Life insurance may be the most morbid part of personal finance, but it is also one of the most important. Nobody likes to think of dying. But if you have someone who relies on your income, it is imperative to plan any worst case scenario.To make sure that your loved ones have enough money to maintain their home, put food on the table and get back on your feet if you step unexpectedly, you should get a & # 39; life insurance. If you are a primary income earner or a primary caregiver in your family, you should consider life insurance. The best type of life insurance for most people is term life insurance. This type of insurance offers most people a very large death allowance with a low monthly payment, but just because you're not married to children doesn't mean you shouldn't get life insurance. If you're ever going to have a family, getting life insurance is now a good idea. The cost of life insurance increases with age, so the cheapest it will ever be for you is probably right now. Once you start paying for your life insurance policy, the monthly cost is blocked for the entire period. There are two main situations in which you may not need life insurance. The first is if you really never plan on having dependents. And that doesn't just mean kids. If your elderly parents might end up living with you in the future, they could be considered addicted. If you are a spouse who primarily earns, your partner may also be an employee. The financial security of those who depend on you is very important, even if you are no longer there. The second scenario where you might consider skipping life insurance is if you have enough savings and investments to insure yourself. This means that you have enough money to make your family feel good even if your income stops immediately. But don't underestimate that number: it is very likely that at least you or your spouse will live in your 90's. Even if one of you is no longer in circulation, the costs of health care and a pension that could last 30 years or more are important expenses. Staying at home, covering bills and paying for future medical bills should be considered in a life insurance decision. Some families decide to add extra insurance coverage to pay for things like college, mortgage payment and other important planned expenses. Even if you already have life insurance from your employer, this may not be enough. Group life insurance from work is often a great deal and an advantage worth taking advantage of. But if you quit your job, group life insurance generally doesn't follow you. If you become a self-employed person or move to a company that doesn't offer you a life insurance option, you may have to pay a lot more than you would do today for life insurance alone. For some people with a high income, whole life insurance or universal life insurance may make sense. But for most people, the best type of life insurance to take out is term life insurance. If you don't have your life insurance policy and you may need it in the future, the best choice is to sign up and block your lowest possible rate today. You can always cancel in the future, but you can't go back and get a policy at a lower price after waiting five or 10 years. Do you need life insurance? If in doubt, the answer is generally yes.