Do single people (with no kids) need life insurance?

Answer 1

no

Answer 2

Yes, everyone needs life insurance. I don't know if you intend on ever getting married or having kids or not, but if you do then you certainly will need it then, and if you wait unitl then to buy it you will have to pay a LOT more for it. Also, heaven forbid you should develop any health problems in between now and then or you may not be able to get any at all. Funerals and arrangements are very expensive, just a coffin may be $10,000.00, you also have to buy a cemetary plot which will be a few hundred, and pay for things like embalming, coroner, so on and so forth. It adds up very quickly. Also, don't buy term life insurance, there's no point. Sure it's cheap, but after you turn 65 the coverage reduces 50%, and after 75 it expires completely. The ages vary a little but not too much. I have a whole life policy for $500,000.00 I got when I was 20 years old, and I pay only $40.00 per month. It will also be nice to leave my loved ones with a nice lump of cash when I go.

By the way, I don't know what that one guy was talking about but your debts can and WILL be passed on. Sure they can use your savings if you have any, but if it's not enough then someone will be responsible. People think they know things on here, always rely on a professional opinion, call an insurance company and get the details, please.

Answer 3

Maybe a small amount. The main purpose of life insurance is so that people who depend on your paycheck (kids, stay at home spouse, elderly parents, etc.) aren't suddenly impoverished if you die.

If you think the cost of an unexpected funeral would be a serious burden to your family, a small amount of life insurance might be appropriate. But a better idea would be to just save up the money, which you should do anyway for your own future.

Debts cannot be passed on when you die. If you die owing money, your family will not have to pay it. However, the debt will be subtracted from any savings you leave behind. (Google "inherit debts" if you want to confirm this.)

Answer 4

That's the wrong question. It's like asking, "Does a single man need a table saw".

Insurance is a tool, even life insurance. In order to pick the correct tool for the job, you FIRST have to define the job.

So, what exactly do you want the insurance to ACCOMPLISH? What's the GOAL? And, what's the cheapest way to ACHEIVE the goal??

Yes, some singles with no kids will have a need for life insurance, to meet a particular personal goal of theirs. Like setting up a trust to take care of their cats. Or their aging parents.

But you have to define your OWN goals first. THEN ask the question, what tool fits the job?

Answer 5

Life insurance is designed to protect a family against the financial burdens that accompany the sudden, unexpected loss of a breadwinner. If you are single with no children, who are you protecting? Are you worried about your family paying funeral costs or debts, should you die prematurely? If so, you could take out a policy to meet those goals. If you are worried about leaving behind debts, check with your lender to see who is obligated to pay back the loans if you die. If your family is liable for your debts, then, yeah, life insurance might be good.

Answer 6

Not usually. A very small amount (no more than a few thousand dollars) of term insurance to cover funeral expenses if you really want it. Definitely not whole life or more than you expect your funeral to cost. None at all if your parents are alive and can afford to pay for your funeral expenses.

Answer 7

Single people need enough insurance to pay for their funeral expenses and any debt they may have so that their relatives don't have to pay for it themselves.

Answer 8

It couldn't hurt in order to cover any debts and expenses you may leave behind.

(funeral costs, outstanding debts - like student loans, credit cards, etc.)

Answer 9

IMO - if you have any assets - like a house - you should.