Most people think having kids is the only reason to get life insurance, but I can say from experience they’re wrong
June 23, 2020 by Kali Roberge
A good, general rule of thumb to follow if you want to figure out whether or not you need life insurance is this: have kids, get life insurance.
That’s because the purpose of life insurance is to protect your beneficiaries against financial hardships they may face if something happened to you. If you’re single and childless, there’s probably no one who financially depends on you and the income you earn.
While there’s no doubt your loved ones would emotionally suffer if you died, they would not face a financial hardship due to your death. Children or anyone who is financially dependent on you, however, especially as minors, cannot financially provide for themselves.
Which is why “do you have kids or not” is a good rule of thumb for gauging your need for coverage. But it’s not the only point to consider.