life insurance at age 19?

[DebbieL]

Originally Posted by LivingAlmostLarge

Except you are paying an extra 10 years before you even need it. And if you are uninsurable in 10 years will $200k even be enough?

The cost is so low that it shouldn't be a big deal. That $200k (really, there is no reason they can't get more if they want to) will be a lot better than zero. My advice is the same to my own daughter (she's just turned 19).

[matthew111]

I think it is a good option to take life insurance if your pocket allows. It not only provide you protection but it is kind of investment and you will receive the sum assured once you complete the span of the insurance policy.

[disneysteve]

Originally Posted by matthew111

I think it is a good option to take life insurance if your pocket allows. It not only provide you protection but it is kind of investment and you will receive the sum assured once you complete the span of the insurance policy.

Absolutely not! What you said is only true if you buy whole life insurance. DO NOT do that. Buy term insurance. Do not confuse or mix investing with insurance. Keep the two separate.

[helenir]

But there are some limitations at that age. some insurance companies don't worry about your age, but some might have limits.

[acat29020]

I am not expert, but I do not see the need for insurance at that age unless you have kids. Just my opinion!

[terminsurance]

Yes your mother is right. Generally 19 is a good age to insure you. But the point is that how much you are dependent to pay your premium.

[LivingAlmostLarge]

Debbie my rate at 32 was about the same as a 19 year old. Now a 10 year term means that person would be 29 to my 32 and possibly in poorer health (fatter, etc) so maybe it would cost more. But to paying $200/year for 10 years and then need more at 29 and be buying more period, wouldn't it be better to have saved that for 10 years and used it to the bigger premium you'll need when you have kids?

My issue is still running out at age 49 after 30 years of premiums when you might need the life insurance the most. You can always self-insure more as you get older, but there is a period where it's probably the nicest to have insurance and you can afford it. As kids are old enough to go to college and not derail retirement. Die early and you probably have a backup plan, die after the policy and you probably have settled most affairs. But it's those last few years when you just need a little more insurance that it's worrisome.

FWIW, I've noticed most people underinsure in general. They have life insurance but they don't carry enough to adequately cover themselves if something happens.

[vitalogist]

Getting insurance at a young age is great. The premiums are lower and you can expect a lot when the time comes.

[DebbieL]

Originally Posted by LivingAlmostLarge

Debbie my rate at 32 was about the same as a 19 year old. Now a 10 year term means that person would be 29 to my 32 and possibly in poorer health (fatter, etc) so maybe it would cost more. But to paying $200/year for 10 years and then need more at 29 and be buying more period, wouldn't it be better to have saved that for 10 years and used it to the bigger premium you'll need when you have kids?

My issue is still running out at age 49 after 30 years of premiums when you might need the life insurance the most. You can always self-insure more as you get older, but there is a period where it's probably the nicest to have insurance and you can afford it. As kids are old enough to go to college and not derail retirement. Die early and you probably have a backup plan, die after the policy and you probably have settled most affairs. But it's those last few years when you just need a little more insurance that it's worrisome.

FWIW, I've noticed most people underinsure in general. They have life insurance but they don't carry enough to adequately cover themselves if something happens.

My only real reason to get it as young as possible is that you never know when a health problem (possibly cancer or stroke, etc) might strike a close relative (or even yourself). Because my older sister got ovarian cancer at 43 years old (I was only 27 at the time), my risk was suddenly way worse. I wish I would have gotten life insurance before that happened when I would have had a much better health rating. I'm healthy, fit (run about 6-7 miles a day), not overweight, eat great, take good care of myself, and I am a bad risk because of what happened to my sister. I didn't have a real "need" for the insurance at 19 - but I'm highly recommending it to my own daughter.