In your present situation, I'd be hard pressed to sell you a policy, BUT......
Premiums or cost for life insurance are based on two factors: age and health. If you can guarantee me and any future spouse/family that you will be healthy enough to afford coverage later on when you may want it or need it, then no, you don't need coverage.
Lacking that guarantee, you have three options: do without, term insurance or whole life insurance. Option one is obvious. Option two may be what you have at work. You pay premiums and you have coverage until the premiums stop. I'll come nback to this one. Optio three is to buy a whole life policy. That would put a dent in your spending money but it would be a form of forced savings as whole life builds up cash value similar to a savings account.
Returning to alternative two, term insurance can be purchsed as pure term (it's in force as long as you pay premiums) or as convertible term insurance. As an example, let's use a 20 year convertible term policy. You have low cost coverage when you buy the policy for the face amount you choose. But, for a cost slightly higher than pure term coverage, the insurance company guarantees you the ability to convert your coverage to a whole life policy at a set cost anytime prior to the term coverage expiring (20 years) whether you are healthy or not, no physical required, coverage guaranteed.
Regarding the amount of coverage or face value of a policy, That's for you to decide. But lets say you wait five years to get married and have two children. What's the cost of college going to be 30 years from now for two students? Add in the cost of paying off a mortgage and your debts? You're starting to talk some serious numbers now. Theoretically, that's how much coverage you need. Nt all now, but remember, it gets more expensive the longer you wait.