Life insurance protects your family and those who may depend on you for financial support. If you die, the people that are dependent on your financial support will lose that income, so life insurance can help cover some or all of that loss depending on the policy you choose. But there are instances where life insurance can be beneficial even if you have no dependents, such as your desire to cover your own funeral expenses. Below is a guide to help you understand if life insurance is the right choice for you:

1. Children: Children never need life insurance. Children do not need life insurance since no one depends on income from them.

Answer: No, Your children do not need Life Insurance

2. Growing Families: Life insurance should be purchased if you are considering starting a family. Your rates will be cheaper now than when you get older and your future children will be depending on your income.

Answer: Yes, you need Life Insurance

3. Established Families: If you have a family that depends on you, you must have life insurance! This does not include only the spouse or partner working outside the home. Life insurance also needs to be considered for the partner who stays at home. The costs of replacing someone to do domestic chores, home budgeting, and childcare can cause significant financial problems for your family after your death.

Answer: Yes, you must have Life Insurance

4. Young Single Adults: If You are caring for an Elderly Family member then you may need Life Insurance. If you don't want to burden your family with your funeral costs then you may consider a Life Insurance policy so that the expenses of a funeral will be covered. If you have other sources of money for a funeral and no dependants, then you may not need any Life Insurance.

Answer: Depends, unless you are caring for someone who is sick or elderly, or you don't want to burden family with your funeral costs. Then you most likely don't need life insurance.

5. Working couples who don't have any children: In a situation like this both partners need to decide if they would want life insurance. If both persons are bringing in an income that they feel comfortable living on alone if their partner should pass away, then life insurance would not be necessary except if they wanted to cover their funeral costs. But, maybe in some instances one working spouse contributes more to the income or would want to leave their significant other in a better financial position, then as long as purchasing a life insurance policy would not be a financial burden, it could be an option. You may want to look into fairly inexpensive Term Life Insurance

6. Elderly: If you don't have people depending on your income for support, life insurance at this stage in life is unnecessary. Unless you do not have any other means to pay for your funeral expenses. Purchasing a life insurance policy for an elderly person can be very expensive. Please talk to your financial advisor first about looking into other saving options to pay for your funeral costs, before considering life insurance.

Answer: No, you do not need life insurance when you are old. As the expense will almost always outweigh the benefits.