What is term life insurance and who actually needs it?

Term life insurance is a policy that provides a death benefit for a specific period, typically 10, 20, or 30 years. If you die during that term, your beneficiaries receive the payout. If you outlive the term, the coverage simply ends with no cash value returned. It's generally the most affordable type of life insurance. The people who genuinely need it are those with financial dependents who would struggle without their income. This means parents with young children, people with a spouse who relies on their earnings, or anyone with significant debts like a mortgage that others would inherit. Single people with no dependents, no major debts, and no one relying on their income typically don't need it.