Every situation is different but I would recommend taking out at least enough to pay final expenses and any debt. Also keep in mind that the younger you are when you purchase a policy the lower the premium, so unless you are planning on staying single, you may want to consider this.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
It depends, is there someone who will have to take care of your stuff and clean up your situation if you pass? In other words, you may be single, but is there somebody who loves you enough to be that person who handles your service, settles your stuff and maybe empties your apartment or home. Usually it's your mom. The question only you can answer is how much more difficult do you want to make it for your mom? Isn't losing a child (no matter what age) for a mom, hard enough? Would you want to add to the pain by having her come up with the money to take care of what you leave behind? Do you want her to forgo wages because of your situation?
For me, as a young man long before insurance as a career came into place, the idea of being single and owning life insurance made sense. I simply didn't want to crush my mom under the burdens of losing me, paying for my service, dealing with my stuff.
I know usually somebody will whip out some "math" to get you not do what I suggest and that's fine. Sometimes the "Math" simply doesn't matter. Your choice.
If you have no kids, no other persons who would suffer financial loss or whose future would be in financial jeopardy, you may not need life insurance. If you have no charities or and any benevolent intent towards anyone, you may not need life insurance. But if you’re healthy and want to save for retirement using a tax deferred accumulating product that has the potential to generate tax free income, you may want to consider life insurance.
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For me, as a young man long before insurance as a career came into place, the idea of being single and owning life insurance made sense. I simply didn't want to crush my mom under the burdens of losing me, paying for my service, dealing with my stuff.
I know usually somebody will whip out some "math" to get you not do what I suggest and that's fine. Sometimes the "Math" simply doesn't matter. Your choice.