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For parents, buying life insurance is a no-brainer — if you died unexpectedly, your life insurance payout would take care of your kids’ needs.
For a married person with no kids, like me, you might not think life insurance is necessary. But my husband and I both have term life insurance policies.
The main reason we have life insurance is because both of our incomes factor into our financial planning — if one of us died, the other would struggle financially. Life insurance protects us.
A good, general rule of thumb to follow if you want to figure out whether or not you need life insurance is this: have kids, get life insurance.
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That’s because the purpose of life insurance is to protect your beneficiaries against financial hardships they may face if something happened to you. If you’re single and childless, there’s probably no one who financially depends on you and the income you earn.

While there’s no doubt your loved ones would emotionally suffer if you died, they would not face a financial hardship due to your death. Children or anyone who is financially dependent on you, however, especially as minors, cannot financially provide for themselves.See the rest of the story at Business Insider

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