[Dmpsix]

Opinions? Too early?

I'm 24, I'll have to speak with Allstate and do a health assessment and get a quote, I just don't wanna get ripped off and get locked into something I could've got cheaper.

Anyone have any suggestions or tips for life insurance for someone my age?

[MovieGuy]

Are you married? Do you have a family?

[Dmpsix]

Nope and nope.

Will be married soon. 03/03/2018

Kids shortly after, once we're both done with school.

[Coors9]

24,odds are you live a long life. Take the money your going to pay them and put it into something that earns you more. You'll have it when you retire. Check out all of your options and do what's right for you. Just my 2 cents.

[Dmpsix]

I just figured it'd be smart to get locked into a really low monthly rate forever.

Or just wait?

[dreyesforeal]

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[strykerg8gt]

I waited till I was older to get a policy and it was considerably more expensive since my medical conditions changed. If you're going to have a family soon and you're in good health, getting a policy now isn't a bad idea.

[Mr_Draco]

Originally Posted by Dmpsix

I just figured it'd be smart to get locked into a really low monthly rate forever.

Wrong way to go about. Term Life insurance is better financially speaking than Whole Life insurance. Having said that, at 24 if you are in good health and are not a risk taker, I wouldn't worry about buying life insurance especially since you said you're not done with school yet. The most common Term Life policy is 10 years, what is the likely hood of you dying in 10 years?

Imo, if you insist on life insurance, finish school first and get a job and see what the company you work for offers. Most companies I've seen offer a small policy for free with the option to buy more at a much cheaper cost than what any insurance company will offer you. For example I have a $500k life insurance through the company I work for and an extra $250k if it was accidental for a total cost of $3 a week plus a $10k policy that they give free of charge for all employees. See if you can find an insurance company that will sell you a $760k policy for $3 a week.

[pyroguy]

Let me ask you why you're thinking of getting life insurance? Is it because "everyone's doing it" or because "it's the right thing to do" or because someone is counting on you and your income? I'd nobody, financially speaking, would miss you if you died then you don't need life insurance. If there is someone counting on you, depending on your income and/or abilities to survive then yes you need life insurance.
When selecting life insurance you should ONLY go with term life insurance. All others are a rip off, ESPECIALLY whole life. You can get term coverage for fractions of the cost of whole life. If you're wise, you will invest part of all of the difference in cost between the two and end up far ahead in the end. When selecting a term that is right for you check to see how long outstanding debts that will carry over to someone else and/or how long it will take the person depending on your income to be able to replace it with savings/investments. In other words you don't need life insurance your whole life if you have a million bucks in your investments/savings and your survivors can live on that.
Always shop around for prices and don't let the insurance salesman tack on a bunch of random things that you don't need. NEVER use life insurance as an investment. The rate of return is crap and if you don't cash out the "investment" before you die, they pay your beneficiary the benefit and keep your "investment".
Good luck, happy hunting, and if your have any questions about anything I said or want to ask more questions feel free to PM me and I'll answer what I can.

[Dmpsix]

Hey thanks for the advice everyone!

@Pyroguy

No, nothing in particular to be honest. I guess I was just kind of curious since I honestly thought to myself one day... well... I wonder if it would be wise to have life insurance locked in at a low monthly rate instead of having it done at an older age and get screwed.

But that makes perfect sense though, I found some info after some research and everything you said makes perfect sense.

I have no one depending on me, I don't come from any 1%'er kind of family or anything but even though I know they could cover funeral costs, I wouldn't want them footing the bill for me.

But... you make perfect sense though and I appreciate all the insight, I'm in no rush and I'll just wait things out for now!

[pyroguy]

Originally Posted by Dmpsix

Hey thanks for the advice everyone!

@Pyroguy

No, nothing in particular to be honest. I guess I was just kind of curious since I honestly thought to myself one day... well... I wonder if it would be wise to have life insurance locked in at a low monthly rate instead of having it done at an older age and get screwed.

But that makes perfect sense though, I found some info after some research and everything you said makes perfect sense.

I have no one depending on me, I don't come from any 1%'er kind of family or anything but even though I know they could cover funeral costs, I wouldn't want them footing the bill for me.

But... you make perfect sense though and I appreciate all the insight, I'm in no rush and I'll just wait things out for now!

Hey, I'm happy to offer advice. At 24 you have many years left before your rates will see any kind of significant jump. If you have health issues that might make you uninsurable, or a family history of health issues that could make you uninsurable that could transfer to you (i.e. cancer, diabetes, etc.) then insurance now isn't too bad of a decision. That would be the other stipulation that I would say go for it now. When you get married make sure you and your wife get life insurance and don't forget that if/when she becomes a stay at home mom or if you do the staying at home, that there is value in a stay at home parent. They will still need life insurance because it takes money to hire Mary Poppins if something would happen to that parent.

[ClawSS]

We were married at 27 and we had our first kid at 32. We also had a mortgage and a car payment. At that point in our lives, she and I both bought individual terms till 65 years old for the "piece of mind" since we were riding together every day to work 110mi. round. Anything could happen and we needed to know the boy would be ok. Your reasons may differ, but we were out of school and had jobs turning into careers before we considered it.