life insurance

yeung330xi · 09-09-2008, 12:21 PM

just wanted to know what you guys think i should do about my life insurance. if i need it or just a waste of money at my age.

this was just a plan my father started for me when i was younger. dont ask why..but i am only 22 years old. apparently i can cancel my life insurance plan and recoup some of the money invested. the amount of money lost would be <2000 i think

so my question is do other people my age have life insurance? is it really necessary at my age, since i dont have anyone to support and no one is really dependent on me.

i was thinking i can take that money and invest it.

any thoughts?

SDTopless · 09-09-2008, 12:44 PM

get it, its cheap. you'll be making plenty more $$ in the future that will exceed the costs of life ins. so basically...

besides funeral costs, if u want to take care of any obligations, liabilities, or debts (which i highly doubt you have at your age)

OR

leave something behind just in case something happens. and btw, shit does happen

nissan · 09-10-2008, 01:00 PM

I think what your dad got for you is a universal life policy? In general, those things are rip offs. But, if your dad's paying the premiums, I'd just stick with it. Otherwise, if he wants you to pay, you should forfeit that $2000 and the premiums already paid and get term life insurance (return of premium policy). $500k policies are dirt cheap from A+ rated companies and it makes sense especially if you are graduating and will have loan debt, buying a house, car, etc. IIRC when I checked into a $500k last yr for myself (25 y/o, non smoker, excellent health) it was only like $500/yr and they return all premiums paid if you're still alive in 30 years.

Brunotheboxer · 09-10-2008, 01:58 PM

i would only buy life insurance if i had kids.

GreenThree · 09-10-2008, 02:28 PM

Life insurance is very important. It covers your legacy, financial obligations, earning ability when you pass away. At your age, you may not need it. It depends. I plan to buy some as soon as I get married and have kids.

The question is, what is the cash surrender value of your policy? Also, do you have term insurance or Universal Life? How much coverage? If that cash surrender lump sum is worth more to you than the ongoing expense of cheap annual premiums in order to insure yourself, then cash it out. If not, keep it, and it could be very beneificial in the future should something happen to you. (Not to mention the tax free death benefit) Let us know how it goes

SDTopless · 09-10-2008, 02:40 PM

another point to put into perspective:

if you're going to school and something does happen *knock on wood* would you want all the money your father has put into raising you, paying for your possessions, paying for your education go to waste?

at least term life would be good enough for the temporary 'til you truly get on your own 2 feet. it's cheap and worth it especially at your age.

09-09-2008, 12:21 PM	#1
yeung330xi Jordan aka The GOAT 103 Rep 477 Posts Drives: 2006 330XI Join Date: Jan 2006 Location: Ontario, Canada iTrader: (1) Garage List 2014 528i xdrive [0.00]	life insurance just wanted to know what you guys think i should do about my life insurance. if i need it or just a waste of money at my age. this was just a plan my father started for me when i was younger. dont ask why..but i am only 22 years old. apparently i can cancel my life insurance plan and recoup some of the money invested. the amount of money lost would be <2000 i think so my question is do other people my age have life insurance? is it really necessary at my age, since i dont have anyone to support and no one is really dependent on me. i was thinking i can take that money and invest it. any thoughts? __________________ December 2002\|\| 2003 330xi Steel Grey\Premium Package\CD Changer\Harman Kardon\Rain Sensor\Automatic March 2006 \|\| 2006 330xi Black Sapphire\Automatic\20% TINT\Blacklines\CF Splitters\M3 style spoiler\MFD LED Angel Eye Kit\19" CSL reps with Falken 452\
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09-09-2008, 12:44 PM	#2
SDTopless I just wanna do my car 5 Rep 134 Posts Drives: 350z RevUp =) Join Date: Oct 2007 Location: SoCal Diego iTrader: (0)	get it, its cheap. you'll be making plenty more $$ in the future that will exceed the costs of life ins. so basically... besides funeral costs, if u want to take care of any obligations, liabilities, or debts (which i highly doubt you have at your age) OR leave something behind just in case something happens. and btw, shit does happen __________________ missing my z4...
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09-10-2008, 01:00 PM	#3
nissan Lieutenant 54 Rep 523 Posts Drives: 2015 M6 GC CP Join Date: Mar 2007 Location: DFW iTrader: (4)	I think what your dad got for you is a universal life policy? In general, those things are rip offs. But, if your dad's paying the premiums, I'd just stick with it. Otherwise, if he wants you to pay, you should forfeit that $2000 and the premiums already paid and get term life insurance (return of premium policy). $500k policies are dirt cheap from A+ rated companies and it makes sense especially if you are graduating and will have loan debt, buying a house, car, etc. IIRC when I checked into a $500k last yr for myself (25 y/o, non smoker, excellent health) it was only like $500/yr and they return all premiums paid if you're still alive in 30 years.
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09-10-2008, 01:58 PM	#4
Brunotheboxer Colonel 399 Rep 2,984 Posts Drives: 2014 Shelby GT500. Join Date: Jan 2006 Location: Boston/Cape Cod iTrader: (0)	i would only buy life insurance if i had kids. __________________ "...I maybe drunk, but you're ugly, and I can sober up..."
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09-10-2008, 02:28 PM	#5
GreenThree Colonel 216 Rep 2,110 Posts Drives: 2011 e90 Join Date: Mar 2008 Location: Boston, MA iTrader: (0)	Life insurance is very important. It covers your legacy, financial obligations, earning ability when you pass away. At your age, you may not need it. It depends. I plan to buy some as soon as I get married and have kids. The question is, what is the cash surrender value of your policy? Also, do you have term insurance or Universal Life? How much coverage? If that cash surrender lump sum is worth more to you than the ongoing expense of cheap annual premiums in order to insure yourself, then cash it out. If not, keep it, and it could be very beneificial in the future should something happen to you. (Not to mention the tax free death benefit) Let us know how it goes __________________ 2015 335xi \| Mineral Grey Metallic \| Black Dakota Leather \| NAV \| SportLine \| ZPP \| ZDA \| ZCW \| Munich Build Retired: 2008, 2011, 2013 328xi
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09-10-2008, 02:40 PM	#6
SDTopless I just wanna do my car 5 Rep 134 Posts Drives: 350z RevUp =) Join Date: Oct 2007 Location: SoCal Diego iTrader: (0)	another point to put into perspective: if you're going to school and something does happen knock on wood would you want all the money your father has put into raising you, paying for your possessions, paying for your education go to waste? at least term life would be good enough for the temporary 'til you truly get on your own 2 feet. it's cheap and worth it especially at your age. __________________ missing my z4...
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