It is my opinion that you probably do not need life insurance if no one depends on you financially,   However if you have someone that depends on you financially, such as a spouse, children or others that depend on your income then you need life insurance.

 

If you have life insurance through your job, that is a good thing.  But do you have enough?  A friend of mine told me that he was covered, he had good benefits at his job.  After a little research we found that he only had $10,000 of life insurance.  This was barely enough to cover the cost of a funeral, definitely not enough to provide for his two young children.

 

Life insurance does not make for a good retirement vehicle nor does the opposite apply.  Does your car make a good house?  The answer is obviously no.  If you need life insurance, buy a good term life insurance policy.  If you need a good retirement plan, setup a good retirement plan.  Don't try to make one item do both.

 

My final comment, life insurance is not the lottery.  You should have enough to keep your loved ones in the life style they currently have.  Don't view your death as your family hitting the lottery.  You should purchase enough insurance to maintain their standard of living, not put them on "Life Styles of the Rich and Famous".  Any extra money you would be wise to invest it for your future for you to enjoy with your family.