Should You Have Life Insurance?

The only reason for a single person with no kids to have life insurance is to cover whatever debt he/she has.

QUESTION: A listener asks if he should have life insurance since he is single with no kids.

ANSWER: If you’re single with no kids your need for life insurance is very low.  All you need to cover is whatever debt you have.  That’s the only reason you would need a little bit of life insurance in case of your death.  If your employer supplies one or two times your income, that’s all you need as a single without kids.