I came upon this article which is a good ‘rule of thumb’ to help you decide whether or not you need life insurance.
In summary, it's useful to think in terms of four different personal circumstances:
1. Single, no kids: you probably have a low need for life insurance.
2. Single, with kids: generally a no brainer... you MUST have life insurance because your kids are vulnerable should you die unexpectedly.
3. Married, no kids: you may need life insurance. Various factors should be considered, such as who is the breadwinner and if there is debt (like a mortgage) that one party alone couldn’t afford.
4. Married, with kids: high need for life insurance to protect your current lifestyle and essentially to keep the roof over your heads.
Think you need life insurance? It’s easy to get covered, especially now that you can buy online, and you might be surprised by the typically low costs.