It means that someone wants to protect you financially in case something happens to them. When you are named a beneficiary of a life insurance policy, you would receive a lump-sum payout (known as the death benefit) if the insured person passes away while the policy is active. Life insurance is a way to protect the people you care about.
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In many cases, yes. Make sure the person you share your life with would be taken care of if you passed away unexpectedly. Consider factors like shared debt, a home mortgage, your children’s college tuition (if you have or are planning to have kids), and any future financial plans. Buying a life insurance policy means your partner or spouse would be financially protected in case anything happens.
You may already have some life insurance coverage from your employer, but that policy might only provide a fraction of the coverage you actually need. Employer-sponsored policies typically offer coverage that is about 1-2X your annual salary. However, financial experts recommend having coverage that is about 10X your salary. This disparity can result in a large gap in protection—which is why many people buy individual term policies to supplement the coverage you receive through work.
Even if you don’t provide an income, chances are you provide a measurable value to your family that they would have to replace if you passed away. Consider the free services that stay-at-home parents provide, like childcare and household chores, and how much it would cost to hire someone else to do them.