Do I Need Life Insurance? If anyone is depending on your income or if you have obligations (debt, mortgage, etc.) that would fall to someone else to handle if you were to die, then the answer is, “Yes.”

This type of insurance typically allows clients to initially purchase more insurance coverage for less money (premium) than other kinds of life insurance.

Term life insurance provides coverage for a specific period of time, or “term” of years. If the insured person dies within the “term” of the policy and the policy is still in force (active), then the death benefit is paid out to the beneficiary.