Short answer: probably. If something happens to you, your loved ones don’t just lose you—they also lose your income, on top of everything else you provide. If you provide financial or caregiving support to someone, it’s essential 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 are at least ten times your annual salary, if not more. 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 your savings falls a bit short, 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 USA Today, it costs about $234K to raise a child to adulthood, not including college tuition. A life insurance policy can help ensure financial security for your family.
- Homeowners: A mortgage is likely the most significant debt you will ever take on. If you are a homeowner, consider a life insurance policy that lasts the same length as your mortgage term so your family is not stuck in a financially unsustainable situation.
- 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 might 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 a business. Ensuring your business can still run even after you're gone is a smart move.