The first question to ask yourself is: Would anyone be financially impacted if I weren’t around?

If you’re supporting a spouse, children, or even aging parents, life insurance can help make sure they’re taken care of. Think about:

• Monthly bills (like rent or mortgage)

• Groceries, utilities, and other living expenses

• School tuition or college savings

• Childcare or eldercare costs

• Any debts you don’t want to leave behind

If someone depends on your income, life insurance isn’t just a nice-to-have—it might be a must.

What Financial Responsibilities Would You Leave Behind?

Next, look at your current financial situation. Do you have:

• A mortgage?

• Student loans?

• Credit card debt?

• Auto loans?

Even if you’re not the main breadwinner, any large debts could become a burden on your family after you’re gone. Life insurance can help pay those off, so your loved ones don’t get stuck with the bill.

Also consider your future goals. Would you want to leave money for your kids’ education? Help your spouse retire comfortably? These long-term goals could still be met with the right life insurance policy.

How Much Does Your Income Matter?

For many families, losing an income—especially suddenly—can be devastating. Life insurance can help bridge that gap and give your family time and space to adjust.

Even if your household has two incomes, the loss of one can mean big changes in lifestyle, savings, and long-term plans. Life insurance can help your family:

• Continue paying bills

• Maintain their standard of living

• Save for the future

And if you work in a high-risk job (like construction, law enforcement, or even long-haul trucking), it’s even more important to consider this kind of financial protection.

What’s Your Health Situation?

Life insurance premiums are based, in large part, on your health. If you have chronic conditions or a family history of illness, you may end up paying higher rates—or face limited options.

That’s why it’s often smart to buy life insurance when you’re young and healthy. You can lock in lower rates, and you may qualify for better coverage.

Pro tip: Many insurers offer simplified issue or no-exam life insurance if you’re looking for faster approval, though the cost might be higher.

Are You Providing Non-Financial Support?

Money isn’t the only thing that matters. If you’re a stay-at-home parent or a full-time caregiver, your role has real economic value—even if it doesn’t come with a paycheck.

Think about the cost of replacing:

• Childcare or school pickups

• Cooking, cleaning, and errands

• Transportation for family members

• Care for elderly parents or relatives

A life insurance policy could help your family afford the services they’d need if you weren’t around to provide them.

Which Type of Life Insurance Is Right for You?

There are two main types of life insurance: term life and permanent life.

• Term life insurance: Offers coverage for a set period (like 10, 20, or 30 years). It’s generally affordable and straightforward. Great for families who want protection during their working years.

• Permanent life insurance: Lasts for your entire life and includes a cash value component that grows over time. It’s more expensive but may be useful for long-term wealth planning or estate purposes.

Term life is a solid choice for most people—especially if you’re looking to protect your family on a budget. But it’s worth exploring both options depending on your needs and financial goals.

So, Do You Really Need Life Insurance?

Here’s a quick way to tell:

• Do you have dependents who rely on your income or caregiving?

• Would your family struggle to pay off debts or cover living expenses without you?

• Do you want to leave a financial legacy or help fund future goals?

• Are you in good health and want to lock in affordable coverage?

If you answered yes to any of these, then life insurance is worth seriously considering.

Life insurance isn’t just about death—it’s about planning for life. It’s a way to make sure your family is supported and secure, even if you’re not there.

Take a little time now to think through your situation, shop around for quotes, and talk to a licensed insurance advisor if you need help. Getting the right policy can bring peace of mind—not just for you, but for everyone you care about.