Q. I’m a 37-year-old, single PhD student. Although I’m not working, I do receive a generous stipend from my university. If I have no children or family, do I need life insurance?
A. The purpose of life insurance is to protect those who would have a financial hardship if you died. In general, if you don’t have dependents--such as a spouse, life partner, children, or adults you care for--you don’t need life insurance.
However, if you worry that you wouldn’t leave behind enough money for your final expenses, like a burial, funeral, or the future care of your pets, you could take out a small life insurance policy for those purposes.
Additionally, if you believe that you will have dependents in the future, it can make sense to purchase life insurance coverage while you’re still young and can qualify for the lowest rates.
For more information see my full episode "What Kind of Insurance do You Need?"
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