Any other young unmarried ladies buying term life insurance as income protection for future family (NOT whole)? I’m 27F and debating it now vs later. How did you decide?

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Nooooo scam . Don’t do it till you are actually in need . You can always buy it in the future

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Can you explain to me like I’m a 4 year old what those things mean lol

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Life insurance is when you pay a monthly amount, and if you die the insurance company gives the payout to whoever you’ve designated as the beneficiary.

Term life insurance only provides coverage for a specific term, usually 20-30 years. So if you have a 30-year term and die after 31 years, there is no payout to your beneficiaries.

Whole life insurance never expires, so regardless of whether you die at age 60 or age 160, your beneficiaries receive payment.

The reason to get life insurance is so that your family is taken care of after the loss of your income. Most people get term life insurance and not whole life insurance because presumably your children eventually grow up and get jobs and can support themselves, and your spouse eventually gets retirement/social security and doesn’t need the insurance. There are certain situations where whole life insurance makes sense, like if you had a child with a disability who needs lifelong financial assistance and will never be self-sufficient.

helpfullike

Term policies have a “term” - frequently 20-30 years. If you are still single and unmarried, then I would suggest waiting a bit. If you got a 20-year term policy now and had a baby at 35, then your term policy would run out when you were 47 and your child was 12. My thought is it would be better to wait until you have someone reliant on your income (a dependent) and then get it. Or shortly beforehand like right before TTC.

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Isn’t the risk in waiting that you might develop some sort of illness and then be uninsurable?

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Always do term over whole. With that being said, why would you buy term now for a future family? If you buy it today and die tomorrow, who will be the beneficiary? Other than a slightly lower monthly cost later and giving your parents (or whomever your beneficiary is) that money if you die before you have a future family, there are no benefits to paying that premium for extra months or years. I would wait and once you know what kind liability your family will have if you die, then purchase a term plan for that amount.

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I ran the math; assuming comparable health, the premium is cheaper if I buy now, even after considering the extra ~5 years of payments.

I’d plan to stack an additional (smaller) policy right before I have kids if I do need additional coverage (which I probably won’t).

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Thanks all! Replying in one go, as many of the replies are of the same question - buying now is cheaper (probably by $5K for me assuming nothing changes), even when considering the extra earlier payments, and also ensures that I’m getting coverage while I’m healthy.

While I don’t have any family history of issues before age 35 (presumably the latest I’ll have kids), I do have high blood pressure and cancer in my family so wanted to be proactive *just* in case something happens.

I’d try to initially get a 30 year term, so I’d be covered through 57. If I have kids later than expected, I’m thinking I’ll stack another (smaller) policy if my employer’s policy isn’t sufficient, so I don’t run out.

Yes. I bought it at 28 term to 65 and glad I did since my pregnancies were both complicated and now my rates would be way higher because I have more medical marks

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