Life insurance is essential for anyone who wants to protect their family’s financial future. It’s especially important for those with dependents, a mortgage, or other financial obligations. Even if you’re single, life insurance can help cover debts and leave a legacy for your loved ones.

Term life insurance provides coverage for a set period, making it a cost-effective option for temporary needs. Whole life insurance, on the other hand, covers you for your entire life and often includes a cash value component that grows over time. Your choice depends on your long-term goals and budget.

Term life insurance is popular because it provides affordable protection for a specific period, typically when your dependents rely most on your income. Its simplicity and lower premiums make it an attractive option for many families.

Your term should generally cover the years during which your financial responsibilities are highest, such as raising children or paying off loans. Common terms range from 10 to 30 years, depending on your personal situation.

You can designate anyone as your life insurance beneficiary—spouse, children, parents, or even a trusted friend or organization. You can also split benefits among multiple beneficiaries if needed.