The key question is: how long do you plan to keep the policy? If you would rather not pay premiums on an insurance policy for decades, then term life stands out as the most attractive option – especially if you are just looking for a short-term hedge against calamity. If you are looking further ahead or starting to think about estate planning, then permanent life insurance may prove a better choice.
Young adults sometimes assume they cannot afford life insurance, but policies have become progressively cheaper. If you are 35 and healthy, it will probably cost you less than $20 a month to maintain a 20-year level term policy with a $250,000 payout. The premiums may not even be that much.1