The first question to ask is whether you need life insurance at all. This really comes down to a question of beneficiary considerations. Is there someone who would be at a significant financial disadvantage as a result of your death? In most cases, the loss of a family breadwinner will be impactful, but this is not always the case. In some cases, there are multiple breadwinners of equal financial contribution, and the loss of one may not have any financial impact. Some families have other financial resources that functionally render them 'self-insured', and some families leave no dependants. In any of these scenarios, it may be that life insurance is practically not necessary. In the event that you do not require insurance for a beneficiary, a second question must be considered. Many lenders require debtors to own insurance as a condition of issuing debt. This is a common condition in mortgage requirements, business loans or personal lines of credit. In the event that a debt must be supported by a policy, this ceases to be an issue of life insurance but is functionally a consideration of mortgage insurance.
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