Life insurance protects income — do you really need it?

It's a common belief that everyone needs life insurance. The reality is a bit more nuanced, according to experts.

The primary use of life insurance is to protect your income. If nobody depends on your income, and wouldn't be financially distressed if you died, you might not need it, says Amy Danise, senior managing editor of Insure.com. Children, single people, retired people, wealthy people and even dual-income people without children might not need life insurance.

"Why pay premiums for something you don't really need?" Danise said.

However, you might want life insurance for other reasons, such as providing an inheritance to children or donating to a charity.

via google.com