A term life insurance policy isn't right for everyone. Here are a few examples of people who usually don't need term life insurance:
- Young, single people with no debt or other financial obligations–If you’re young, have no dependents, and no debt (including student loans and credit card debt), you probably don’t need life insurance.
- Kids–Children don't typically support the family or bring in income, so purchasing them a term life policy doesn't make much sense.
- Retirees–If you’re retired, your children are self-sufficient, and you've paid off major debts like home and auto loans, there's not a huge need for an insurance policy.
- If you have a chronic illness–if you are someone who anticipates needing long-term care, such as in the case of a degenerative disease or other genetic predisposition, you may not need a standard form of life insurance.