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I’m single. Do I still need life insurance?

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Dear Dave,

I started listening to your radio show recently, and I heard you say people should have 10 to 12 times their yearly income in life insurance. I’m single, with no plans to get married. Plus, I don’t have any children. Do I still need a big life insurance policy like that?


Dear Kris,

I do recommend most people, if they work outside the home and are married — especially if they have kids — have 10 to 12 times their annual income in a good, level term life insurance policy. You only need life insurance to take care of things you leave behind when you die. So, when it comes to this kind of coverage, just think about anyone who might be left in a bad financial situation if you died. Your family could never replace you, but in most cases, they would need to replace your income.

Someone in your shoes might not need a traditional life insurance policy, especially if you’ve been smart with your money and saved up a pile of cash. A simple, inexpensive burial policy might work. There’s also a good chance you already have a small amount of life insurance coverage built into an existing health insurance policy or bank account.

Good question, Kris. I’m glad you’re looking for answers!


Dave Ramsey

About Dave

Dave Ramsey is CEO of Ramsey Solutions. He has authored several best-selling books, including "The Total Money Makeover." The Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at and on Twitter at @DaveRamsey.