NAZNET
A single person with no dependents
Incase you're a single person with no dependents, you probably don't need life insurance.
That's not to say buying life insurance is a bad idea if you are single and have no dependents your designated beneficiary, whoever it may be, will still get a cash payout. However, there may a better use for the money you would use to pay the premiums.
**Check on MARANDA SCHOOL, BENDANISH
Retirees
Life insurance premiums tend to increase with age as health declines, a person's life becomes more expensive to insure so buying a policy later in life is typically not cost-effective.
If you have heirs, there are often better ways to make sure they are taken care of financially in your absence than buying a last-minute life insurance policy.
Kids and college students
Children and college students don't need their own life insurance policy. In that case, it's possible to purchase a policy for the child, although the adult is still the policyholder.
Kids and young adults are most frequently the parties being protected by a parent, grandparent, or other guardian's life insurance policy. Despite youth being on their side, there's no real benefit to buying life insurance as a college student with no financial obligations.