I’ve been thinking about getting life insurance, but I’m not sure if it’s really worth it. I’ve heard it’s good if you have dependents or a mortgage, but I’m still on the fence. Is it something I should seriously consider?
It really depends on your situation. I got life insurance because I wanted to make sure my family could keep up with the mortgage if something happened to me. It gives me peace of mind knowing they’d be taken care of financially.
@Emerson
Same here. I’m not the main earner, but I take care of the house and kids. If I wasn’t around, my partner would have to cover childcare costs, so life insurance seemed like a good idea for us.
I think it’s worth it if you have people relying on you. Even if you don’t have a mortgage, life insurance can help cover everyday living expenses for your family if you’re gone. It’s not just for the breadwinner.
@Blakeley
Exactly. My life insurance is mainly to cover things like household bills and school fees if something happens to me. It’s not a huge cost every month, but it’s good protection.
If you’re worried about affordability, Decreasing Life Insurance might be a good option. I have it to cover my mortgage, and the cover amount decreases over time as I pay off the mortgage, so it’s cheaper.
@Paxton
I did the same thing. Decreasing Life Insurance works perfectly if your main concern is making sure the mortgage is paid off. It’s more affordable too.
If you don’t have dependents or a mortgage, you might not need life insurance. I’ve seen people who don’t have any financial responsibilities skip it, but it really depends on your circumstances.
I got life insurance mostly for peace of mind. Even though I have some savings, I didn’t want my family to struggle if something unexpected happened. It’s not a huge expense and worth it to me.