- This topic has 14 voices and 17 replies.
-
Posts
-
I’m 30 years old and trying to get my finances in order. Life insurance keeps coming up, but I’m torn. Some people say it’s essential, especially if you have dependents, while others argue the money could grow more if invested. I don’t have kids yet, but my partner and I are thinking about it. I’m trying to figure out if I should get a policy now or wait until my situation changes. What do you all think?
While not directly relevant to my current situation without dependents, I noted that for individuals with very large estates (over $10.5 million per parent), life insurance can be used as part of estate tax planning. This is something to keep in mind for the distant future.
I’ve read a cautionary tale about someone who was unable to get life insurance later in life due to a health issue that developed in their late twenties. This makes me think about the potential benefit of securing a policy while I’m still young and healthy, as I might not qualify later.
Interestingly, some sources mention “living benefits” riders on life insurance policies. These could allow me to access a portion of the death benefit if I were to experience a serious illness like a heart attack, stroke, or cancer, which could help with medical expenses while I’m still alive.
I’ve also heard about term life policies that offer a return of premium at the end of the term. So, if I don’t pass away during the policy period, I could potentially get all the money I paid in premiums back. This sounds like a hybrid between insurance and a savings mechanism.
- You must be logged in to reply to this topic.