You decide if you need life insurance by asking one core question: would anyone be in a financial bind if you died tomorrow? If the honest answer is “no,” your need is low; if it’s “yes,” you probably need at least some coverage.

Start with who depends on you

The single biggest factor is whether others rely on your income or unpaid work.

• If you have a spouse/partner, children, aging parents, or others who depend on your earnings or caregiving, life insurance is usually recommended.

• If you are single with no dependents and your death wouldn’t leave anyone stuck with your bills, you may not need a policy beyond perhaps a small amount for final expenses.

Check your existing resources

Look at what would be available to survivors if you died.

• Add up savings, investments, retirement accounts, employer benefits, and any existing life insurance; then compare that to ongoing living costs, debts, and final expenses.

• If those resources are clearly enough to cover bills and goals (like paying off a mortgage or funding college), extra life insurance may not be necessary.

Consider your debts and obligations

Life insurance is often used so others are not stuck with big payments.

• If you have a mortgage, co-signed loans, or other significant debts that someone else would need to handle, that pushes you toward needing coverage.

• If you are debt-free and your estate could easily cover funeral and small remaining bills, your need for coverage is lower.

Factor in age, health, and work status

Timing matters for both cost and necessity.

• Working-age adults with dependents are the textbook case for needing life insurance because they are still replacing income.

• People who are retired, have no dependents, and have sufficient assets often can reduce or skip life insurance, except where a pension or benefit would disappear at death and a spouse relies on it.

A quick rule-of-thumb checklist

You probably need life insurance if:

• Someone relies on your income or your unpaid work at home.

• Your death would leave others unable to pay debts, housing, or major shared expenses.

You may not need much (or any) if:

• No one depends on you financially and your final expenses could be covered from savings.

If you want, share a bit about your situation (age range, dependents, debts, savings), and it’s possible to walk through whether your personal “need” looks high, medium, or low.