Do You Really Need Life Insurance if You Don't Have Kids?
Getting life insurance makes absolute sense—if you're a parent. It's a way to keep providing for your children if something were to happen to you unexpectedly. But if you don't have children or any other dependents, you may wonder whether life insurance is really necessary.
Amy Lins, vice president of enterprise learning at Money Management International, has pondered this issue in her personal life. She and her husband married later in life and don't have any children. He's self-employed, while she has an office job—but he's six years older and will likely retire first.
When it came to life insurance, Lins—whose work involves counseling people on financial planning and money management—explains that she and her partner "definitely had a lot to think about."
Whether or not to get life insurance if you don't have children is a decision many couples grapple with. Lins explains that, in general, fewer people, childless or not, are purchasing life insurance these days—likely because they don't think they need it, they don't understand it, or they don't think they can afford it.
In 2021, 52 percent of Americans were covered by life insurance—more than 10 percent lower than a decade ago, according to consulting firm LIMRA life insurance consumer studies. Though, the coronavirus crisis led more people to look into getting life insurance.
While Lins and her husband opted to get life insurance in the end, she says the decision is a personal one that should be based on several factors. If you don't have children, here are some questions to ask yourself to decide whether or not you need life insurance.