Do I need life insurance? I have no dependents, mortagage only with mortagage insurance.

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Asked August 21, 2018

1 Answer


Short answer: Very Possibly.

Long answer: While the most well known reason to purchase life insurance is to help those who depend on you after you are gone, there are other benefits as well. Namely, that the policy can be payed out to you through something called Accelerated Death Benefits. For policies that qualify, this means that you can be your own beneficiary if you fall terminally ill or require nursing home care. The end of life can be expensive, especially if you have no outside support. Your policy might give you the financial means to make your last days as comfortable as they can be.

Or, if you are fortunate enough not to need Accelerated Death Benefits before your passing, then the proceeds of the policy can go toward your funeral expenses. While you can't attend your own funeral, you can at least plan for it.

Or, perhaps most optimistically; just because you don't have dependents now, doesn't mean that you never will. Finding a good policy now can allow you to keep that rate and those benefits in the future, when policies may very well have increased in price.

Answered August 23, 2018 by crobinson

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