Suggestions on getting a life insurance you

PayPal / IT
kanonymous

Go to company page PayPal IT

kanonymous
Mar 28, 2021 19 Comments

28 M healthy n fit.
Do you hav any suggestions on buying a life insurance in the US? Like what insurance company, policy, coverage, payments? Looking for something you bought on your own but not with employer.

5yoe, 160k contracting role(no stocks, no PayPal benefits)

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TOP 19 Comments
  • Google
    LDNy43

    Go to company page Google

    LDNy43
    The purpose of life insurance is to cover your expenses/debts against your estate and so those dependent on your income aren't left destitute. A "good" answer will be tailored to these details, which you haven't provided.

    If you have tens of thousands in savings, no debt, and no dependents, life insurance is a scam.
    Mar 28, 2021 5
    • PayPal / IT
      kanonymous

      Go to company page PayPal IT

      kanonymous
      OP
      Adding to Confluent, life is unpredictable and so is why the life insurance exists. When life happens, few thousands in savings wouldn't make a difference but a million dollars will. Trying to prepare myself for Parents and future dependents.
      Mar 28, 2021
    • The premiums are lower but you’re paying them for 15 extra years, so you are just pre-paying the difference.

      You don’t need to “prepare” for future dependents. It’s wasting money. You can start the policy once these dependents actually exist.

      I would only worry about your parents if you are supporting them or planning to support them in a significant way later in life. If they will be fine on their own, they don’t need your life insurance payout. You can just leave them your assets. And most likely, they’ll die before you.
      Mar 28, 2021
  • If no one is dependent on you, you don’t need it. It is purchased when you have a family and when they wouldn’t survive on savings alone if you die. You say nothing about supporting anyone currently. Do you really need it then? Will anyone need those funds to survive if you die?
    Mar 28, 2021 4
    • PayPal / IT
      kanonymous

      Go to company page PayPal IT

      kanonymous
      OP
      Yes, got your point. But I am saying that I am trying to secure their future as they have no savings at all. So I can do that right?
      Mar 28, 2021
    • I mean this doesn’t secure their future as it’s much more likely they’ll die before you. That’s why this is a lucrative business. You can also simply make them beneficiaries of your estate so they’ll get all your assets if you do die. The question is whether they would need more than that to survive.
      Mar 28, 2021
  • Confluent / Eng
    0xxxxx

    Go to company page Confluent Eng

    0xxxxx
    Here is my .02

    Employer sponsored life insurance goes away when you switch companies, so you'll have to apply again, and depending on level of coverage, you may be asked to do evidence of insurability again.

    This is why I did my own (State Farm), did the blood and drug tests with them, and now I have a whole life policy that never expires, and not tied to one employer.
    Mar 28, 2021 3
    • Snap
      snap

      Go to company page Snap

      snap
      Following
      Mar 28, 2021
    • Confluent / Eng
      0xxxxx

      Go to company page Confluent Eng

      0xxxxx
      Depends what you get, your health, blood results, age, sex, etc. Also, you can't just get any coverage you like - it may depend on your net worth too.

      For a 20 year term life it's probably gonna be around $600-$800 annually for $1 million coverage.

      For whole life, you could pay $9000 per year for 20 years, $1 million coverage, but coverage would stay till you die, even if after 20 years passed. So after 20 years you no longer pay but you're covered, with the option of cashing out your money at 65 or 70.

      Again, plenty of options and plenty of companies. You're gonna need to shop around and learn for yourself what's best for you.
      Mar 28, 2021
  • New
    griddle

    New

    BIO
    I'm a dynamic programmer!
    griddle
    Here at New we get basic life insurance as a standard benefit. Does PayPal not offer the same?
    Mar 28, 2021 1
  • Raytheon / Eng
    Father.

    Go to company page Raytheon Eng

    Father.
    Use Bestow
    Mar 29, 2021 0