“I am young, healthy, and single. Should I still buy life insurance?”

Yes, you should. It’s all part of protecting your insurability, and thinking ahead. Don’t wait until you have responsibilities, dependents, and debts. You can’t assume you will be insurable tomorrow, and at a good rate. Here are some factors to consider:

First of all, new rates are based on your current age. All other underwriting factors being equal, a 35-year-old pays more for the same policy than does a 25-year old. That extra premium adds up over time.

Then there are changes in your life / lifestyle that could impact your insurability. These include:

Adopting an adventurous hobby like rock climbing or scuba diving;
Taking a job that requires travel abroad;
Taking a job that has workplace hazards;
Joining the military / National Guard;
Financial setbacks such as a bankruptcy;
Negative hits on your credit record;
Multiple motor vehicle violations;
Criminal charges.

And don’t forget there are medical factors that could affect your eligibility. For example, if you test positive for Covid, you may not be able to get coverage until it clears.

Finally, for people who are interested in policies that accumulate cash, don’t forget the cost of waiting. The sooner you start making payments, the longer your money can compound and grow.