Life insurance

Do you need life insurance? If you have no dependents and the only person relying on your income is you, the answer is probably not. The one thing you might consider is a small policy that would help your family cover the costs associated with your death. Also, if your parents have co-signed any of your loans, they’d be held responsible for paying off the balance if you should die. So if you want to be sure your debts won’t be your legacy to them, insurance can help. That’s not very pleasant stuff to think about, perhaps, but it is necessary.

If you do have dependents or someone is counting on your income — for example, if you’re sending money home to your parents or helping put a sibling through school — life insurance can help you support them if you should die unexpectedly. Without life insurance, it’s possible that the people you’re supporting now could find themselves in a tough situation if anything happened to you.