If someone depends on you financially, you need to have your own life insurance. Dependents can be children, a spouse, or anyone who relies on your income. A death benefit from life insurance can provide your family with the money they need to
pay for your final expenses, rent/mortgage payments, debt, and even college tuition. Although life insurance through your employer is great, it cannot go with you when you
retire or change jobs.
It is important to own your own policy so you can amend it accordingly as your life changes, e.g. having a child, buying a home, and/or an increase in your income. Most of all, life insurance gives you the peace of mind that comes from knowing you’ve protected your loved ones from the financial burdens you have left behind and assures that they have a certain future.