Do I need life insurance?

You might choose to get life insurance for many reasons, but it often boils down to one critical question: Do you have loved ones who depend on you and your income? If the answer is yes, it makes sense to look into getting life insurance. However, even if you don't have dependents, life insurance can benefit you and others by covering your final expenses.

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Who needs life insurance?

Determining if life insurance could benefit you — and how much life insurance you need — can hinge on your financial situation and if you have dependents, so first consider your circumstances. You have good reason to consider getting a life insurance policy in these situations, among others:

You're planning to get married

Married couples often develop lifestyles that rely on both spouses' incomes. If something were to happen to you unexpectedly, your spouse likely wouldn't be able to maintain the same lifestyle on their income alone.

To ensure this doesn't happen, consider obtaining a life insurance policy to lessen the financial burden on your spouse.

You have kids or are planning to have a baby soon

Although children bring excitement and happiness, they also bring added expenses. Adding a life insurance policy for both you and your partner when you have children is a smart financial move.

Opting to not get life insurance when you have children can result in the surviving parent having to work multiple jobs or completely change their lifestyle. Ask yourself simple questions like, "Will my family survive on my partner's income if something happens to me?"

About to become a parent? Read up on getting life insurance as a new parent.

You financially support aging parents

In general, if someone relies on your income to live, including a parent, then it's crucial to consider a life insurance policy. If you're the primary breadwinner responsible for providing for your elderly loved ones, a life insurance policy can guarantee that your parents or grandparents can afford long-term care should anything happen to you.

Pro tip:

You may also consider taking out a life insurance policy on your parents' behalf, naming you as the beneficiary (the person who receives the policy's death benefit). This approach makes sense if you would be the one responsible for paying for their end-of-life expenses, such as funeral services, medical bills, and any debt you co-signed with them.

You're currently in debt

While federal student loans are automatically forgiven upon death, private loans and mortgages may not be. In the event of your passing, any jointly held debt could become the responsibility of your spouse or other family member, especially if they were a co-signer. A life insurance policy may help pay these debts.

You want to cover your funeral or estate expenses

Whether you have dependents or not, you may want life insurance designed to cover your final expenses so those costs don't fall to someone else, such as friends or family members.

Pro tip:

There are many reasons to buy life insurance, as well as many different types of life insurance that could suit your specific needs. Learn more about when it makes sense to get life insurance and which policies may work for you.

Do I need life insurance if I'm single?

Yes, life insurance can benefit single persons too, especially if you're concerned about who would pay for your final expenses. With a life insurance policy, you can name a trusted friend or family member as your beneficiary to pay for funeral services, outstanding debt, and any other expenses. Learn more about situations where life insurance makes sense when you're single.

Finding the right life insurance policy through Progressive

Determining the best time to get a life insurance policy isn't always cut and dried. We all experience life at a different pace — so answering questions like, "Do I need life insurance after 30?" or, "Do I need life insurance after 60?" depends less on your age and more on your circumstances at that age. You might need life insurance after having a baby when you're in your 30s or if you're taking care of an ailing parent when you're in your 60s.

Here are some additional resources to help you find the right policy for your circumstances:

Get a quote for life insurance through Progressive

Quote life insurance online: After answering some questions, you'll choose your coverage amount and term length (if applicable).

Call 1-866-912-2477: You'll speak with a licensed Progressive Life by eFinancial representative who will guide you through everything.

Get a free life insurance quote online in minutes

Learn more about life insurance policies.

Please note: The above is meant as general information to help you understand the different aspects of insurance. Read our editorial standards for Answers content. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.