Ed Hinerman On Life Insurance

Parents! A little help please.

March 6th, 2007

Most people in their 20’s haven’t thought of and don’t care about life insurance, unless possibly one of their parents has died and either did or didn’t have adequate life insurance. Parents, it’s time to talk about the facts of life.

With the cost of a 30 year term insurance policy or even a 30 year return of premium term policy being as inexpensive as it is when you are in your 20’s and healthy, it is simply a prudent thing to purchase $250,000 or even more if you qualify financially.

There are those who would say you don’t “need” it at that age, but if you wait until you absolutely need it, it might be like going bear hunting and waiting to buy a gun after you find the bear.

Strange analogy huh? Well consider this scenario. You are in your mid 20’s and because you are in great health you can get a 30 year return of premium policy for $250,000 for about $25 per month. But, no need, no understanding, no sale.

Now you are in your mid 30’s and married and a child on the way and you really do need life insurance to protect your family. Problem is you’ve been through some rough years battling a nasty, but curable form of cancer. You’ve got it whipped, but your treatment just ended last year.

It’s now going to cost you $60 or $70 a month, possibly more,  for a straight 30 year term with no return of premium. Parents should help children in their 20’s learn about and purchase life insurance. There just isn’t any part of buying early that’s bad.

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Entry Filed under: cancer, insurance, life insurance, return of premium term insurance, term insurance