Anyone want to inform me about life insurance?

My advisor says no. Max out your short term and long term disability until you get a family. You are more likely to get hurt than die.

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Do you have a chronic disease that would make it difficult or very expensive for you to get life insurance later if/when you get married and have children?

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Nope.

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Why not lock in a 20 year term for $500K or so. Never know when you may get married. Do it while its still cheap.

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This is the mantra of every life insurance salesman who ever made a pitch to me.

1) I'd worry about disability insurance first. Go get that if you don't.

2) You may be healthy now, but who knows what happens down the road? If you are healthy and 31, you can get probably a half-mil of 20 or 30 year level term pretty cheap. Get something that has the option to convert to whole coverage down the road. No way I would exercise the option now, but the option again should not be expensive at your age.

3) Call your auto insurance company.

When I was in my early 20s, my auto insurer at the time (State Farm), I had to go visit the agent to change something on the auto policy. While I was there, she did some stuff and told me that I could get a 50K term life insurance policy, level premium for 30 years, for $15 a month. And if I did that, I would qualify for some sort of multi-policy discount on the auto coverage. The discount was $20/month. So basically I could get the 50K of life insurance AND the auto insurance and it would be $5/month cheaper than I was paying. I signed up with the quickness.

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but it probably wouldn't hurt anything either.

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Except for the the money he's spending now when he doesn't need to do so. It's like buying 10 pairs of shoes today so you know you'll have shoes as each pair wears out.

Term life insurance will always be there at reasonable rates for any person without a serious/chronic illness. And the term premium rates include the chances a person develops a serious illness so the person who remains healthy will be paying for someone else's poor health.

People may buy it when they don't need it but that's not for financial reasons, it's for the warm fuzzies they get knowing they have life insurance.

They are insurance hoarders.....

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Why does someone need life insurance who doesnt have a family?

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Ultimately, I agree, he doesn't. But if he could get a plan now and have a cheaper rate, why not? To me it doesn't hurt anything, knowing he will probably be married and have a family within the next 20 or 30 years.

As someone mentioned earlier, I got my plan through USAA and saved on my car and home insurance. At his age, depending on the rate he got, he could be out a meal out once a month. No real loss to me.

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Who is that money for??

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Nieces, nephews, siblings, charity. A number of people could benefit if something was to happen before he had a family.

i think a $25k or so policy would be nice for whoever has to pay to bury your arse. also i know a few people who do it and leave it to nieces/nephews. i'd do what an earlier poster said and just see if you can get a small one with whoever your auto and/or home insurance is through. you don't need it really, but it's nice to help with final expenses. otherwise, they will have to wait to pay shite once your estate settles - funeral homes don't work on credit.

Don't you have a bunch of real estate interests? Are they all paid off? Might pick up a term policy to pay those off at death and make it easier for your heirs.