I dont need to pay my parents and am not married yet. So does that mean we buy insurance with death coverage only after we have financial dependents?

Look to buy insurance (death, critical illness and total permanent disability) when you are still young and in good health. As you won't know what happens in the future. If something were to happen (God forbid) and you want to buy insurance, you may find that it will get really expensive and you may even be denied coverage.

Look towards buying term insurance as it's much cheaper as compared to whole life, and definitely avoid ILPs as the fees will kill you over time. Hope this helps

If you buy earlier, it will be cheaper throughout. Insurance will get more expensive the older you are.