I'm young and single. Do I really need life insurance?

No. Unless you're providing financial assistance to a family member - an old parent or a dependent sibling - don't waste your dough. "Most single people don't need life insurance because no one is relying on their income," says attorney and financial advisor Gary Schatsky, president of Objectiveadvice.com. Instead, make sure you have long-term disability insurance. This coverage will safeguard you if an injury or chronic illness prevents you from working. The odds of that happening are surprisingly high - A 20-year-old worker has a three in 10 chance of becoming disabled before reaching retirement age. Schatsky recommends contacting a financial advisor to discuss which coverage would be best for you.

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