Help HelpHelp Help HelpHelp


Term Life Insurance 101

Step 2: Determine Your Needs

Do I need life insurance?

If you have dependents (typically a spouse, children or elderly parents) that rely on you for financial support or if you have a significant amount of debt that will be left to your family, then you probably need life insurance. Consider the following scenarios:

You probably need life insurance if you:

  • Have kids (or other dependents) or will soon have them
  • Are soon to be married, or are in a committed relationship with shared financial obligations
  • Have debts, such as a mortgage, co-signed school loans or medical expenses, and not enough assets to cover them
  • Are a stay-at-home parent
  • Don't have enough savings to cover burial and final expenses
  • Want to leave a financial legacy to your loved ones

You most likely don't need life insurance if you:

  • Are single and have no kids or dependents
  • Don't have debts that your family will need to pay off after you die
  • Have enough wealth or savings to cover most significant expenses for your loved ones

Interested in seeing what a policy recommendation would be for you? Let our life insurance calculator help you out.

Do you need term life insurance? Let us help you calculate your coverage needs.

Employer-provided life insurance: Is it enough?

Many people who get life insurance through their employer believe they are adequately covered. This is often not the case.

You should review your employer-provided policy and keep the following in mind to determine if the policy is right for you:

  • Most employer-provided term life insurance plans only cover a small amount of lost income in the event of an employee's death — often a year or two of lost salary, with an option to buy additional coverage. As a rule of thumb, you should maintain a policy in the amount of at least five to 10 times your annual salary.
  • An employer-provided policy is often job-dependent. If you leave your job, you will probably lose your coverage and may have to buy a more expensive policy.
  • If you leave your job for health-related reasons, you may have difficulty — and find it more expensive — getting new coverage when your employer-provided coverage ends.

Term life insurance costs way less than your cable bill per month. Get your free quote.


The new changes will appear in a moment.


We haven't been able to contact the server. There may be a problem with your internet connection. Try Again