Many people assume that if they do not have dependents, they do not need life insurance. If anyone would be affected financially by your death for any reason—including funeral expenses, hospital bills, or mortgage, student loan or credit card debts—a term life insurance policy can help cover these types of expenses. You should also consider parents or siblings who, while not your dependents, may receive financial support from you.

But do you have enough? Most people are confident with their decision to purchase life insurance to help with funeral expenses, estate administration costs, debts and medical expenses not covered by health insurance. When considering these costs, it is vital to factor in expenses like your mortgage, college tuition, a spouse's retirement, and the cost of services you currently provide which may need to be paid for in your absence (such as home maintenance, tax preparation, etc.). As well as hidden expenses currently paid for by your employer (such as healthcare, retirement funds and other benefits).

Moreover, many people forget that certain life events result in an increased need for life insurance. For example, your children may be getting closer to college age, your spouse may not be working, or you may be supporting aging parents.