Do I Need Life Insurance Between Jobs?

[genchan]

Here's my situation. I have life insurance from my company which covers 1.5 times my annual salary which is a death benefit of about $75,000. The only debt I have is a student loan of less than $10,000. I'm single and I don't own a home. I may be changing jobs soon and so the life insurance may lapse while I'm in between jobs. How necessary is it for me to get some in your opinion?

[ScrimpAndSave]

Probably not.

[Seeker]

Absolutely not.

Life insurance does not benefit you; it benefits your SO or survivors. It's meant to help pay for major things (like the mortgage) if something major happens to you. Thereby reducing the financial stress that arises when a loved one is no longer here.

[disneysteve]

If nobody is financially dependent on your income, there is no reason for you to have life insurance. If your job provides it as a perk at no cost to you, that's fine, but you certainly don't need to pay for it on your own.