Who needs life insurance?

The short answer is most people. Anyone with dependents (someone that fully or partially relies on you) probably needs life insurance.Without life insurance, the people who depend on you could 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.
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. Learn more about life insurance for parents here.
  • 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. Learn more about life insurance for homeowners here.
  • 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. Learn more about life insurance for couples here.
  • 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. Learn more about life insurance for business owners here.
Do you qualify?
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When should I get life insurance?
The sooner, the better with life insurance. Rates become more expensive as you get older, so applying for a policy as soon as you reach one of the above milestones helps ensure that you lock in your lowest possible rate. There is no “perfect time” to get life insurance, but it’s a great idea to consider getting a policy when you:
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Get married
If you're married or have a domestic partner, life insurance can protect your loved one.
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Buy a home
Homeowners should consider a life insurance policy that lasts the same length as your mortgage term.
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Have a child
A life insurance policy ensures financial security for your family.
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Cosign a debt with someone, like student loans
Even if you’re single with no children, life insurance can be a good idea if you carry debt.
Do people who aren't employed need life insurance?

Absolutely! Even if you don’t provide an income, you provide measurable value for your family that would need to be replaced if you pass away.

Consider the free services that stay-at-home parents provide, like childcare and household chores, and how much it would cost to hire someone else to do them. It’s important to make sure the working spouse has a payout to lean on if they had to pay for those services.

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Who doesn't need life insurance?
  • Kids – Children don't typically support the family or bring in income, so purchasing them a term life policy doesn't make much sense.
  • Young, single people with no debt or other financial obligations – If you’re young, have no dependents, and no debt (including student loans and credit card debt), you probably don’t need life insurance.
  • Retirees – If you’re retired, your children are self-sufficient, and you've paid off major debts like home and auto loans, there's not a huge need for an insurance policy.
  • If you have a chronic illness – if you are someone who anticipates needing long-term care, such as in the case of a degenerative disease or other genetic predisposition, you may not need a standard form of life insurance.
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