When Should Young People Buy Life Insurance?
Updated: Dec 10, 2019
Janice Lee is remarkably well-insured for a 22-year-old with no dependents. A medical student at McMaster University in Hamilton, Ont., she receives a
complimentary $100,000 life insurance policy through the Ontario Medical Association, and a 75% discount on premiums for disability insurance.
“I signed up because it was free,” Lee says, noting she wouldn’t have done so otherwise. “The only benefit I could concretely foresee is if I die, life insurance pays off my large student loans so my family doesn’t have to.”
Many millennials share that attitude. After all, they barely have a salary, let alone young children to miss out on wealth transfer. But buying a policy now might still make sense.