Children Life Insurance
Should a person without children get life Insurance?
Is life Insurance important to a person without children? Could they just save enough in life to pay for the funeral costs and other expenses.
I can see reasons like you have a disabled spouse, but in general do you think it is necessary or just a useless expense.
No.
The general rule of thumb is that you don’t need life Insurance unless you have children younger than high school and your spouse could not support them without your income.
Singles & couples without children are much better served with general and retirement savings. If you put away 5% to 10% per year and manage your money wisely, your untimely demise won’t be a burden on anyone.
With one warning from personal experience:
An otherwise healthy young person (under the age of 55) is most likely to need Disability Insurance and good life Insurance during their lifetime, rather than life Insurance. Both are very expensive as a result. In the US, it is entirely possible to be financially wise and end up dying with a massive pile of debt do to medical problems completely beyond your control. The bottom line, however, still beats the same drum: Life Insurance really doesn’t help and your next of kin will have options that will not impose a financial burden on them if they understand the rules.
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