What is the best / most reliable life insurance company?

NYC – New York Life Insurance Company Building (detail)-1
life insurance companies

Image by wallyg

Question by NJF94: What is the best / most reliable life insurance company?
I am a healthy 18 year old.

Soon to move out of home and onto college. I plan for the future.

I know how important it is to pre plan, I myself and going into the funeral business.

What Life Insurance company offers affordable and reliable policies of $ 100,000 for a healthy young 18 year old male?

How much would the monthly premium cost?

Best answer:

Answer by Jose M
I honestly think the best life insurance you can get is yourself and the way you deal with debt. I don’t buy all of that crap about in case I die… If you don’t pay them any money every month and you take care of your money and investments, then you don’t need a life insurance.

Know better? Leave your own answer in the comments!

, , , , ,

5 Responses to What is the best / most reliable life insurance company?

  1. Lynn June 8, 2013 at 11:15 am #

    You need life insurance to help your dependents recover financially if you die and they no longer have your income to depend on. If you have no one depending on you. then you probably don’t need a policy yet.

    At your age, I’d look into other types of financial investments that will better meet your needs, something you can draw from yourself when you’re ready to buy a house, etc. Think about life insurance when your situation changes.

    As to the cost of a policy, talk to a local agent. Those online things won’t get you a policy any cheaper and you won’t have a specific agent helping you look out for your interests.

    EDIT NOTE: I disagree with the poster who implied that your dependents can live a good life on $ 100k death benefit. When the time comes to get a policy figure on a death benefit that will pay off all the debts including the house plus living expenses for ten years. $ 100k is a drop in the bucket for many parts of the country.

  2. Azrael 38 June 8, 2013 at 11:34 am #

    It’s great that you’re planning out your future. Given the limited information about your situation, I would advise you do not buy life insurance just yet. Assumption: you do not have children. The purpose of life insurance would be to ensure that your spouse/children are not caught in a situation where the money-maker of the family disappears and they are left without any source of income, and end up being poor and lacking basic necessities.

    When you do plan on having children, you typically plan that you will earn enough money over time to pay for their food, housing, and education. If you were to unexpectedly die, then your plan falls apart and your children, to keep it simple, are screwed. Life insurance is to protect them from that happening. You die, they receive $ 100K, they can live a decent life until they start earning their own living.

    Now, given that you don’t have children, why would you need life insurance now? If your parents or some other dependent are relying on you to support them through their retirement (or other situation), then that would be a valid reason as well. If personal debt is the reason, I suggest you lower your debt with the premiums you would have paid in order to be debt-free ASAP.

    In short: If someone relies on you for income, and without you they are screwed, then get life insurance.

  3. Insurance Pickle.com June 8, 2013 at 12:06 pm #

    You need a life insurance broker to help you because NO COMPANY is the best at everything. You could buy a 30 year term policy for about $ 12/month. Not sure how smart that would be since that’d leave you looking for insurance when you’re 48. And, you can also get a policy to last until you were 121 years old for $ 24/month. Of course, that’s assuming you’re healthy.

  4. mbrcatz June 8, 2013 at 12:13 pm #

    Life insurance is a DEATH planning tool. ANY life insurance is going to be cheap, for a healthy 18 year old – odds are very, very slim you’ll keep it in force until you die.

    How much it costs, will depend on what KIND you get . . .

    But I’ll tell you right now, “monthly payments” aren’t the way to go. They end up costing you way, way more than paying the premium in full.

  5. Flower June 8, 2013 at 1:12 pm #

    Why would an 18 year old single person be thinking of life insurance.

    You dont need it if you become a mortician.

    Google for top rated life insurance companies. AAA is the highest rating.

    Right now are you prepared to pay premiums for the next 50 years ?

Leave a Reply