# 38: Donna Freedman ( Surviving & Thriving )
If you're in your late teens or early 20s you can lock in a very inexpensive term life insurance rate for the next 20 or even 30 years.
At that point you'll likely be at the peak of your earning years and your household will be better able to withstand the financial Impact If You Were That Unexpectedly
I suggest young people buy term life policies precisely because they're hale and hearty.
They may think they don't need / can't afford life insurance
But they do need it and they almost certainly CAN afford it, even if they're stuck with student loans on a start salary.
It can cost as little as $ 1
As little as 39 cents to 43 cents a day can make the coverage that will make the survivors live a lot easier.
Still think you can
If so, think of it this way: If your household is living paycheck to paycheck now, what would happen if one of those paychecks disappeared?
Even if you're single, the insurance would Pay for funeral expenses and the costs of dealing with your estate (even a small amount of money), and provide some money for grieving parents and siblings, say, college funds for a beloved niece or nephew.  Using those figures above, you'd spend $ 2,784 to $ 3,139 during a 20-year period and $ 4,176 to $ 4,708 for 30 years of coverage (less than, probably, if you buy earlier).
Sure, it would be nice to have that money in your pocket. In the grand scheme of things, it's chump change.
Imagine your partner / spouse dying suddenly.
The grieving survivor and any kids or other dependents you would have to make some tough decisions while reeling from shock.
( Can we afford the rent / mortgage? Will I have to take the kids out of the school and neighborhood they love because we can't afford to live here? be at-home parent for another four years but now I have to find a job and child care right away because our savings will vanish within three months …
Some tout the benefits of permanent life insurance. However, it is often because they make a lot of money selling it. For most people, term life is a better fit.