Once you reach adulthood, responsibilities stack up—from buying a home and getting married to starting a family. Bad luck can strike at any time, leaving your loved ones unprotected. That’s where life insurance comes in. We’ve had life insurance since we got married, and we believe it’s really important.
People have different reasons for getting life insurance. Some want to ensure their loved ones are financially secure if they pass away. Others need it to cover debts or funeral costs. Let’s look at why you may need cover.
With a life insurance policy, you’re financially protected if you die. Policies usually pay a death benefit to your beneficiaries, which can help with various needs.
Unlike some other financial products, life insurance is designed to provide peace of mind. Investments and savings can rise and fall with the markets, but a life insurance payout is set to be paid out when you need it.
There’s a misconception that only people with families need life insurance. While having dependents is a major reason, anyone with financial obligations or specific end-of-life wishes may benefit from a policy.
Even if you’re single or have no dependents, life insurance can still be worthwhile. Life can move quickly, and you could suddenly have new financial responsibilities or people who depend on you.
A key question is how much coverage you need. The right amount varies from person to person.
There are many factors to consider in choosing coverage, including whether you want to cover debts, income replacement, or other needs. Generally, higher coverage means higher monthly premiums. If you have a large family, you’ll likely need more protection.
Life insurance is useful at any life stage, especially if you have a young family with little savings. Whether you’re in your 20s or 50s, having cover can bring essential peace of mind.
You might think life insurance is expensive, but policies can be more affordable than you expect. Several factors—like your age, health, and the type of coverage—affect cost.
Whole life or life assurance policies tend to be more expensive because they cover you for life. Term life insurance is usually cheaper because it covers you for a set number of years. If you bought a term policy in your 20s, your cover could be surprisingly affordable.
Nobody is immune to unexpected life events. Even if you’re healthy now, you can’t predict the future. It’s wise to be prepared—for your peace of mind and for the financial security of those who depend on you.
If you don’t have life insurance, your loved ones may rely on your savings or assets, which might not be enough to cover ongoing living costs or unexpected expenses.
Without a policy, the burden could fall on your partner, children, or other relatives, potentially forcing them to dip into savings or take on debt. The extra financial pressure can make a difficult time even harder.
In short, not having life insurance leaves your family’s financial security to chance.
Ultimately, whether you need life insurance depends on your situation. If you have a mortgage, dependents, or others who rely on your income, a policy can reassure you that they’ll be protected if the worst happens. If you’re single, debt-free, and financially independent, life insurance may not feel essential right now. Still, circumstances change, and getting cover while you’re younger and healthier can mean lower premiums.
The key is to consider who would be affected financially if you weren’t around and how you’d want them to be supported. If protecting their security matters to you, life insurance is probably worth considering.
