7. Protect What You Have
Once you have something, you have something to lose.
Insurance can help protect against catastrophic losses that could wipe you out financially. But you want to buy insurance wisely, since it’s easy to wind up paying too much for coverage you don’t really need.
Should a 29-Year-Old Buy Life Insurance?
Q: I’m 29 and growing my assets. I’m contributing 6% to my 401(k), which doesn’t have a match, and maxing out my Roth. I’ve also been investing in shares of my company (which is privately held).
It’s come to my attention that insurance would be a wise idea. (I do have a term policy that needs to be upgraded.) So I met with two different agents, and we discussed a whole life insurance policy and an indexed universal life ...