I'm 18. Should I get life insurance now (while it is really cheap)

[Leros]

My dad thinks that I should get life insurance now because it will be cheap. He has already contacted an insurance company and I am sitting here filling out the forms now. The whole being cheaper because I am young thing makes sense, but is this really the right thing to be doing?

I don't really see the point as I have no family or anything.

I do have government sponsored student loans, but my parents did not cosign or anything. If I die, what happens with these loans?

Leave the "my dad is going kill me and claim the insurance" comments at the door.

 

[Balt]

No.

 

[Ronstang]

Originally posted by: Balt
No.

 

[imported_goku]

Yes you should get life insureance, but not because it will be cheap but because one accident and you'll be paying through the nose...

 

[Balt]

Originally posted by: goku
Yes you should get life insureance, but not because it will be cheap but because one accident and you'll be paying through the nose...

The problems of the living do not concern the dead.

 

[posterboy]

HELL NO. read about insurance, before you get suckered into buying it. there's A LOT of info online.

 

[FoBoT]

NO!!

you have no reason to have insurance

who is going to need replacement of your income if you die? nobody? then you don't need life insurance

NO!!

http://clarkhoward.com/shownotes/category/9/81/

Life insurance is meant to replace your income. My rule of thumb is to buy an amount equal to six times your annual salary.

if you are dead, who is going to miss your income?
you don't need insurance until you have kids or at least a wife that has no job or something

 

[Pepsi90919]

Originally posted by: FoBoT
NO!!

you have no reason to have insurance

who is going to need replacement of your income if you die? nobody? then you don't need life insurance

NO!!

YES!!

debt?

YES!!

 

[Savij]

If he co-signed on student loans with you, then yes.

 

[olds]

Originally posted by: goku
Yes you should get life insureance, but not because it will be cheap but because one accident and you'll be paying through the nose...

Rocket scientist?

 

[Leros]

Glad to see ATOT agrees with my feelings about this. I don't see the point.

 

[Leros]

Originally posted by: Pepsi90919

Originally posted by: FoBoT
NO!!

you have no reason to have insurance

who is going to need replacement of your income if you die? nobody? then you don't need life insurance

NO!!

YES!!

debt?

YES!!

This is true, I am a student, with student loans.

 

[kstu]

i thought you only needed life insurance if there were other people depending on you

 

[posterboy]

Originally posted by: oldsmoboat

Originally posted by: goku
Yes you should get life insureance, but not because it will be cheap but because one accident and you'll be paying through the nose...

Rocket scientist?

HAHAHAHHHAHA.

 

[WildHorse]

No!

Life insurance is to provide support for your spouse & kids after you, main breadwinner, dies.

The life insurance payout is to tide them over for maybe about 2 years, until they reconnect with other means of support.

If you don't have anybody else depending on your income for their primary support, you don't need life insurnace.

 

[FoBoT]

no that is wrong. you don't need life insurance for debts , again unless you have someone left behind. debts can't be put onto other people when you die. the debtors can collect from the estate, but if there is nothing to collect , they can't go after parents or random relatives

if he owes his father money, then the father can pay for life insurance if the father wants to , that is different

 

[Savij]

Originally posted by: scott
No!

Life insurance is to provide support for your spouse & kids after you, main breadwinner, dies.

The life insurance payout is to tide them over for maybe about 2 years, until they reconnect with other means of support.

If you don't have anybody else depending on your income for their primary support, you don't need life insurnace.

If he is 18 and has student loans he wants the life insurance so that his dad, who I'm assuming co-signed his loans, doesn't get stuck having to spend the next five to ten years paying for his dead son's "education"

 

[FoBoT]

Originally posted by: Leros

Originally posted by: Pepsi90919

Originally posted by: FoBoT
NO!!

you have no reason to have insurance

who is going to need replacement of your income if you die? nobody? then you don't need life insurance

NO!!

YES!!

debt?

YES!!

This is true, I am a student, with student loans.

if the loans are to you only, your father doesn't inherit your loans if you die
if the loans are to your father, then your father can pay for life insurance, it won't be your problem if you are the dead one

 

[Pepsi90919]

Originally posted by: FoBoT
no that is wrong. you don't need life insurance for debts , again unless you have someone left behind. debts can't be put onto other people when you die. the debtors can collect from the estate, but if there is nothing to collect , they can't go after parents or random relatives

if he owes his father money, then the father can pay for life insurance if the father wants to , that is different

i really just wanted a reason to say

YES!!

[something]

YES!!

 

[Savij]

Originally posted by: FoBoT
no that is wrong. you don't need life insurance for debts , again unless you have someone left behind. debts can't be put onto other people when you die. the debtors can collect from the estate, but if there is nothing to collect , they can't go after parents or random relatives

if he owes his father money, then the father can pay for life insurance if the father wants to , that is different

If he's 18 and had student loans then there probably was a co-signer who probably happens to be one of his parents. As I undertand it, the co-signer on the student loan gets the bill even if the student were to meet the business end of the sidewalk after taking a walk off the roof.

 

[Pepsi90919]

also when i got my first car loan they made me buy life insurance

those bastards

 

[FoBoT]

Originally posted by: Savij

Originally posted by: FoBoT
no that is wrong. you don't need life insurance for debts , again unless you have someone left behind. debts can't be put onto other people when you die. the debtors can collect from the estate, but if there is nothing to collect , they can't go after parents or random relatives

if he owes his father money, then the father can pay for life insurance if the father wants to , that is different

If he's 18 and had student loans then there probably was a co-signer who probably happens to be one of his parents. As I undertand it, the co-signer on the student loan gets the bill even if the student were to meet the business end of the sidewalk after taking a walk off the roof.

co-sign is different. both people/multiple people are the debtors. but the son doesn't have the same vested interest in life insurance as he'll be the dead one. the live one (the father) has more interest in life insurance in that situation and should pay for it if he deems it necessary

the 18 year old himself has ZERO reasons to buy life insurance. if he dies, he's dead. no wife/kids that will suffer from loss of income or get saddled with his debts

 

[spidey07]

Yes, you should.

 

[bctbct]

get a small policy to cover the cost of your burial so your family doent have to pay. get more when you are young and become married.

 

[Savij]

Originally posted by: FoBoT

Originally posted by: Savij

Originally posted by: FoBoT
no that is wrong. you don't need life insurance for debts , again unless you have someone left behind. debts can't be put onto other people when you die. the debtors can collect from the estate, but if there is nothing to collect , they can't go after parents or random relatives

if he owes his father money, then the father can pay for life insurance if the father wants to , that is different

If he's 18 and had student loans then there probably was a co-signer who probably happens to be one of his parents. As I undertand it, the co-signer on the student loan gets the bill even if the student were to meet the business end of the sidewalk after taking a walk off the roof.

co-sign is different. both people/multiple people are the debtors. but the son doesn't have the same vested interest in life insurance as he'll be the dead one. the live one (the father) has more interest in life insurance in that situation and should pay for it if he deems it necessary

the 18 year old himself has ZERO reasons to buy life insurance. if he dies, he's dead. no wife/kids that will suffer from loss of income or get saddled with his debts

At 1 or 2 dollars a month I doubt it matters very much who pays for it, but he just edited his post to say that his parents didn't co-sign. There isn't very much of a reason to get life insurance other than to pay for a nice breast augmentation so that he fits his casket better, and to pay for any funeral expenses and stuff like that. It only really makes sense if they co-signed stuff with him.