{ "media_type": "text", "post_content": "Life insurance: do I need it? Not married (live with LT boyfriend - renting), own 2 investment properties, no kids, early 30s, in Canada. No “dependents”, and my family could pay for final expenses. I’m healthy and insurance is cheap. Should I just get it? Any extra $ if I pass suddenly could go to younger sibling/ family / charity, or to pay off mortgages. What am I missing?", "post_id": "5ee503ab4aa11b0021726fd0", "reply_count": 4, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Life insurance: do I need it? Not married (live with LT boyfriend - renting), own 2 investment properties, no kids, early 30s, in Canada. No “dependents”, and my family could pay for final expenses. I’m healthy and insurance is cheap. Should I just get it? Any extra $ if I pass suddenly could go to younger sibling/ family / charity, or to pay off mortgages. What am I missing?

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I mean, you just said it. It’s cheap and the extra money can be passed to family, etc. Just get it. I’m 30 with no dependents and have my mom and sister as my beneficiaries. You never know when you’ll go, so might as well think ahead. If you don’t have it already, I would also create a will or a trust to put those properties in. I highly doubt you’ll look back and be upset for spending a few dollars a month on it.

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I wouldn’t spend the money on it. The entire point of life insurance is to ensure that those that you leave behind can approximate the quality of life they enjoyed while you were living. With no dependents, the conventional purpose for having life insurance doesn’t apply to you.

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You don’t “need” it. You’d be paying for a gift to your family, basically. Which is fine, but definitely not necessary. I’m in the same boat and decided not to get life insurance. My family will already inherit my savings and through work will get 1x my annual salary. That’s more than most people will ever inherit. And trust me, as someone who lost an immediate family member, more money does not soothe the pain or make it any easier.

Life insurance is not recommended by a lot of financial advisors unless you have dependents. IMO it’s very a personal decision and there’s no right or wrong. Same situation with D1 but I did decide to do it. My mom doesn’t work & it’s just my siblings making income. They all have student loans. I would hate to be an extra burden for them even if they won’t mind. Once we are a bit more financially stable I may be able to pass it to my kids or niece/nephews.

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