Buying something just because it’s cheap isn’t usually great consumer advice. But what about buying something you’ll eventually need because it’s much cheaper than it will be later? While buying life insurance might be the farthest thing from your mind during your freewheeling 20s, it could be the most economically strategic time in your life to invest in a policy.
Before taking the plunge, however, you’ll want to make a detailed analysis of your individual situation before you navigate the all-too-often overwhelming variety of policies that exist.
First things first: do you actually need life insurance? While that may sound like a metaphysical question, it’s a purely practical one that you can probably easily answer. For most adults who were born prior to the Reagan administration, that answer is a resounding yes. But for 20-somethings who can’t claim any dependents on their tax returns, are unmarried, or don’t have relationships that would be negatively impacted by their untimely demise, buying life insurance might not be a logical move.
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