Life Insurance: Do You Need It?

4 minute read

4 minute read

Life is unpredictable, which can be scary when you are trying to build a career or family.

That’s where life insurance comes in. Everyone knows what life insurance is, or at least has a good idea of what it does.

However, many people do not understand the real importance and value of having a life insurance policy.

When talking about life insurance the first thing to think about is, DO YOU NEED IT? In this post, we will be going through the basics of life insurance so you can determine if you need a policy.

Who Needs Life Insurance?

Life insurance is one of the most common forms of insurance. Life insurance replaces your income for others that rely on it.

There are many scenarios that will qualify for a need for a life insurance policy. Here are a few examples of people who should invest in a life insurance policy:


If you are a parent, you need life insurance. Typically parents will have children that rely on their income to survive.

If you have children, your life insurance benefit will help make sure your children wouldn’t be forced to change their lifestyle or miss out on opportunities that they would have had otherwise.


If you are married or have a spouse that relies on your income in any way, you need life insurance. This is especially important if you have a mortgage, car loans, or other financial obligations together!


The main reason students need a life insurance policy is to pay for their student loans. If you are a student or still have student loans, you need life insurance.

Some student loans (specifically federal loans) will be forgiven if the borrower dies, but that is not the case with all loans.

So it is important to look into your loan obligations to be sure you won’t leave that burden on anyone else!

Credit Card Owners

Similar to having student loans, if you have credit card debt, you need a life insurance policy!

If you have any credit card debt or use a credit card frequently, a life insurance policy will help cover those payments so you don’t leave that debt to anyone else.

Home Owners

If you own a home or more specifically pay a mortgage, you need a life insurance policy.

One of the biggest financial assets a person can have is a home. It is important to consider how much you owe on your home and that you have the means to fund that if you were no longer able to pay.

The last thing you would want to do is leave those payments to someone else.

Business Owners

If you own your own business or are a partner in a business, you need a life insurance policy.

A good question to ask yourself as a business owner is how much money will your business need if you are no longer there?

Your life insurance policy will be able to cover any cash flow shortage for the business.


In general, most people end up needing a life insurance policy to protect themselves and their families.

The easiest way to determine if you need a life insurance policy is if you have any one or anything that depends on you as a source of income.

If you do, you need life insurance.

Once you have determined if you need a life insurance policy, the next thing to do is to figure out how much coverage you need.

At Pattern, we help you figure out your needs and find you the most competitive price!

So what are you waiting for? Get started today!