Learning Center: Life Insurance 101

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You need life insurance if you are…

Person lying down in a field


Many single people provide financial or other support for aging parents or siblings. Others may carry significant debt that they wouldn’t want to pass on to family members. If you’re young and healthy, you’ll be rewarded with the best rates on life insurance.

Married couple walking outdoors


You may think you don’t need life insurance if you don’t have children. Not true. Even with the surviving spouse’s income, would that person be able to pay off debts like credit card balances and car loans, let alone cover the monthly rent and utility bills?

Young girls blowing bubbles

Married with Kids.

Most families depend on two incomes to make ends meet. Could your family maintain their standard of living on one income? Probably not. Life insurance makes sure that your plans for your family’s future don’t die if you do.

Father holding young daughter up in the air

A Single Parent.

You’re the caregiver, breadwinner, cook, chauffeur, and so much more. With all that responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future.

Mother and children reading

A Stay-at-Home Parent.

Childcare and household activities are all important tasks, the replacement value of which is often severely underestimated. Could your spouse afford to pay for all the services you provide for free?

Man working in an office

A Small Business Owner.

A life insurance policy can be structured to fund a "buy–sell" agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money. To protect a business in case of the death of a key employee, “key person insurance,” payable to the company, provides the owners with the financial flexibility needed to either recruit a replacement or work out an alternative arrangement.