Not everyone needs life insurance at all points in their life.
- Life insurance is certainly necessary for those who have dependents.
- If you have no one relying on your income, you might not need it.
- If your life circumstances change (say if you get married, divorced, or buy a home you want to pass on to someone else free and clear) it’s a good idea to rethink your insurance needs.
A life insurance policy can give you peace of mind that the people who depend on your income (such as a spouse, children, or even a business partner) will not be left high and dry if you pass away and that income disappears. But what if you don’t have anyone depending on your income? Do you still need a life insurance policy? Perhaps not.
A little background
I got my first life insurance policy in 2015, based on a discussion with the insurance agent who handled my auto insurance and renters insurance. I was in the process of combining policies with my partner at the time, who became my spouse later that year, and the insurance agent suggested adding a term life policy, noting that my future spouse depended on my income. Since I was fairly young and in good health, the policy’s monthly cost wasn’t a lot, and it seemed like a good move to get it.
Fast forward a few years
I ended up getting divorced in 2019, and honestly, the life insurance policy didn’t really cross my mind at the time. Note: If you go through a major life change like a divorce, try not to forget about things like life insurance. You will want to review your coverage and change the beneficiary named in your policy, if it’s