Do You Need Life Insurance When You're Young?

Purchasing life insurance when you're young can save you thousands of dollars, while protecting those you may leave behind.

Blocks are stacked and lined up to spell "Life Insurance."
(Image credit: Getty Images)

Purchasing life insurance when you’re young probably isn’t your top financial priority. Instead, you're likely focusing on other financial concerns, like upcoming student loan payments or buying a home. In fact, according to a 2023 study from life insurance marketing and research firm LIMRA, more than half (52%) of millennials have no life insurance coverage at all. However, purchasing life insurance in your 20s or 30s can be advantageous and more affordable than you may think.

Purchasing life insurance when you’re young

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Rivan V. Stinson
Ex-staff writer, Kiplinger's Personal Finance

Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.

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