Life is not complicated at 40, but would you dare to live without life insurance? See what I faced after canceling my insurance.

Life insurance is an integral part of many people’s financial planning. While it can’t replace a lost loved one, it can provide financial relief to those left behind, helping them pay bills, repay debts, and adjust to a new economic reality.

I turned 40 a few months ago, which feels like a pretty serious age. I’m also planning on buying myself a house this year, and you’d think someone my age would have life insurance. Indeed, I used to have a term life insurance policy, but I don’t anymore. Why?

I bought a low-cost term life insurance policy when I got married to protect my spouse. But after my divorce, I kept it until last year. With the outbreak of the 2020 pandemic and my job loss, I started looking for ways to save money, so I canceled the life insurance policy and have not purchased new life insurance since then.

Today, the main reason I don’t have life insurance is that I am not single, but I am financially independent. This means that my money is independent, I pay all my own bills, I don’t live with anyone, and no one relies on my income. I have three adopted cats, and they are the best companions in the world.

Although I could have bought a life insurance policy specifically for their future care, I didn’t. Instead, I mentioned them in my will, and any money I left would go toward their care (after other expenses were met). I also arranged for someone to take care of them and set up a backup option. I hope these cats will be with me throughout their lives, but no one can predict the future. That’s why we make plans, and sometimes that includes buying life insurance.

If you’re over 40 and have a spouse, children, or both, you probably need life insurance. People may depend on your income, and even if you don’t, you may have a home or children to care for. Here are some tips for finding and saving on life insurance:

– Favor term life insurance: Whole life insurance is expensive because it covers your entire life. But do you really need life insurance for your entire life? Instead, consider buying a term life insurance policy that lasts long enough to pay off a mortgage or wait for your children to go to college.

– Start early: The younger you are when you buy life insurance, the cheaper it is usually. The policy I bought when I was thirty was very reasonably priced—just a few dollars a month.

– Shop around: Talk to multiple life insurance companies to see what kind of policy you can get. Some life insurance companies make it easy to get quotes on their websites.