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I’m 30 years old and trying to get my finances in order. Life insurance keeps coming up, but I’m torn. Some people say it’s essential, especially if you have dependents, while others argue the money could grow more if invested. I don’t have kids yet, but my partner and I are thinking about it. I’m trying to figure out if I should get a policy now or wait until my situation changes. What do you all think?
I believe life insurance is primarily for protecting dependents. If I had a child and passed away unexpectedly, a life insurance payout would help my family cover essential costs like rent/mortgage and my child’s education. Most people are actually underinsured when you consider these potential financial burdens.
I think even if I don’t have dependents, having a small term life insurance policy could be worthwhile to cover funeral expenses and any outstanding debts I might leave behind. This would prevent my loved ones from having to shoulder those financial responsibilities.
I’ve heard strong advice against buying whole life insurance. The general consensus seems to be to buy term life insurance and invest the difference. Whole life is often seen as a garbage product pushed by salespeople for high commissions.
From what I’ve gathered, if I were to get a term life insurance policy now, it might be cheaper than waiting until I’m older or have health issues. Someone mentioned that a $2 million term life policy could cost around $35 per month at age 22, but the same policy might be around $200 per month at age 35.
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