Life insurance is often overlooked, especially by younger adults, but it’s a crucial part of financial planning. It provides peace of mind knowing that your loved ones will be protected financially if something unexpected happens.
Who needs life insurance?
Anyone who has dependents—spouses, children, or aging parents—should consider life insurance. Even if you’re single, it can cover debts or funeral costs so your family isn’t burdened.
Types of life insurance
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Term life insurance offers coverage for a specific period (10, 20, or 30 years) and is usually more affordable.
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Whole life insurance lasts your entire life and builds cash value but is more expensive.
How much coverage do you need?
Calculate your family’s living expenses, debts, and future needs like education costs. A general rule is to have coverage worth 7–10 times your annual income.
Starting life insurance early can lock in lower rates and protect your family’s financial future.
