Life Insurance

Life insurance provides financial assistance to loved ones left behind when a caregiver dies. Perhaps the deceased has a spouse, kids or both depending on their income to live.
When death occurs, this insurance provides funds to cover immediate expenses due to the death and expenses going forward.

Who Needs Life Insurance?

This insurance is for anyone who provides the majority of the household income and has a family. A person who is single or provides less than 50 percent of their total household income might not need life insurance. Or they might need just enough to cover burial expenses. Determine the cost of a funeral and look at the expenses of the household for a three to four month period. If those in the household wouldn’t be able to pay the expenses, then it is beneficial to purchase insurance.

Types of Life Insurance

Life insurance is available as term life, whole life and universal life. Each type requires the policyholder to pay a monthly premium.

With term life, the policyholder purchases coverage for 10, 20 or 30 years. If the person dies within this time, then the family receives the amount specified. With whole life, there is no set limit for coverage. There is a cash account that accumulates over time. Universal life takes the premiums paid for the insurance and applies it to the cash value of the policy.

Beneficial for Families

Anyone who provides for their family will benefit from life insurance. It the last thing you can do to make sure your family survives when you’re gone. Perhaps you don’t want to think about that, few people do. But the reality is that when you’re gone, you should at least want your family to continue to live well. Funerals are expensive, and insurance can cover everything from funeral and medical expenses, to money to replace lost income.

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