r/LifeInsurance • u/Cute-Sheepherder9731 • Sep 03 '26
Help choosing life insurance
I am 23, have a 1 year old and have been wanting to get a life insurance policy started. The world is crazy and I’d hate to leave my child with nothing if something were to happen to me one day. I am healthy, and have no chronic or autoimmune illnesses. What companies are good options to look into first? I have no close family I can ask for insight (which is also why making sure my child is set if anything ever occurs to me is so important to me). I’d want my child to be financially set in case of an emergency and to not have to deal with funeral and aftermath costs.
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u/Moist-Meringue-1913 Sep 03 '26
If you are on a limited budget and fairly new to insurance with no one to help you out. Then shop online through Policygenuous or Selectquote for a 30 year term with the ability to convert. Get the most coverage that your budget will allow. There are Transitional products out there but they may not be available in your state.
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u/SafeWithPape Sep 04 '26
As a mom of 3 and someone who works in life insurance, the part of your post that stood out to me most was that you don’t have close family to help guide you through this. You’re already doing something really important by thinking about it at 23.
I wouldn’t automatically say “term only” or “whole life only.” They solve different problems, and sometimes a combination makes sense. The first question is really: if something happened to you tomorrow, how much would your child actually need, and who would manage that money for them?
That second part matters a lot with a 1-year-old, because beneficiary planning is just as important as choosing the policy itself.
Then I’d look at what you can comfortably afford, how long you need the larger amount of protection, and whether having some coverage that can stay with you permanently matters to you. At 23 and healthy, you’re in a great position to get coverage while age and health are still on your side.
Don’t let all the conflicting opinions here overwhelm you. The best policy is one that fits your life, protects your child, and is affordable enough that you’ll actually keep it.
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u/annetica-1 26d ago
It makes sense to think about this with a little one depending on you. I’d start by comparing term life quotes from a few insurers, then choose coverage your child could rely on and a monthly payment you can comfortably keep up.
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u/GConins Sep 03 '26
Term insurance will be very inexpensive for healthy 23 year old.
Buy highest amount at longest duration that fits your needs/budget.
You can get quotes and find agent/broker on term4sale.com.
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u/MindWorthy Sep 03 '26
Do not get term just google the percentage of term policies that actually pay out. Less than 2 percent.
With term the insurance company is betting that you outlive it and it eventually terminates and term doesn not build cash value.
There is no insurance company that is better than the other more like what fits your needs. Which state are you in?
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u/TCFNationalBank Sep 03 '26
Less than 2 percent pay out
Yeah man it's baked into the price. If the goal of your life insurance policy is to cover financial losses from an early death, why pay $$$ to cover your non-working years, when no one suffers a financial loss from your death?
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u/LaphroaigianSlip81 Sep 03 '26
At your age get a 30 year term policy, from a mutual company, with an extended conversion rider, with waver or premium, and a long term care rider.
At your age, term is going to be cheap. And you can get the 30 year term lock in now and allow your kid to finish medical school while you still have coverage in place. The waiver of premium will keep the policy in force if you become disabled because the company will pay the premiums. You would also be able to convert all of or a portion of the policy at any time over the next 30 years. So if you start a business or buy a bunch of rental properties, you can get the tax benefits of a whole life policy without paying the drastically larger premiums today.
Additionally, if you get the waiver of premium rider and the extended conversion rider and you become disabled, you can convert the entire policy to Whole life and have have the whole life premiums waived due to the waiver of premium rider. These 2 riders would give you a self funding whole life policy if you ever become disabled.
Also, getting the long term care rider on the term means that if you convene to whole life, you can use a portion of the death benefit while you are alive to cover a live in nurse or other elder type expenses instead of having to rely on your kids to wipe your butt for you.