You need life insurance if anyone in your family is dependent on your income and runs the risk of being financially dependent if you pass away. This includes spouse, children, parents, siblings or other relatives. Ask yourself: if you lose your life tomorrow, will your family see through their expenses for the rest of their lives based on existing assets? Will some of those assets be used towards clearing a liability such as a home loan? If the answer is yes, you need life insurance.
By Nandini Amogh
peakalpha Answered question July 10, 2020