I’ve been thinking about whether I actually need life insurance. I’m single and don’t have kids, so I’m wondering if it’s necessary. What’s everyone’s take on this? Who should definitely get life insurance?
If you don’t have dependents or anyone relying on you financially, life insurance might not be necessary right now. I didn’t get mine until I had a mortgage and kids, so it really depends on your situation.
@Leith
That’s a good point. I only got life insurance when I bought a house with my partner. It was a way to make sure they wouldn’t be stuck with the mortgage if something happened to me.
I think life insurance is a must if you have kids or a mortgage. It’s not just about paying off debt—it can also help cover everyday expenses for your family if you’re not around. That said, if you’re single and have no dependents, it might not be a priority right now.
@Beck
Exactly. For me, having life insurance meant I knew my family would be supported financially, especially with things like childcare and school fees if I wasn’t here.
Even if you don’t have a mortgage or kids, some people get life insurance to cover funeral costs and any outstanding debts. It’s not just about protecting dependents, but making things easier for those you leave behind.
If you’re still working for an employer, check if they offer a death-in-service benefit. It’s basically life insurance that pays a multiple of your salary if you pass away while employed. It’s not a replacement for life insurance, but it can be helpful.
@Noah
I had death-in-service through my last job, but when I went self-employed, I got life insurance just to be safe. The work benefit only lasts as long as you’re with that employer.
If you have any financial dependents or people relying on you, I’d say life insurance is worth it. If not, you could wait until your situation changes, like getting a mortgage or starting a family.