Should I ever think about life insurance? If so, when/what age?

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Posted by Kevin Lin (MONEY FORUMS: 7, Answers: 0)
Asked on March 11, 2016 10:39 pm
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If you’re single with no kids, you probably don’t need life insurance, but I will give you an example of an exception.

My brother’s girlfriend (age 20) is at about to do some cancer screening. The test will basically determine whether or not she has a latent cancer for which she is already high risk. I advised her to apply for the maximum allowable 30 year term policy for someone of her income (as it turns out, the most she could get was $200K). Having the latent cancer would largely disqualify her from term insurance since you are required to report your full medical history.

If you are in a similar position, consider getting insurance sooner than later. It sucks to pay for it for 10 years before you need it, but I would definitely rather have $200K in life insurance than nothing.

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Posted by Hannah Rounds (MONEY FORUMS: 1, Answers: 54)
Answered: March 12, 2016 5:53 pm
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I just wrote an article about life insurance the other day. The time for life insurance is when you have someone dependent on your income. To determine this, ask yourself, “If I were to die today, would anyone struggle financially as a result?” If so, get life insurance. If not, do it only if it makes you feel better. You can get burial insurance if that’s what you’re worried about.

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Posted by Will Lipovsky (MONEY FORUMS: 0, Answers: 35)
Answered: March 12, 2016 5:33 pm
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Yes! I think people with families, people who are the breadwinners/sole income earners and parents who are co-signers on private student loans should have life insurance. If you’re single with no kids, probably not worth it.

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Posted by Melanie Lockert (MONEY FORUMS: 0, Answers: 65)
Answered: March 12, 2016 3:22 pm
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You should always think about life insurance. Once you’re no longer under your parent’s life/health insurance plan it’s time to have a job that provides health plans, or you can go through your university and Obama Care. Life insurance is SO SO important to have.

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Posted by Sarah (MONEY FORUMS: 0, Answers: 3)
Answered: March 12, 2016 1:02 pm