Simple answer: Buy only if you have dependents. If you do not have dependents, it is best that you invest your money in other income-generating securities for maximum capital appreciation or income growth.
1. Yes, buy a variable life insurance if there are other people relying or depending on your income (e.g. a family who depends on your financial support).
A life insurance guarantees that your beneficiaries (e.g. dependents) would get a certain amount of money in case of your demise. Thus, if you are concerned about the financial situation of your dependents after your death, then you need to buy a life insurance.
It is best that you buy a life insurance as soon as you have a dependent (e.g. as soon as you build your family) because premium payment goes higher as you get older.
2. No, do not buy a life insurance if you do not have dependents (as in nobody relies on your financial support). If you prematurely buy it, you lose the chance of focusing your funds in other higher income yielding investments for maximum income growth or capital accumulation, because a portion of your premium payment in variable life insurance answers for the cost of insurance, which serves no purpose if you do not have a dependent.
At this point, what you can to do with your money is to invest it in mutual funds or other income-generating tools (e.g. stocks, bonds, unit investment linked fund) to earn more money.
Do not be worried about paying higher premium for variable life insurance should you decide to have a family later in your life, because you will be able to afford it because of the capital or income you have already accumulated in the past.
For a concurring expert opinion on the matter, you may watch the interview of Suze Orman with Karen Davila on ANC at 19.19 timestamp.
