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Yes, basement insulation needs a vapor barrier due to its susceptibility to moisture seeping in from the outside of the house. You should install a moisture barrier before you install insulation or purchase insulation that comes prebuilt with a moisture barrier to avoid water damage in your insulation and costly mold and water remediation expenses. 

Rigid foam board insulation is one of the safest insulation materials for basement walls. The panels offer a moisture barrier to prevent mold and mildew build-up. At the same time, this material is also fire-resistant, so you don’t have to worry as much about a fire breaking out as you would with spray foam insulation. 

We do not recommend fiberglass insulation for soundproofing purposes, especially if you are working on a room that’s part of your living space. Fiberglass insulation is dangerous, and the installation process is hazardous. It is also harmful to the environment. When there are so many newer, healthier non-fiberglass alternatives in the market, the lower cost of fiberglass insulation simply doesn’t justify the harm and danger it poses.

Air sealing isn't necessary for attic insulation, but it's incredibly helpful since it can help you identify and patch any existing air leaks. Failing to find these leaks before adding insulation can render your insulation less effective, leading to higher energy bills and potentially costly repairs down the line.