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No health coverage yet you're buying insurance from the events that are unlikely to happen?! Why?
You don't need life insurance, you can put money into IRA, 401k and then borrow from it for mortgage, if needed. You'll get tax free money to grow for a very long time. I would not spend more than 20$ on some rare event insurance and that only if it gives you a piece of mind.
At the same time, if you don't have health coverage (even minimal) then you could end up in bankruptcy if you have a bad car accident, for example. And, statistically, it is much more probable event than "25 illnesses". Just think logically.
Forgo the insurance. If your family has no history of cancer, heart disease, or other major health problems then live a good life, eat healthy, stay fit, drink lots of water, don't smoke or take drugs, don't use alcohol, stay away from sweetened drinks, stay away from sugar.
What I would do is read about people that have lived a long life and do what they did.
For a person that is planning on staying single and having no children I would say pay for your final expenses for when you die. Doing so now will have that part of your life taken care of and it is cheaper to do it now. You can either buy a policy that will take care of that cost, maybe $10,000 or so, you can make payments to a funeral home that will take care of you.
Hopefully you won't need that for many years to come.
OMG! You are thinking about getting critical illness insurance and you do not have health insurance?!?!
When my husband had cancer 11 years ago, he was hospitalized multiple times due to surgery and various complications (probably six times that year), had months of chemotherapy, dozens and dozens of doctors appointments and since we had health insurance all we paid was our $200 or $250 yearly out-of- pocket co-pay. BTW, between his short term disability from work and his long term disability (self pay) he lost very little income from his job (in the nine to twelve months that he was recovering from the cancer and complications)
Ditto when I had cancer this spring. Except for my yearly co-pay (which I actually paid during an illness before my cancer) I did not have to pay a dime for chemotherapy, weekly lab visits, dozens of doctor visits or the thousands of dollars of PET scans and CT scans, etc. etc.
Now, both of us did have cancer but among my family members, three siblings and their spouses, all of their children and our parents not one of them ever had cancer. So, if any of us had a critical illness insurance or cancer insurance it really would have been useless.
YMMV
Oops, I just noticed that you live in Canada. I do not know about the health care system in that country so my examples may not be comparable at all to your situation.
Life insurance is intended to provide peace of mind that with the event of your death your family will have the necessary funds for a funeral, and the income that will be required if you support a family for their future needs. The younger you are, the lower the premium; and if your health declines, the cost for coverage is substantially more if need to obtain a life insurance policy for these purposes. If you decide that life insurance coverage has or will have value for you, decide how much is available in your budget currently and forseeably for the monthly premium, and then determine what kind of plan will fit your needs and budget.
I'm currently 27 years old, in good health. I intend to stay single forever, and do not want children, so I will not have any dependents in the future. I also do not currently have any debt, besides possibly a mortgage in the future (though not in the "near" future, as real estate prices in my city are insane and I am nowhere near being able to afford a downpayment at the moment).
Just wondering -- would the money be better spent/invested elsewhere, for someone in my situation?
Edit: Just to add, I did search online for answers, but all the articles discussed were cases where the single person had plans to have children and get married in the future, which did not apply to my situation.
You're young so I won't laugh at your statement that you will never get married or have children. One never knows what tomorrow will bring at 27 years old. I said the same thing at 25, met my husband at 26 and everything changed.
Do you have nieces or nephews? A favorite charity that is close to your heart? Do you like animals? You could always leave any life insurance to your local homeless shelter or animal rescue.
I'm currently 27 years old, in good health. I intend to stay single forever, and do not want children, so I will not have any dependents in the future. I also do not currently have any debt, besides possibly a mortgage in the future (though not in the "near" future, as real estate prices in my city are insane and I am nowhere near being able to afford a downpayment at the moment).
Just wondering -- would the money be better spent/invested elsewhere, for someone in my situation?
Edit: Just to add, I did search online for answers, but all the articles discussed were cases where the single person had plans to have children and get married in the future, which did not apply to my situation.
You have neither debt (congratulations, BTW) nor dependents, nor will you have any future dependents, so you have no need for life insurance. Take the money you would be spending on LI premiums and invest in in your retirement and/or save it for your mortgage down payment.
Forgo the insurance. If your family has no history of cancer, heart disease, or other major health problems then live a good life, eat healthy, stay fit, drink lots of water, don't smoke or take drugs, don't use alcohol, stay away from sweetened drinks, stay away from sugar.
What I would do is read about people that have lived a long life and do what they did.
Exactly, and stay away from doctors.
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