Do I Need Life Insurance if I’m Single? Dave Ramsey Explains

August 31, 2018

 

Dear Dave,

I’m 35, single, and I have no dependents. Do I need a life insurance policy?

Larry

 

Dear Larry,

In your situation, if you have enough cash saved up to pay your final expenses — and you don’t have any debt — there’s no reason for you to carry a life insurance policy.

No one will 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.

Even if you have a mortgage on a home, the house will normally sell for enough to pay off the mortgage.

However, if you have debt, or if you don’t have some money stashed away in savings, you might want to consider an inexpensive term life insurance policy.

At your age, if you’re healthy, you can get $100,000 worth of coverage for just $10 to $15 a month.

Remember, you don’t buy insurance to leave an inheritance.

You 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!

—Dave

* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money MakeoverThe Dave Ramsey Show is heard by more than 14 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.