Is the cost of a life insurance policy worth it if you don't have children? Here's what you need to know.
A life insurance policy 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.
To cover end-of-life and burial expensesWhen 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. The average 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.