Life insurance isn’t for everyone. The simplest test is this: if you died tomorrow, would someone suffer financially? If the answer is yes, you likely need coverage. If no one relies on your income and you have no shared debts, you may not.
You probably need it if…
- You have a spouse, partner or children who depend on your income.
- You have a mortgage or debts that others co-signed or would inherit.
- You’re a stay-at-home parent whose work would be costly to replace.
- You own a business with partners or loans tied to you.
- You want to leave money for final expenses or an inheritance.
You may not need it if…
- You’re single with no dependents and no shared debt.
- You have enough savings and assets to cover any obligations.
- Your children are grown and financially independent, and your home is paid off.
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What about stay-at-home parents?
They’re often overlooked but frequently need coverage. Replacing childcare, household management and related work can cost a lot, so insuring a non-earning parent protects the family’s finances too.
If you’ve decided you need coverage, the next question is how much — use our calculator to find out.