"Term life insurance is pretty straightforward: you pay a small amount each year, and if you die during the term, someone you choose (the beneficiary, often a dependent) gets a payout. If you don't die, the policy expires and that's that. You get nothing. You're not "losing" money any more than you lose money on car insurance when you don't crash your car. It's protection, not an investment."
"In your case, it's reasonable to question whether you still need it. Term life insurance is really just income replacement for people who depend on you, and if you don't have kids, don't plan to, and don't have anyone who would be financially harmed by your absence, it might not be necessary. On the other hand, if there's a non‑zero chance you meet someone down the line, or end up with a partner who would rely on your income,"
Term life insurance requires annual premiums and pays a chosen beneficiary only if the insured dies during the term. If the insured survives the term the policy expires without payout, making it protection rather than an investment. Term life primarily serves as income replacement for people who depend financially on the insured. Without children, planned dependents, or others who would suffer financial harm from an insured's death, term insurance may be unnecessary. However, retaining a low-rate policy can make sense if there is any realistic chance of a future partner or dependent who would rely on the insured's income.
Read at Slate Magazine
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