Should You Buy Life Insurance? Four Cases When You Should or Shouldn't

Should you buy life insurance? If no one depends on your income for support, you probably don't need life insurance at all.

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Should you buy life insurance? Your need for life insurance changes with the stages of your life, starting with little to no need when you're young, progressing to greater and greater necessity as you take on more and more responsibility, and finally beginning to diminish as you grow older and your responsibilities wane.

Insurance is there to protect you, your family and the living standard you have or are working towards. When you think of dependents, don’t limit yourself to thinking only of minor children. Many young and middle-aged people help support their parents. There are also many parents still helping their adult children. And although a business is not a living person, if it depends on your contributions and you and your family depend on its profits, you need to consider how it will continue if you are not there.

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Donna LeValley
Personal Finance Writer

Donna joined Kiplinger as a personal finance writer in 2023. She spent more than a decade as the contributing editor of J.K.Lasser's Your Income Tax Guide and edited state specific legal treatises at ALM Media. She has shared her expertise as a guest on Bloomberg, CNN, Fox, NPR, CNBC and many other media outlets around the nation.