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Olga Said:

What type of Life Insurance would be best for me?

We Answered:

If I were you I would buy just enough coverage to cover the loans you presently have plus burial expenses. AND I would look for a rider on the policy for guaranteed insurability. This will allow you to buy more coverage when you need it - regardless of your health but at the age you have attained.

Many people that I meet who are in their 60's look back and wish they had bought some permanent insurance (whole life, universal life). So I would suggest that if it fits your budget you buy some permanent coverage now. Then you will have guaranteed rates at that level for the rest of your life. Many people will disagree saying that term is always best. But my experience tells me that there is a place for some permanent coverage. I rarely see a situation where someone needs all permanent coverage so be wary of an agent or broker that recommends all permanent coverage.

At age 27 paying debt like car loans, credit cards and student loans are important. As is accumulating savings to buy a home. So make sure that the coverage you buy fits your budget (in other words, don't buy more permanent insurance than you can comfortably afford) .

All that said, investigate 10, 20 and 30 year term insurance. If you find that you can afford more coverage now - do buy more than I suggested above so that you lock in rates now for the next decade (or two or three). It sounds like your needs are going to increase.

When you are married and have children make sure you increase your coverage substantially so that you provide enough to eliminate your debts and leave a safety net of extra money to replace your lost income. Even when the debt is gone there are many other bills that remain. Replace your income for at least 5 years. Much more if you have young children (ie 20 years)

One final thought. Do you have disability and medical insurance? Injury or Illness could wipe out all of your financial plans. that might be a bigger need at the moment than life insurance.

I hope this all helps.

<edit> looks like "insurancemadeeasy" and I were posting at the same time. And our advice is very similar!

Clayton Said:

what type and amounts of life insurance would you recommend he buy?

We Answered:

lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.