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.
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.
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.
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.