If you have dependents — that's people who rely on your income, like children, a non-working spouse, or aging parents you support — you need life insurance. If you don't have dependents but do have debt or own a business, you might also want to consider it.Traditionally, the rule of thumb is to get life insurance worth 10 times your annual income — so if you make $75,000 a year, you'd get $750,000 worth of coverage.
That's not to say you shouldn't sign up for the policy offered by your job — only that you'll want to strongly consider adding an independent policy as well.There are two types of life insurance: term life and whole life. Term life, which covers policyholders for a set term , is recommended for most people primarily because it's much more affordable than whole life.
Depending on your profile and your coverage needs, it's possible to get term life insurance coverage for as little as $25 a month or less. When you sign up for a term policy, your payment is fixed, meaning unless you change your coverage needs, you'll be paying that $25 a month for the entire 30 years.For life insurance, the sooner, the better. Life insurance coverage gets more expensive as you age and become riskier — in the eyes of an insurance company — to cover.
Some people choose to get life insurance even if they don't have dependents, for a variety of reasons:so their loved ones don't have to pay for it
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