Back in the army days, there was always someone selling me life insurance or building my retirement plan. They are two things that I am sure that I need. When I first purchased the whole life insurance along with the term insurance, the only beneficiaries I had were my parents. It did not look like I would be getting married anytime soon.
I knew why everything was set up as an auto draft via my checking account. If they weren't, I probably would not pay. On an auto draft, I barely noticed the money coming out. It is odd that I would fight something that protects me ,like life insurance, so much. I get car insurance and homeowners insurance because it is mandatory. They are other ways to protect in case bad things should happen.
It would definitely stink to get into a car accident with no insurance. I would not be able to replace the car. I would not be able to pay for injuries or any damages either. That is the same boat with homeowners. It would not be pretty to have a house burn down and not be able to replace it.
When it comes to life insurance, I did not know about the good things it provided when I was single. When you get insurance while young when you don't think you need it, it guarantees insurability. This just means that I basically have qualified for insurance for life. For most carriers, my qualification will carry in allowing me to convert my insurance later in life. I should have the same rating at 50 that I had at 22 when I convert the term to whole life. I may have to pay the premium for the age of 50. However, if I was diagnosed with cancer at 49, I would still be insurable at 50 since I already have a policy.
Yes, I thought whole life insurance was a pretty high premium at 22. I was paying $100 a month. Remember, this is a cocky 22-year old with no real responsibilities. With the education, it has a growing death benefit and it grows in cash value. It is the only place that I can take a loan from without having to show good credit. For some policies, I can overfund it to help it grow a little faster.
Most of this information, I didn't really pick up until I was 49 years old. Back then, the agents I had worried more about the sale than educating me. Proper education would have gotten them more referrals.
The whole life becomes one of the retirement buckets to choose from later along with my 401k and other investments. Get educated while you are young as a lot of things have changed over the years. Now, you can get death benefits while you are still living. The only information I can pass on is to go get more information before waiting until you get older to create retirement plan or when buying insurance.
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