The Radical Guide to Life Insurance: You may not need life insurance

In some circumstances owning life insurance does not necessarily make sense:

• You are wealthy. If you have enough money to cover both your beneficiaries' future financial needs as well as any death-related expenses, you may not need life insurance. You are not required to have life insurance nor should you deplete your financial resources by paying regular life insurance premiums if you don't need any future payouts.

• You are single / no dependents. If you are single and / or have no dependents, you probably don't need life insurance. However, under these circumstances you might consider buying life insurance if there are people who rely on you as a source of income.

Note: If you choose not to buy a life insurance policy, be sure to set aside enough money to pay for your final expenses. Final expenses might include any funeral costs, outstanding loans, mortgages etc. By setting aside funds, you will avoid saddling your beneficiaries with any costs they hadn't planned for.

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