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It is not mandatory to buy term insurance, but it is highly recommended to ensure financial security for your loved ones in case of any unforeseen circumstances. Term insurance provides a lump-sum amount to your beneficiaries in case of your untimely demise, which can help cover expenses such as loans, mortgages, and daily living costs. It is a cost-effective way to secure your family's future and provide them with peace of mind knowing they will be financially protected. Ultimately, investing in term insurance is a prudent decision to safeguard your family's financial well-being.