Life insurance for all?
Question: I just got done reading an article about getting your life financially fit. One of their main points is that everyone needs life insurance. Is this true? I am 35, single and no kids. My place of employment gives me $50,000 in life insurance. I have no debt except for my home mortgage. My longtime girlfriend is financial secure and will receive about double what is left on the mortgage if I die from saving and retirement funds. Is there a compelling reason for me to get life insurance other then at my age it is very inexpensive? Thanks for your time. Eric, Duluth, MN
Answer: You're fine. It's important for everyone to put life insurance on their financial checklist. But that doesn't mean everyone needs to purchase a term life policy. I think you can cross it off your list.
Life insurance is to financially protect your loved ones from your death. Many singles without children or marriage find that they don't need it.
Anyway, you have life insurance through work and it seems more than enough. You'll leave plenty behind plenty for your partner between your insurance at work, retirement savings, and savings.When and if you leave your job you'll want to see if you should get some on your own. And life insurance jumps to the top of the to-do list if children ever enter the picture.