Do you need life insurance if you don't have children? (2024)

A life insurancepolicy makes a lot of sense if you have children. After all, your children need to be financially protected throughout their childhood and early adult years in the event of your untimely death. Life insurance can help make that possible— provided that you plan your coverage accordingly.

But is life insurance worth it if you don't have children?

Life insurance can be a valuable way to protect your loved ones and yourself — even if you don't have children. And, that may be particularly true if you're married or taking care of elderly parents. Here's why.

Compare your life insurance coverage options now.

Do you need life insurance if you don't have children?

There are a few reasons you may want to consider life insurance, even without children, including:

To support your spouse

One reason that people without children purchase life insurance is because they "don't want their loved ones to be in a financial hardship," says Devin Graham, an insurance agent for WoodmenLife.

Graham says that when he works with couples who don't have children, one of the most important questions he asks is what state they would want the other person to be left in if something were to happen to them.

For some people, Graham says, the answer is a policy that covers a year's worth of income so they're not required to rush back to work. Others may prefer a larger policy to help cover larger expenses that may be left behind.

Protect your spouse with a life insurance policy today.

To cover end-of-life and burial expenses

When you die, you may leave behind end-of-life expenses, like the costs associated with hospice, which life insurance can be used to cover. And, your policy can also help cover burial and funeral expenses, too — which can be hefty. Theaverage American funeral costs about $10,000, and your loved ones may have to cover the bill as they grieve if you don't have life insurance or another way to cover these expenses.

To protect elderly parents or adult dependents

You may have people who depend on you, despite not having children. For example, you could be the primary caretaker or financial provider for your elderly parents or other adult dependents.

And, if that's the case, your parents or other dependents could face financial hardship when you die. But if you invest in a life insurance policy, the money from your policy could ensure that they have what they need, even without your income.

To supplement your income in retirement

Life insurance can also offer certain protections during your retirement years. Some policies — like many permanent life insurance policies — will build cash value over time. And, when you retire, you can tap into that cash value if you need to in order to supplement your income.

There are also riders you can add to life insurance policies to further expand the coverage. For example, you could add a long-term care rider to your policy to help cover the cost of any long-term care you may need later in life.

The bottom line

Life insurance makes sense if you have children, but even if you don't, it could be a valuable way to protect yourself and your loved ones from future financial hardship. If you're ready to take steps to secure this type of coverage, compare your life insurance options today.