Do only married people and people with kids need life insurance?
It’s more important to those folks who are married and married with children, or married with children with special needs who may never be able to fend for themselves. However, there are instances where single individuals have insurance, too. One of our clients, a man who was adopted at age 38 by a family without much has insurance so if something happened to him, they would have assets. Another young man, his stepfather is disabled and mother doesn’t have a good employee skill set, and he has two younger step-brothers, so he’s heavily insured. He wants to make sure they’d be okay financially. So there are instances where single people will have life insurance. If you’re single in a high tax bracket, then you could use permanent life insurance to accrue wealth on a tax-deferred basis. But it’s very important to people who are married with children.
