If you pass away, your family will lose a source of income and may be liable for debts, such as a mortgage or student loans. Although savings and investments may help pay towards these expenses, they are often not enough. Term life insurance can help fill the gap between how much you have saved and what your family would need in case of your death.
Note: While Albert recognizes that there are many variations of life insurance, we have decided to focus on term-life insurance for its lower barrier to entry, typically lower premiums, and simpler process than other insurance policies. If you have any questions about a policy, Albert recommends speaking with the insurer to ensure the policy meets your and your family's needs.