Life Events That Can Affect Life Insurance Needs

What is the main reason for buying life insurance? To make sure that your dependants (spouse/partner or children) are provided for when you die.

Do you need life insurance if you're single? You probably don’t, unless you have someone who depends on you for financial support.

If you're married without children or other dependants (and are without a mortgage), and both you and your spouse/partner are working, you may need little or no life insurance. Singles or childless couples looking to have children in the future, or who have concerns that they might become medically uninsurable, may want to consider insurance while they’re healthy.

Certain life events will affect your need for life insurance. If you’re recently divorced, review and update your goals and objectives and, if necessary, change the beneficiaries on your policy. You may not need life insurance if your ex-spouse/ex-partner does not rely on you for income support and you don’t have any children or other dependants that rely on your income for support.