Life Insurance Basics

Do I need life insurance?

Short answer: probably. If something happens to you, your loved ones don’t just lose you—they also lose the financial future you’ve been building. Without life insurance, the people that depend on you may be left struggling financially if you passed. If you provide financial or caregiving support to someone, it’s important to make sure they would be taken care of if they lost you.

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 help protect your family’s future.

Most of our customers are one or more of the following:

  • Parents: According to the USDA, it costs about $234K to raise a child to adulthood, not including college tuition. A life insurance policy ensures financial security for your family.
  • Homeowners: A mortgage is likely the largest debt you will ever take on, and you don’t want to leave your cosigner stuck with it. Homeowners should consider a life insurance policy that lasts the same length as your mortgage term.
  • Partners: You’d do anything for your partner, which means ensuring they are taken care of if you die unexpectedly. Be sure to take into account any shared debt, expenses, and future financial plans.
  • Students: Your debt doesn’t disappear when you die. If you had a private student loan, your parents or other cosigners may be on the hook for your debt if you pass away.
  • Business owners: It’s not just your family that depends on you when you own your own business. Ensuring your business can still run even after you're gone is a smart move.
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