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This is a question where the answer really is dependent on your personal situation. Many people believe that if they are single or don’t have any kids, then there is no need for them to purchase life insurance. Like everything else in life though, the answer is rarely cut and dried. Let’s look at questions that you should ask yourself before deciding if you need life insurance coverage or not.

Do you have any debts? Have you got debt that is co-signed by someone? If this is the case then you may want to consider life insurance to help offset any debts that would be owing should you pass away. Your estate is required to pay back outstanding debt before anything can be distributed to your beneficiaries which can result in much less money being distributed according to your last wishes than expected. If you have a debt that is co-signed (joint credit cards as an example), then someone else is obliged to pay back that debt after you are gone. Again, life insurance can definitely help reduce the burden here and will probably be more affordable than you may think.

Is there someone else that depends on you for their future well-being? This is definitely a possibility even if you do not have kids. A spouse, a disabled sibling, parents that are aging… These are all people that could be depending on financial support from you. If you aren’t around to help support them, the proceeds from a life insurance policy (most likely term life insurance) can help offset unexpected financial burdens.

Do you know for sure what the future holds? Some people know from a very young age that they want to find a partner, have kids, move into the perfect home with the white picket fence. If that’s you then even though you do not need life insurance right now, you can apply and lock in the premiums and coverage while you are young. The younger you are, the easier and cheaper it is to purchase life insurance. If you do not see that in your future, you should be aware of the old saying ‘Man Plans. Fate Laughs.’ Remember that things will evolve in your life. Again, locking in a premium for life insurance while you are young and healthy isn’t a terrible decision.

The bottom line with this is that there are potential immediate needs like debts that you would need to protect against. There is also the unknown of the future to consider. You may be healthy and able to qualify for life insurance today, but what if you are diagnosed with a health condition tomorrow that renders you unable to ever qualify for life insurance in the future? If you fit into the young and healthy category, setting up a life insurance plan while the premiums are low is rarely a decision that someone regrets later in their life.

Wrongful or criminal deception intended to result in financial or personal gain.


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