Does A 24 Year Old Need Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLife insurance is fundamentally an indemnification product to protect your family members, business partners and the charities who depend on you. Even at a young age, you can have financial liabilities, future obligations and your earning power to protect, i.e. your income throughout your working life. And you may want to use cash value insurance if you have a desire to save money in a tax advantaged way. It's never about age. It's about financial responsibility.Answered on September 14, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.If a 24 year old person has college debts, a spouse, children, home, or other financial obligations, then life insurance can be a good way to take care of those. Older people often have more resources saved up, while life insurance may be the only way a younger person can take care of financial obligations. Life insurance is usually very low cost at that age, and you can lock in rates for 30 years or more. So getting life insurance at age 24 is a good for that reason, as well.Answered on September 14, 2013flag this answer
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