Suggestions on getting a life insurance you
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)
comments
If you have tens of thousands in savings, no debt, and no dependents, life insurance is a scam.
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.
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.
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.