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I’m single, in my 30s, without any dependents. Do I really need life insurance?


Probably not. At this point, with no one depending on you financially, and therefore vulnerable if you should die, the money that you would spend on life insurance might be better off devoted to some other worthy purpose. That could be saving for a down payment on a home or funding your retirement, preferably through a tax-favored vehicle like a 401(k) at work or an individual retirement account if your employer doesn’t offer a plan. It also could be an emergency fund in case you lose your job or some other unforeseen adverse event occurs, perhaps a medical problem. Some kinds of life insurance policies build up cash value over time that the owner can collect on after many years. That feature can make the policies seem like saving or investment vehicles of a sort, but if that is what you’re after, there are more straightforward ways to do it that provide higher returns with lower expenses, just without the death benefit that you don’t need yet.

-Conrad de Aenlle