I am 18 years old, I don’t smoke and rareley drink. If it jhelps to know, I have never been diagnosed with any sort of disease. My grandfather did have prostate cancer, I’m not sure if that is relevant and my other grandparents both died of heart attacks in there 40s.
How much do you think would it cost for, whenever I die, a 1 Million dollar life insurance policy.
Thanks for all of the answers everyone, I didn’t expect so many good ones. Although I feel I’m still a little confused maybe I’ll consult an insurance agent, because I’m still uncertain which type of insurance is the best for me, I pretty much think that term life insurance is not good for me because even if I bought a 30 years term policy and I live past my 48th birthday I’ll get nothing from it.
newjerseyguy 1:08 pm on March 10, 2010
You are correct to buy it while young because it is cheaper. You can probably get a 30-year level term policy quite cheaply. Consult an independent insurance agent and get several quotes. Beware of the on-line insurance pitches. Go with a quality insurance company.
Insurance 1:09 pm on March 10, 2010
As a rule of thumb 60 months of your monthly salary is good start for the sum insured.
maybe this site will give you a good indication.
(this is only a general guide and may not be applicable to your actual needs)
http://www.einsuran.com
Term Life Insurance Quote