Life insurance is a critical tool to have, and reddit has been discussing when and why it is important.

Reasons You Need Life Insurance

    • Replacement of Income: If you are the primary provider for a family, life insurance can be used to replace that income if you pass away.
    • Debt Repayment: In the event of your disappearance, life insurance can be used to pay off any outstanding mortgage, loans, and credit card debt.
    • Educational Expenses: Families can use life insurance to cover the costs of educational fees for children.
    • Funeral Expenses: In the event of death, life insurance will pay out enough money to cover the expenses associated with funeral costs.

When to Get Life Insurance

According to redditors, the earlier you invest in life insurance coverage the better. You should purchase life insurance when you have people financially dependent on you, such as your spouse, children, or elderly parents.

Some redditors argue that life insurance is valuable even when you’re single and have no dependents. While life insurance may not have as much benefit, it can be used to pay off future debts, like car loan payments or student loan debts, in the event of your death.

Types of Life Insurance

When it comes to life insurance, you have the option of buying term or whole life plans.

    • Term Life Insurance: Term life insurance offers coverage for a specific period of time, usually ranging from 5-30 years, at a generally more affordable rate than other plans.
    • Whole Life Insurance: Whole life insurance offers lifelong coverage, but at a higher rate with the ability to build-up cash value overtime.


When it comes to life insurance, the earlier you invest the better. Redditors have argued that depending on your situation, it can make sense to start a life insurance policy even when you’re single, although it may have less benefit. Whether it’s term or whole life insurance, you have the choice between longer-term coverage or a policy that will cover you until the end of your life.

Overall, life insurance is an important decision to make and Redditors have been discussing their reasons and advice for when to get life insurance.

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