What if you don't have dependents?
Even if your kids are grown, life insurance can be helpful to your spouse or independent children. It can also be a part of your estate plan. So even if you don't "need" coverage to protect your family, it may be worth considering.
For a spouse, life insurance can add peace of mind and a financial safety net if their partner passes away. Beyond funeral costs, they may want to move to a new home or make other lifestyle changes. Insurance can make that easier to manage.
For adult children or grandchildren, a policy's death benefits could fund a down payment on a home, cover a big chunk of college costs or help alleviate a challenging financial situation. For families with a lot of assets, it may help with estate tax planning.
Life insurance can be part of your legacy
There are many reasons to leave life insurance benefits to your spouse or children. But you also can name beneficiaries beyond your immediate family.
For example, you can designate almost anyone—or a charitable cause—as a beneficiary. Dedicating some of your life insurance to a nonprofit that's important to you is a powerful opportunity to define your personal legacy.
Ultimately, it's up to you to decide what, if anything, to leave behind. But if you have loved ones or causes you care about dearly, life insurance can prepare you to leave a gift that helps cement your family legacy for generations to come.