NO - If you are single and have no dependents. You don’t need life insurance.

 

YES - If you have kids or a spouse who are dependent on your income.  You (or they) need it.  Look at what you contribute to the household income and do the math for the monthly fixed expenses. Plan on covering those expenses with as much policy as you can afford or for 5, 10, 15, etc., years.  Say, for example, the family expenses are $4,000 per month.  That’s $48,000 per year.  Without accounting for inflation, you’ll need $225,000 to cover those expenses for five years.  If you want to provide for your family for 20 years, you’ll need a policy of almost a million dollars.

 

But be realistic about your goals.  As I’ve said, if you’re single with no dependents, you don’t really need life insurance.  After your dependents are “grown & gone” (typically as you approach your 60s), your life insurance needs again approach zero – unless you want to provide for grandchildren or charities.  Remember-when it comes to life insurance-you’re in charge.  Don’t be sold on something you don’t want or need.