We’re all about helping people make smarter decisions when it comes to life insurance – that’s the intent behind the creation of Everyday Life. So when it comes to the question of whether you need life insurance or not – the answer is – maybe – because it really does come down to your personal circumstances.

Let’s dive into this a little deeper.

Q: Do you need life insurance?

A: Maybe not. There are a lot of potential uses of life insurance – some are related to solving rich people’s problems – and for the rest of us, the use is mainly for the purpose of protecting loved ones. Here are four situations where we think you do need life insurance:

  1. You are the parent of minor children. If you have children who are relying on you for financial support, the importance of life insurance should something happen to you and you can no longer provide for them financially, very much makes sense.
  2. You share a household with others. This includes a spouse or partner, children or any elderly relatives. They may not miss your bad jokes but they will miss sharing bills, household chores, childcare and elder care.
  3. You are married, have a lot of debt and live in a “community property” state. In most cases, your debt dies with you and does not get passed down to your next of kin, unless you reside in one of the 9 states where your spouse may be required to inherit your debt: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and sometimes Alaska. It’s a complicated topic, but this article provides good information.
  4. You have a student loan with a co-signer and your lender is one of the few that doesn’t have a policy to cancel the debt upon death or permanent disability. Call your lenders and ask them about their policy – most will discharge the debt but some will not. If not, do your co-signer a solid and get enough coverage to offset the debt.


If one of more of these describe your situation, then the answer is you should probably snap up some life insurance for yourself and your circumstances.

You can use our free online tool to get a personalized coverage plan tailored to your circumstances – it will also save you a ton of money! Alternatively, if none of the above apply to you, then you can cross life insurance off your list until your circumstances change!

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