You probably need to acquire life insurance - here's why

Life insurance can be a game changer, providing crucial protection for your family and assets in the event of an untimely loss.

- Paul Roux

But do you really need it? Here are some questions you might have asked before:

► What is life insurance?

► Why should I have it?

► How much do I need?

► How do I get it?

► How much does it cost?

What is life insurance?

Out of all the insurance products out there, life insurance is the simplest to understand: You pass away, and your beneficiaries receive a payout. It's that straightforward.

The money is left behind for specific purposes, designated to specific people.

Why get life insurance?

There are three primary reasons why you should have life insurance:

1. Pay off debt: Your assets don't disappear with you, and neither does your debt. If you leave behind an asset with an outstanding loan, your spouse or beneficiaries must cover the remaining debt (along with the monthly installment).