Who has it? If you don't mind.. how much and what do you pay per month?

I was offered $25k of coverage for about $20/month. I haven't signed the application yet, and am considering it but would rather think about it for a bit. Is it unnecessary for a 19yr old to have it? They said that the rate is guaranteed to never increase, and that I should get it at this rate while I am young. For now, my parents would be my beneficiaries unless I named someone else, and could transfer that to my wife or children someday.

This is through USAA.

 

Considering the cash value can do nothing but increase, it couldn't hurt :dunno:

 

I have 15k through work for free....cover the funeral and stuff..don't have any assets to protect as of now..so it works for the time being

 

how long is the term for? or is it a whole life policy?

 

psssshhhhhhhhh insurances are for pussies.

 

whole

 

well at 20/mth (which is cheap), it would take you 100yrs to get $25k coverage (which is why its cheap). basically, look at it this way... if something were to happen to you (something = death), within the 100yrs, then the coverage would be worth it. obviously you arent going to live for another 100yrs from now. so in that sense, its "worth it" to get the policy. however, my gripe with life insurance (for the average person who's a bit older) is that when you compare money put in to the money returned/paid-out at the end, there are "better" ways to utilize that money. i can sell life insurance to my customers. but i dont. commission on life policies is ridiculously high, but i dont still cuz i feel like im ripping them off in the sense that they couldve invested that money elsewhere and yield a higher interest rate in return.

BUT... at 20/month, theres not much choices, if any, to "invest" because its such a small amount. lets say you're 20yrs old right now. lets say you die when you're 80. thats 60yrs of payments at 20/month which comes out to $14,400. but your family/beneficiary will receive $25,000 to cover costs. thats an almost $11k additionally earned. all for $240/year put aside. in this case, i would get it. $20/month isnt gonna hurt anyone's bank account and affect their lifestyle. if it does, then they have much more pertinent issues to take care of first.

USAA is dirt cheap for those that can get it. i need someone in my family to take one for the team and get in the military so i can use their cheap service too. lol.

 

Thanks for the information to consider, Eddiez.

 

to me, unless you have kids or a house, life insurance doesn't make sense.

 

My wife has 3X her salary through work. I have 100,000 and can't get anymore.