The carefree life of the young and single! Been there and done that, and I don’t believe I was the odd person out when I failed to plan for the future. My assumption was that if things changed I would deal with it as it came up. That included any thoughts about life insurance. Why buy life insurance when for all I cared, if I passed away, someone could just put me out with the trash on Wednesday?
The simple answer to that is that no one will put you out with the trash, so let’s be real. It will cost someone something to get rid of the body and while you’re planning ahead, rather than just blowing it off because you’re dead, why not leave a little behind to pay off your debts?
The real issue when you are young is wrapping your mind around mortality. But if we really think, in our 20’s and 30’s and 40’s, not a lot of time passes between the news we hear about friends or family members in our own age group dying suddenly, prematurely. It just seems so out of place, but statistically it really isn’t.
For the single woman I suspect this is easier to wrap your mind around than it is for a single man. It’s been my take on the situation that woman actually develop brains at a much younger age than men. So, why life insurance when you’re young?
Although it may seem like an unneeded expense right now, it would be very odd indeed that you will make it out of your 30’s without having a genuine need for life insurance. To purchase it before there is a need is actually a prudent move, as the younger you purchase life insurance, the more you can get and the longer you can lock it in for, at costs that you will never see again simply due to age.
In my last several posts I have covered a number of areas where women need life insurance. In each of those instances there would have been a benefit to planning ahead and owning that insurance at the lowest possible price.
I won’t try to interject rocket science into this idea. My recommendation would be to take out some reasonable amount of insurance based on your current situation, where you think you might be headed, and of course, your budget. Remember, this only works if it stays in force, so budget is critical. I would recommend a 30 year return of premium term. This provides the most options down the road.
Again, budget is key so if straight term insurance works better, something is always better than nothing.
Bottom line. Buying life insurance when you are young, single and healthy is a prudent thing to do. Buying young offers you the most options at the best prices. Buying while you are single is a wise planning move. Buying while you are in good health speaks for itself.