Life Insurance Basics
Do I need life insurance?
If something happens to you during your prime earning years, your loved ones don’t just lose you—they also lose the financial future you’ve been building. If you have a partner, children, or elderly parents who depend on you for support (financial or otherwise), then term life insurance can be a great way to secure their financial future by providing them with a safety net should the unexpected happen.
Personal finance experts recommend that you have savings and/or coverage that is at least ten times your annual salary. If you have already built up enough savings to provide that safety net on your own, then you may not need term life insurance.
If not, getting term life insurance can ensure that your family’s future is safe, no matter what.