Many say the life of responsibility begins when you walk down the aisle and say, “I do.” Still others believe it truly begins when you have a child. Certainly having a child can make you question your values and what you believe to be important in your life as well as make many people want to be more financially responsible. Often, a couple finds the time immediately after the birth of a child to be a good time to buy life insurance.

The thing is, you may want to consider purchasing life insurance even before your first child is born.

Do You Need Life Insurance?

Life insurance for a grown adult with no dependents is often considered unnecessary. Yet, if you are childless, you may want to consider purchasing it if a few factors apply.

Would your parents experience financial hardship paying for your funeral?

Although we like to think our parents would have enough money to afford a funeral should we pass, that is not always the case. My brother passed away several years ago at the age of 29, and my mom, who has worked as a secretary for the majority of her life, had trouble finding the money to pay for the funeral. As a parent, it is hard enough to lose a child, let alone worry about how to pay for the funeral. As a young, single adult, a life insurance policy that is small enough to cover the cost of a funeral, which usually costs between $7,000 and $11,000, would only be a nominal monthly expense.

Do others depend on your income?

If you have a significant other who depends in part on your income, could he or she survive without it? Many couples buy homes together but rely on both incomes to afford the house. If you were to pass, would your spouse be able to afford the home and the standard of living you are accustomed to? Some may argue that your spouse may be able to just sell the home should you pass, but again, grieving is difficult enough. Do you really want your spouse to have to worry about paying for your funeral, selling the home you have made together and selling your car because they are no longer affordable on one income? Those things may happen with time, but a life insurance policy affords your partner a chance to grieve and take time from work, if necessary.

If your income is significantly higher than your spouses, buying life insurance becomes even more essential. A good policy could allow your spouse time to increase income or finish his or her education, if that is the case. Both raising income and completing an education take time, as does grieving. A life insurance policy affords your spouse the time he or she may need to get life in order without you.

Will you be having children in the future?

Life insurance policies are at their lowest when you are young and in good health. If you are 25 now and planning on having children in the next few years, it may be worthwhile to get the policy now and buy it for an extended amount of time, such as a 20 or 30 year term life insurance policy so you can pay the lowest rate available.

Some may argue that there is no need to buy a separate policy because you can purchase life insurance through work. While life insurance provided through work is a nice option, it is unreliable in that you could lose your job and, as a result, lose your life insurance. In general, it is better to have your own private policy with work-provided life insurance as a nice supplement.

When you are young, you feel that nothing can happen to you and that you don’t need to worry about products like life insurance. However, even if you don’t yet have children, investing in a life insurance policy may be a smart financial move for you and your immediate family members.