Life Insurance?

[Anonymous]

Does it make sense for a new college grad starting their first job to purchase life insurance outside of work?
I understand they don't have the need. No spouse or kids. But wouldn't it be cheaper to buy, say, a 30 year policy now vs. 10 years from now? They do get 3X their salary of life insurance coverage for free at work.

[Anonymous]

Anonymous wrote:Does it make sense for a new college grad starting their first job to purchase life insurance outside of work?
I understand they don't have the need. No spouse or kids. But wouldn't it be cheaper to buy, say, a 30 year policy now vs. 10 years from now? They do get 3X their salary of life insurance coverage for free at work.

I don’t know but I purchased $500k of term for 30 years at age 30 and it’s only $250/year.

I don’t think premiums differ much before like 35.

[Anonymous]

Probably not worth it. But the moment you are about to get married or have kids, get a term policy outside of work in case you ever lose your job and something happens.

[Anonymous]

No need at that age. If you have a spouse, a house, or kids, you need it

[Anonymous]

Who will be the beneficiary? Why is 3x the salary not enough for the beneficiary? Why do they need yet another policy/account with their name on it out there that needs to me closed when they die? It's not as easy as calling the company.
Why don't they invest the money instead even if it is $25 a month? They will learn to manage their own money instead of leaving it to some company to manage.
They need to concentrate on NOT putting too much into 401k and take maximum out of the benefits offered.

[Anonymous]

Definitely no.

[Anonymous]

No, it is not going to be cheaper to do that. It is going to be a lot more expensive. Think about it, you want to be covered for 20 years from age 30 to 50. So you either buy a 30-year policy at 20 or 20-yea policy at 30. The odds of you dying between 20 and 50 are obviously higher than between 30 and 50. So is the price of coverage