Why Buy Life Insurance When You're Young?

An advantage to buying a life insurance policy when you're young and healthy is you'll be able to lock in a good, affordable rate for the duration of the life insurance policy, which could be up to 30 years with term life insurance, or for your entire lifetime with permanent life insurance.

If you start a family in the future, you will have secured low rates and you will have guaranteed your "insurability," meaning you won't have to worry about higher rates as you age and possibly experience declining health.

So, you'll already have the life insurance protection in place and won't have to worry about paying higher prices or becoming uninsurable due to a change in your health.

The older and less healthy you are when you buy a life insurance policy, the higher the price for your coverage.

However, if you have no dependents, and you don't have a current need for life insurance, you'd be better off saving your money.