Is life insurance worth buying?

Life insurance (sometimes called ‘term life’) is a product that pays out a sum of money to your family/beneficiaries in the event of your death, or if you’re diagnosed with a terminal illness. These funds can be used to help your family pay off debts (e.g. home loans), send your kids to school, or act as a nest egg for your partner’s retirement.

So, how much life insurance do you need? Research firm Rice Warner suggests roughly 10 times what you would typically earn in a year. Life insurance premiums are different for every person, as they are calculated based on your health, how you decide to structure your premiums, and much more.
Life insurance explained.