How bad is it to not have life insurance?

You may be wondering, “Is it bad not to have life insurance?” If you have children or you’re married or have a partner, you may want to purchase a life insurance policy. You will want to choose between a term life or whole life insurance policy. The type of life insurance policy you choose will depend on your age, health status, number of dependents, and other factors.

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Ashley Dannelly has a Master of Arts in English and teaches English at Columbia International University and other higher education institutions. She is also a certified personal trainer with the American Council on Exercise and trains clients in both individual and group settings. Ashley’s background in English and fitness has allowed her the opportunity to write and create content for many ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Apr 24, 2022

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The Highlights

  • If you have children, a partner, or other dependents, you may want to consider purchasing a life insurance policy
  • The two major policies to choose from are term and permanent life insurance
  • There are instances in which it might not be worthwhile to invest in a life insurance policy

You may hear a lot of people talk about the importance of life insurance and wonder, “Does life insurance make that much of a difference?” “Is it really worth the cost in monthly or annual rates?” “Is it bad not to have life insurance?”

The answer to whether you should purchase life insurance is based on a lot of different factors. You may be the perfect candidate to purchase a term or permanent life insurance policy, or you may not need to worry about it.

You should assess your specific life and situation before deciding whether you need a life insurance policy. And remember to always compare life insurance quotes from multiple companies.

As you consider purchasing a life insurance policy, be sure to use our free quote tool above to compare life insurance rates from top companies in your area.

When should you get life insurance?

When you consider life insurance, there are typically a few reasons why you would want to look into purchasing a policy as soon as possible:

  • You have children
  • You are married or have a serious partner
  • You have other family members or loved ones who are dependent on your income

If any of these three scenarios are true for you, it may be time to look into investing in life insurance.

But even if you’ve decided that you should get life insurance in your 20s, 30s, or older, you still have to do the work of deciding what type of policy you would like to purchase.

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What type of life insurance policy should I buy?

The two major types of life insurance are term life insurance and permanent or whole life insurance.

Term life insurance has lower rates and covers an individual for a set amount of time, typically anywhere from 5-20 years. Whole life insurance rates are higher, but the coverage lasts a lifetime.

While term life insurance rates increase as you age, permanent life insurance rates are more likely to remain constant.

Do I need life insurance after 60?

Because term policies can be bought for a specific amount of time, a lot of people invest in a term policy while they are still working and before their home is paid off or they have entered into retirement.

If you purchase life insurance at a younger age, you are likely to be met with lower life insurance rates. So it may be wise to shop around and compare costs if you know you have people depending on you.

But if you have reached retirement age, you may still want to consider a life insurance policy, especially if you purchase a permanent policy that has the potential to accumulate cash value as you continue to pay every month.

Should I get life insurance?

To know whether you truly need to purchase a life insurance policy, you will need to assess your life, your family, and other factors.

If you do decide to purchase life insurance, be sure of the type of policy you want, and don’t forget to compare quotes from multiple companies to make sure you’re getting the best deal.

You can try our free tool below to get started in your search for affordable life insurance today.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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