What is life insurance and do I really need it?

Quick Answer:

Life insurance provides a tax-free payout to your loved ones if you die, helping cover things like bills, funeral costs, and future expenses. Most adults with financial responsibilities need it.

Full Explanation

How Life Insurance Works

You pay a monthly premium. If you pass away while the policy is active, your beneficiaries receive a death benefit (a lump sum payout).

Types of Life Insurance

Term: Lasts for a set number of years (10, 20, 30). Most affordable.
Whole: Lasts your entire life and builds cash value. More expensive.
Universal / Variable: Flexible or investment-linked options.

Why You Might Need It

You have kids or dependents
You want to cover debts or mortgage
You run a business or have co-signers
You want to leave a legacy or donation

Hoovalu Tip

You can upload your life insurance policy to your Vault and name who should access it when the time comes.

Next Steps / Related Articles

From the Hoovalu team · hoovalu.com