38M single with no kids, I’ve been thinking of getting term life, although I don’t have kids I have 3 siblings, and a few close friends that I could leave it to. Lately I’ve been thinking that If the coverage is around $75-100 a month, it would be worth it so at least someone would benefit if I passed unexpectedly, Or would this just be wasting money since I don’t have any heirs? Thoughts?
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If you have no financial dependents, you shouldn’t buy life insurance. It’s like buying car insurance without owning a car. The purpose is protection, not profit.
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Your biggest risk now is not having disability insurance. What if an accident stops you from earning income? Disability insurance should be your top priority to protect your lifestyle if you can’t work.
Consider life insurance to cover your debts. If you’re in good health, it’s wise to get it now. You never know when you’ll meet someone and need coverage, and waiting could mean you lose eligibility if your health changes. Talk to an agent about your options.
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I know a CFP who only had group insurance while he was single. Even after getting married, he didn’t think he needed much coverage until he considered starting a family.
During his annual physical, his doctor found something unusual with his heart. After testing, he turned out to be healthy, but he received a cardiomyopathy diagnosis.
Despite being healthy, he’s been declined multiple times for life insurance. I don’t agree with the idea that if you’re single and have no kids, you need nothing. Life changes, and so do your needs.
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A CFP should know. Building wealth early is a beneficial way to reduce the need for life insurance in the future
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It’s your choice. Just think if you died tomorrow, who would handle everything financially? Who would pay for your funeral? Who would clean out your home? Would they need to take time off work and lose income to do it?
If you have someone in mind, you need life insurance. It might not be as urgent as a breadwinner with a family, but you could have a family one day.
At your age, as long as you’re healthy, getting approved is usually easy and may cost less than you expect. Without dependents, it’s more of a “want” than a “need.” But since it’s affordable in your 30s, it’s up to you.
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Life can change quickly-marriage, buying your dream home, having kids. You’re not getting any younger, so now’s a good time to explore your options.
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Consider getting a whole life policy designed for cash value. This way, you gain a growing asset along with a death benefit. You can also add a smaller convertible term policy to reach a specific coverage amount. The death benefit may not be your priority now, but your insurability is. Buy coverage while you can some of our friends in their late 30s and early 40s can’t get insured due to cancer or stroke.
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Starting from $80/month depending on your health. You can get a $1m coverage for 30 years. The best part is that it has living benefits that you can use as well. You can claim benefits if you are critically injured or if you need long term care. It’s definitely a big protection for yourself and your loved ones.
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It doesn’t protect him at all. He’ll be dead when/if the money is paid out. The money he could spend on premiums should be invested instead. Term protects dependents. OP has none.
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Try to learn about the term with living benefits. My client got 75% cash after she was diagnosed with cancer.
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You’re very generous! But don’t waste your money on something that may never pay out most term policies don’t. If you want to give, do it now. Otherwise, consider a small policy to cover burial expenses so your family or friends won’t have to cover the cost.