QUESTION (from a 54-year old, single woman):
I have no dependents and no mortgage on my home, so I do not need life insurance.
(more of a statement, than a question!)
QUICK ANSWER:
Everyone has final expenses when they pass away. Funeral costs, final tax return, probate fees. Life insurance is a quick way for a relative or friend to access funds in order to settle your affairs.
MY RESPONSE:
You are in an enviable position. Mortgage free and no debt. Good for you! If someone in your situation passes, there are still final expenses to take care of. The good news is, you do not need a lot of insurance so a small term plan would be inexpensive. You would be well-advised to also have a Will drafted. If you pass away with no living next of kin, then the government would assume ownership of your home and your savings. But with a Will, you would control how your Estate is distributed.