Life insurance for single men

lunchmoney

Woodpecker
What is the prevailing thought for unmarried men with no children carrying life insurance?

Should you have a policy outside of your employer, and if so, how much should you carry?
 

Hypno

Crow
Why would you need life insurance? Do you have dependants?

Maybe a small policy to pay funeral expenses but most men first get life insurance when they have kids.
 

bmw633

Woodpecker
Best to get a policy when you are young, with no health conditions.

Same with disability insurance. If something happened and you were unable to work, Social Security iS not very much. Having disability insurance makes more sense than life insurance, if you are single. More likely to be disabled than to die.
 

paninaro

Pelican
It can be worth it if you plan to have dependents or a wife. It's cheap to insure when you are young and healthy. Get a term life policy of 20-30 years. The annual rate is fixed when you take out the policy, which is key.

I had a friend who had some skin cancer lesions that were treated. Luckily he got a life insurance policy before that was found, because he's now uninsurable and can't get any new policies. He now has 2 kids so he's really thankful to have the policy from before.
 

Tabris

Chicken
I think it has to do mostly with what plans you have for the future. When I asked my father as a single guy in his mid 25 if I should get a life insurance he said well of course. The benefits of having an insurance early on without a family is the low rates that you will be able to pay for pretty much the rest of your life, compared to an insurance that you will get much later in age. The rates for a mid 40s individual are much higher than a mid 20s individual.
 
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Virgilius

Chicken
I think it has to do mostly with what plans you have for the future. When I asked my father as a single guy in his mid 25 if I should get a life insurance he said well of course. The benefits of having an insurance early on without a family is the low rates that you will be able to pay for pretty much the rest of your life, compared to an insurance that you will get much later in age. The rates for a mid 40s individual are much higher than a mid 20s individual.
Well I wish most of the young fellas out there knew this information as well, before saying it's not worth it!
 
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