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Life Insurance

Do You Need Life Insurance?

Most people need life insurance. The exception is if a person is wealthy, and leaves their family in a position where they can survive without help from life insurance. This is because life insurance is designed to financially protect an individual’s family from financial hardship. These policies can cover the cost of burial or be large enough to pay for much more.

Life insurance is for those concerned about the cost of their final expenses or their family’s financial situation. Burial can cost thousands of dollars and so can medical expenses left when a person dies. Life insurance is an alternative to saving up for this amount or paying in cash.

How it Works?

The policyholder pays regularly, either in a term (usually 20 years) or a whole life policy (permanently). When the person on the policy dies, the policy will pay out the full amount of coverage. It’s possible to have more than one policy. All of which can be used by the family after the covered individual dies.

Types of Policies

A term life policy has a low premium and pays a certain amount upon the individual’s death. This policy usually covers an individual for ten to twenty years. After this time, they will need to renew the policy. A permanent life policy or whole life policy is more expensive, but is also an investment account. It is permanent and can be cashed out and used for money before the policyholder dies.


Life insurance avoids putting a family in a difficult financial situation upon an individual’s death. If you are the primary supporter of your family, then it gives them peace of mind knowing their expenses will be covered.