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Getting married, buying a house and having kids are all good reasons to purchase life insurance. But if other financial priorities keep getting in the way, there’s an economic consideration if you’re a Millennial (no matter how much you hate being called one): Getting life insurance now is probably a lot cheaper and easier than you think.

Most people, but especially young people, overestimate the cost of life insurance, a study found, and a large portion of people in their 20s and 30s mistakenly think they can’t qualify. That’s according to the 2017 Insurance Barometer Study by Life Happens, a nonprofit supported by insurers and brokerages, and LIMRA, a global life insurance research and consulting group.

Do you need life insurance?

To decide if you need life insurance, ask this question: “Would someone be financially worse off if you died tomorrow?” says Rachel Podnos, a certified financial planner with Wealth Care LLC in Washington, D.C. If anyone depends on your income or would be stuck paying your debts, then the answer is yes.

Getting married, having children and buying a home are common triggers for buying life insurance.

You might also think about getting life insurance if you have private student loans. While federal student loans are discharged when the borrower dies, rules vary by lender for private student loans. Parents who cosigned private loans would be on the hook for the debt if you die and the lender required payment.

If you’re single and don’t have financial dependents or debt that would burden others, then you probably don’t need life insurance.

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