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Are you one of those people who believe you don’t need life insurance if you don’t have kids? You’re mistaken. Read on and learn why you still need it.

Do I Still Need Life Insurance If I Don’t Have Kids?


Should you acquire life insurance at all if you don’t plan to have any children? When it comes to finances, the response is always “it depends.” The majority of adults who do not have children do not need to purchase life insurance. Alternatively, if only their spouse is financially dependent on them, a modest policy may be sufficient.

Whose survival depends on your ability to provide is the crux of the matter. How would they cope financially if you unexpectedly passed away? The standard recommendation from financial experts is to buy a life insurance policy with a face value that is ten times one’s annual income.

Generally, if you buy life insurance equal to 10 times your annual income, your partner will be able to keep up with their current lifestyle using the interest from the policy while putting the principal into savings. If you don’t own significant debt or your partner has a successful career, you might not need such extensive coverage.

Moreover, if you require life insurance but don’t have kids, a term life insurance policy is an excellent option. The costs of premiums and deductibles for term life insurance policies are low. Additionally, as people age and accomplish milestones like paying off a mortgage, sending children to university, and approaching retirement, their need for a life insurance policy diminishes.

On that note, let’s take a detailed look into why someone without children might need life insurance coverage.

You Have Cosigners On Your Debt

Some debts, including federal student loans, do get forgiven when you pass away. If these loans go unrepaid, the government will cancel them, and no one will be held responsible for repaying them. Private student loans are different, especially if your parents are co-signers. If you leave this earth while still owing money on the debt, you will have to pay it off.

This is also true of other forms of shared debt, such as vehicle loans, home loans, or credit cards. If you have co-signed on any debts, the surviving co-signer will be responsible for paying off those debts in the event of your death. To ensure that your loved ones are taken care of in the event of your passing, it is prudent to carry adequate life insurance.

a single person

You Have Additional Debts

You may wonder what to do if you have unpaid debts for which you are solely liable. Consequently, your estate will be used to pay off your debts. It might be challenging for the person left to clean up the mess that results from this.

The low cost of term life insurance makes it a prudent financial move to purchase enough protection to pay off any outstanding debts. Then, your life insurance policy recipients can use the money to pay off your debts. Then, they can do whatever they want with your estate.

Someone’s Future Depends On You

Even if you don’t have kids, you might know that someone else’s financial stability depends on you. A sibling who is unable to care for themselves or an elderly parent would fall into this category. To the extent that you intend to assist this individual financially, it is important to factor their needs into your life insurance policy calculations.

This is similar to buying your parents a life insurance policy. You’ll need to determine the total amount and length of time that this individual will get money. Then incorporate that sum into the total cost of your life insurance policy.

You Own A Business With Someone Else

Your partners in the company are just as reliant on your continued success as you are. If you intend to form a partnership, you must include clauses in the contract that ensure the business will continue even if one member dies.

However, this may require each partner to undertake a financial commitment in the form of life insurance payments to the business. When this occurs, things have the potential to get quite difficult, very rapidly. So, before starting a business, discuss this idea with a financial consultant.

a group of single people

If you’re still unclear about getting life insurance, despite not having kids, then get in touch with Franklin Life & Annuity right away! We are one of the finest life insurance Houston Texas, Texas. Our range of insurance policies includes final expense and family life insurance in Houston, Texas. Call us today, and we’ll help you get a policy according to your needs.

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