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Why should I consider life insurance if I don’t have kids?

Some celebrity financial advisers tell their followers not to get life insurance unless they have children. Is this always good advice? Read on to consider some situations where an individual with no children may want to think about buying life insurance.
Apr 27th 2022
4 min read
No kids? Learn why you should still consider life insurance.

You don’t have children now, but you might have them later

If you’re young and single, you may not have children now, but you could possibly want them in the future. 

People are settling down and having children later these days, but life insurance companies still generally offer lower prices to younger people. In addition, if you are a woman and you know you want to have children, waiting until you are pregnant to apply for life insurance could make the process more involved. Any complications from your pregnancy—and even pregnancy weight gain—may, in some cases, result in higher premiums or make it more difficult to get the policy you want.

So, if you know you might want kids someday, you may be better off considering life insurance now than later.

 

You have your own business

Thinking of applying for a business loan? Lenders will probably require you to have life insurance and to name your lender as a beneficiary in the event of your death. Also, if you have a business partner or employees who would suffer financially from your death, you may want to consider a policy to help them adjust to your loss.

 

You have debt that you co-signed with others

Many people have debts that they acquired with a co-signer, whether that person was a parent, friend or spouse. We’re talking about things like a mortgage, an auto loan or a credit card balance. If you pass away, your co-signers will often be held responsible for these debts. The good news is a life insurance policy could help pay those debts so your co-signers may not have to. 

 

You have private student loans

Though federal student loans are forgiven when a person dies, private loans are another example of a debt that may be passed on to any surviving co-signers to pay. Since these loans can sometimes represent tens of thousands of dollars or more, people often consider purchasing life insurance so that any loved ones who co-signed student loans could have money to help pay off that debt. 

 

Your spouse or other living partner would be financially impacted by your death

If you have a spouse, roommate or other partner with whom you share living expenses, life insurance might help them make up for the income they lose if you pass away. This might be especially important if you earn more than your partner.

 

You have elderly parents who are dependent on you

As we grow older, so do our parents—and frequently nowadays adult children take extra financial responsibility for elderly loved ones. If you pass away before your parents or elderly dependents, life insurance may help them recover from the loss of your financial support.

 

You have other adult dependents

If you have a sibling or loved one with special needs who will require your financial assistance their entire life, you may want to consider life insurance to help provide care for them when you’re not around. 

Alternatively, even though you may not have “kids” (as in young children), you might have adult children who are still at least partially dependent on you financially. This is more common now due to higher living costs and student debt.

 

You need to cover the costs of your funeral and burial

Like many things, the average cost of a funeral and burial in the United States is going up. Americans are saving less than in previous generations, and if you don’t have your final expenses on-hand in savings, your loved ones may have to scramble to pay for your funeral—unless you have life insurance to help meet those expenses.

 

You want to leave a legacy

Many times, people who don’t have children devote themselves to a cause or a hobby they feel passionate about. Purchasing a life insurance policy and naming an organization you care about as the beneficiary is one way to give a final gift. 

 

You’re over 50

As mentioned previously, the older you are, typically, the more you pay for a new life insurance policy. In fact, some companies won’t sell certain kinds of life insurance to people over 65. So, if you’re over 50, and you’ve been considering life insurance, and you still haven’t purchased a policy, now might be a good time to consider taking the plunge.

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