Dear Dave,
I’m 30 years old, single and I have no dependents. Do I need life insurance?
—Shawna
Dave Says: You may have very little need for life insurance in your situation. If you have enough money saved up to pay for your burial, and you don’t have any debt, there’s really no reason to carry a policy. No one is going to be harmed financially by your death, and no one would be deprived of the income that would be lost if something unexpected happened to you. But if you don’t have money saved, and you’ve got a bunch of debt, you might want to consider a term life insurance policy. At your age, if you’re fairly healthy, you can get $100,000 worth of coverage for almost nothing. Even if you own a home with a mortgage, the house would normally sell for enough to pay off the mortgage. Remember, you don’t buy insurance to leave an inheritance. The only reason you’d buy life insurance is to make sure there’s enough money to take care of your family and final expenses. You wouldn’t want your parents or someone else having to foot the bill once you’re gone.