sheba92766
New member
Long post ahead!!!!
Hello, im a 19 year old college student. And my mom is urging me to get a permanent life insurance as i can lock the $50/month. Upon research thats reasonable as we get older our premiums is higher. But as i was looking i dont have dependents or mortgage. So i dont have to worry about that and no one will be effected of my death as im not paying anything, right? But then the advisor mentioned, about the death benefits and cash value thats comes with whole life insurance. I can withdraw, yea with tax but there is a death benefits. So i can use that tax benefits for funeral expenses or the cash value for my other expenses. Aside from my retirement funds or investment… but thinking about that, i would be losing $50/month compared if i saved that up and if its about funeral expenses i can just use my retirement or other funds.
So, im thinking at 20 years old and lock in low premium for 30 years. Just in time for my kids to be older and mortgage is paid? Or start when i got a family and kids? But it would be high premium right? Or at my age i can use the permanent health insurance(not sure) or critical illness or disability one or the income insurance??
I mean its normal to get it when youre in mid 20’s to 30’s??
Help me pls, im so conflicted. But life insurance is not for my investing. In terms of investing, it would be in another thing (like tfsa etc)
Thank u advance!!
Hello, im a 19 year old college student. And my mom is urging me to get a permanent life insurance as i can lock the $50/month. Upon research thats reasonable as we get older our premiums is higher. But as i was looking i dont have dependents or mortgage. So i dont have to worry about that and no one will be effected of my death as im not paying anything, right? But then the advisor mentioned, about the death benefits and cash value thats comes with whole life insurance. I can withdraw, yea with tax but there is a death benefits. So i can use that tax benefits for funeral expenses or the cash value for my other expenses. Aside from my retirement funds or investment… but thinking about that, i would be losing $50/month compared if i saved that up and if its about funeral expenses i can just use my retirement or other funds.
So, im thinking at 20 years old and lock in low premium for 30 years. Just in time for my kids to be older and mortgage is paid? Or start when i got a family and kids? But it would be high premium right? Or at my age i can use the permanent health insurance(not sure) or critical illness or disability one or the income insurance??
I mean its normal to get it when youre in mid 20’s to 30’s??
Help me pls, im so conflicted. But life insurance is not for my investing. In terms of investing, it would be in another thing (like tfsa etc)
Thank u advance!!