Life Insurance
Also called: life cover, death benefit
Life insurance pays a lump sum to your beneficiaries when you die, replacing the income or care they lose. The question that sizes it is not your salary but the gap your death would leave: dependants' living costs, the mortgage, education, minus existing assets. Someone with no dependants and no shared debts generally needs none, which is why life insurance sold as an investment to single young people is a product looking for a customer.