Do I need life insurance?
Life insurance is not a legal requirement – ultimately it’s up to you whether you buy it or not. However, the answer to this will hinge on whether
you have a partner and/or dependants who would suffer in the absence of your wage if you were to die unexpectedly (depressing – but possible).
So, if you are the sole or main breadwinner in the family, the answer should be a definite yes. If you are an equal contributor to the mortgage and bills, the answer would be ‘ideally’.
But if you are on your own with no dependants, there are probably other insurances that you should have in place first, such as critical illness which pays out if you contract one of a list of diseases that deem you unable to work and support yourself financially.
So, if you are the sole or main breadwinner in the family, the answer should be a definite yes. If you are an equal contributor to the mortgage and bills, the answer would be ‘ideally’.
But if you are on your own with no dependants, there are probably other insurances that you should have in place first, such as critical illness which pays out if you contract one of a list of diseases that deem you unable to work and support yourself financially.