Generally speaking, if you have dependents or are married, your family can benefit from you having a life insurance policy. Life insurance offers peace of mind by ensuring that your loved ones will be taken care of in the event of your untimely death. Plus, payouts are tax-free.

Rates tend to go up as you age. Buying a policy when you’re younger lets you lock in a lower rate.

Permanent life insurance falls under three types of policies: whole, universal, or variable. These policies cover your entire life and usually build cash value over time, but tend to be more expensive than term life insurance.