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Is term Insurance Needed for People With No Dependents?

If you have no dependents, then you may not need term insurance, but if you have dependents in the future, then a term insurance plan would be of great use. Visit to know more.

  • Nov 30, 2021

Whenever you look for the ways you can plan your future finances, the first thing that crops up is term insurance. Financial advisors and experts always mention that you must purchase a term insurance plan in order to make your family’s future secure. But there are still a number of questions and doubts related to term insurance that many people are confused by. Individuals may be in two minds regarding the need for term insurance.

In this article, we’ll address some basics about term insurance and also answer the titlar question with regards to term insurance.

What is Term Insurance?

Term insurance is a way to ensure the financial safety of your loved ones in the future, in case something were to happen to you. When you’re well and alive, you can look after the finances of your family and dependents. You may be responsible for their day to day expenses, education fees, medical expenses, rent, EMI etc.

But what happens if you unexpectedly pass away? All these financial burdens will fall surely on your family’s shoulders. To avoid that, you can purchase a term insurance policy. In a term insurance policy, you pay annual premiums to the insurer for a promised life cover. In case you pass away under unfortunate circumstances during the policy period, your family will get the death benefit as a lump sum pay-out. They can then use this amount for all their expenses. Thus, term insurance will protect your family from financial misfortune if you, as the breadwinner of the family, are no longer present.

Is Term Insurance Required For People with No Dependents?

Many people ask whether they need term insurance even if they have no dependents. What one must understand, is that unlike other insurance products that may be clubbed with investment, or offer a maturity benefit, a simple term insurance plan has no survival benefit. This means that if you survive the policy term, then there is no pay-out. So the entire benefit of a term plan can only be utilized if you pass away and can only benefit the beneficiary, which in most cases would be the family. So if you do not have any dependents, then a term plan may not be suitable for you.

But this does not mean you cannot plan for your future. You may be young now, but if you plan to marry and have children, you will have dependents over the years. So a term plan may be required by you after a few years. On the other hand, if you do not plan to marry and have children, and do not expect to have any dependents in the future, then you may not need a term insurance plan.

How Do I Know I Need Term Insurance?

Having answered the above question, we must also address the query of whether you actually require insurance. Basically if you are a breadwinner of your family, and have people depending on you for money like spouse, children, parents etc, then you do need term insurance. If both you and your spouse are earning, then both of you may need term insurance, or at least the one who earns higher income.

Thus, if you have no dependents, then you may not need term insurance, but if you have dependents in the future, then a term insurance plan would be of great use.

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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