fairly low since you're only 26 and assuming you are in good physical shape.

 

[StageLeft]

Forget it!

 

[Taggart]

No dependants, no life insurance.

 

[mzkhadir]

Originally posted by: Skoorb
Forget it!

why do you say that ?

 

[sonz70]

Only get some so you can fae your death when you're 50 and collect it

Wouldn't it make more sense to make those monthly payments, deposits into one of your bank accounts?

 

[imported_Sasha]

Insurance is only good to those that are still alaive after you die. So, unless you have major debt that might get displaced onto someone else then life insurance should be of little value to you outside of funeral costs.

 

[biostud]

Uhm, doesn't also give you money if you are disabled in a traffic accident or similar? And unable to work?

 

[kranky]

The purpose of life insurance is to provide for people who are dependent on your income. You don't have anyone to provide for at this time, so I would skip it.

Some would say it's smart to get life insurance while you're young and healthy, in case later on you can't qualify. There may be some merit in that but (to me) only if you're buying it out of your own pocket. A group policy through your employer is only valid while you work there anyway.

 

[mzkhadir]

Originally posted by: biostud
Uhm, doesn't also give you money if you are disabled in a traffic accident or similar? And unable to work?

I think thats supplemental insurance through the duck

 

[kranky]

Originally posted by: biostud
Uhm, doesn't also give you money if you are disabled in a traffic accident or similar? And unable to work?

No, that's disability insurance. Not the same thing.

 

[skyking]

That would be a specific disability clause. Don't buy or pay for life insurance looking for that benny, get disability insurance instead.

 

[gar3555]

yeah..you say you don't need it...I said that too, when I was in college, but my dad said I had to have it...I thought, I was in good shape nothing is gonna happen to me...then bam...botched appendectomy, 8 days in the hospital...

 

[mzkhadir]

Originally posted by: gar3555
yeah..you say you don't need it...I said that too, when I was in college, but my dad said I had to have it...I thought, I was in good shape nothing is gonna happen to me...then bam...botched appendectomy, 8 days in the hospital...

shouldn't you sue for that if it was botched.

 

[Jumpem]

Originally posted by: biostud
Uhm, doesn't also give you money if you are disabled in a traffic accident or similar? And unable to work?

I believe that's long term disability. I chose that.

 

[flot]

Originally posted by: Jumpem
I am trying to figure what benfits to enroll in at my new employer. Life insurance has me stumped. I am a single 26 year old without any dependants, so I don't think that I needit. Am I correct?

I would want to enroll in it once I am married and have a wife that depends on me though, right?

It should be dirt cheap. The bigger question for you is, how much $ do you owe? Student loans, car loans, etc? Biggest thing would be if you were to buy a house - the 'smart' thing to do would be to ensure that you have at least enough life insurance to pay off all of that debt, plus another 10k-20k, just so that in the event that you did get offed, it's one less burden to pass along to your relatives. I think you should be able to get ~$50k of insurance for like $10-15 a month..?

 

[WannaFly]

Some life insurance policies will actually pay out a percentage if you lose a limb/finger/etc. even if it happened in an accident.

 

[kranky]

Originally posted by: flot

Originally posted by: Jumpem
I am trying to figure what benfits to enroll in at my new employer. Life insurance has me stumped. I am a single 26 year old without any dependants, so I don't think that I needit. Am I correct?

I would want to enroll in it once I am married and have a wife that depends on me though, right?

It should be dirt cheap. The bigger question for you is, how much $ do you owe? Student loans, car loans, etc? Biggest thing would be if you were to buy a house - the 'smart' thing to do would be to ensure that you have at least enough life insurance to pay off all of that debt, plus another 10k-20k, just so that in the event that you did get offed, it's one less burden to pass along to your relatives. I think you should be able to get ~$50k of insurance for like $10-15 a month..?

His relatives would not be responsible for his debt.

 

[PELarson]

Originally posted by: Jumpem
I am trying to figure what benfits to enroll in at my new employer. Life insurance has me stumped. I am a single 26 year old without any dependants, so I don't think that I needit. Am I correct?

I would want to enroll in it once I am married and have a wife that depends on me though, right?

Does it cost you anything? If it doesn't enroll in it.

 

[allisolm]

so I don't think that I needit. Am I correct?

You're correct.
If it is really cheap, though, you might want to think about a minimum amount ($5,000-$10,000) with the beneficiaries whoever would have to pay for your funeral so that they wouldn't be out-of-pocket there.

 

[randomlinh]

i have it. partly because it gives me a multi-line discount on my car insurance, and ends up being cheaper overall

 

[Kenazo]

Originally posted by: Taggart
No dependants, no life insurance.

Should be No dependents, no debt, no life insurance. You need to have enough assets to cover your debt, or life insurance to do so.