Life insurance is often purchased to protect dependents' income — a purpose that shifts for solo agers without children or a spouse relying on that income.
Reasons it may still make sense
- Covering final expenses so friends or your estate aren't burdened
- Leaving a specific bequest to a friend or charity
- An existing policy with cash value worth preserving rather than surrendering
Review any existing policy's beneficiary designation — it needs to reflect your actual current wishes, not an outdated default.
This article is general information, not financial or legal advice. Rules, costs, and program details vary and change over time — confirm current specifics with a licensed financial advisor or elder law attorney before making a decision.