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Old 28-05-2012, 12:00 AM   #653
jack81
Member
 
Join Date: Aug 2009
Posts: 267
Question: Is there a need to buy term insurance if you are still young (23), single and have no plans of having kids in the near future? Both parents also still working and are more than 10 years away from retirement age.

Should I wait until I actually have dependents before buying term? Or is it better to buy it early (even if it means paying premiums for many years during which I don't really need it)?
The most important thing is insurability. Once you lose it, there will be exclusions or loading and by then, you will be cursing why you never take up that term plan when young.

Like the ad at bus stop or train if I remember correctly: "you can pick up a term plan for yourself for the cost of a sack of rice a month."

So is a sack of rice stopping you from the term plan or you are preventing yourself from being insured?
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