Firstly you need to consider the risks associated with not having it. If you die what would that mean with regards to your finances for those you leave behind. Some people will have more of an issue with this than others Some may feel that there is a very low risk that they will die and so there is no need to bother with insurance. Others may worry about this ad what might happen should they die and so feel that insurance is the best way to cover that risk.
It is important to think about how your family would manage if you died. If you are the main breadwinner then you need to think about how they would manage if they did not have that income coming in. Perhaps there would be a need for a regular income from somewhere or a lump sum to help out for a while and an insurance can do either of these things.
Mortgage / Debts
If you have a mortgage then you need to have life insurance as part of the terms and conditions. This means that if either of the named people on the account die then the whole mortgage is paid off. This will mean that there is no outstanding debt to be paid off and the home will not need to be sold. This makes sense and if you have any other debt then it could be worth considering getting insurance to pay that off if you die as well. This will depend on the type of debt that you have but if there is a lot of money outstanding and significant monthly repayments, it could be worth considering arranging an insurance to have it paid off should you die.
It can give peace of mind if you know that this money will be paid off if anything happens to you. Although the insurance will cost you money, the peace of mind and security that it gives you could be well worth it. It is worth considering what might happen should you die and who would be liable for paying off the debt and how they would find the means to do that.
Some insurance will have cover that pays out of you are ill as well. This could cover the interest or the complete repayments should you be too unwell to work. It could provide financial help when you need it most but it is really important to check the terms and conditions to make sure that it gives you the cover that you think you will need. There are some very different types of cover so you need to know what you are getting.