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- Thread starter jumprope_11
- Start date
My DS filed out the life insurance form and then posted on facebook how strange it was to fill out a life insurance form at 17.
Chances are very good you will never need it but as it is relatively inexpensive and the money comes out of your pay (along with a multitude of other things), you will never miss it.
Chances are very good you will never need it but as it is relatively inexpensive and the money comes out of your pay (along with a multitude of other things), you will never miss it.
tedsnyder63
5-Year Member
- Joined
- Jan 26, 2010
- Messages
- 48
We've always carried just enough insurance to cover funeral expenses for our children...of course you hope to never use it. Why get 400,000 worth of insurance for someone with no dependents? We are counseling our plebe to be to get the minimum amount, 50,000 and name us as beneficiaries to take care of funeral expenses. If I recall right its 26 a month which sounds cheap but it comes out to 312 a year. Not only could the midshipman use the extra money per month it but this large amount of insurance is not needed. At 50,000 it costs 3.25 a month, 39 a year is a better deal for someone without dependents. This of course is my opinion, if someone has a good reason why to get a larger amount (can increase it later when one's family situation changes) please jump in. This is an excellent time for you to continue educating your son or daughter how small amounts add up. Again, when the situation changes after graduation, marriage, kids, or any other reason (if the person becomes more of a financial provider for his family) they can change to get the proper amount.
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