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Many individuals need life insurance, or should have it, as a way of providing financial security to their family in the event of their untimely death. This is a specifically important investment in situations where a person has dependents, who are people relying on the individual's income to live. This financial protection is available in various forms, but all forms provide a payout at the time of death if the policy is in place.

whatWhat Is Life Insurance?

In situations where this type of policy exists, the individual will make payments towards the policy on an annual basis or more frequently. While it is in place, if the individual dies, a set amount of money, called the amount of coverage, is paid to the listed beneficiary, who is the person you name to get the funds from the company in case of death. It may be a spouse, children, parents or siblings. The money becomes available right away. It can often be used to pay for funeral expenses. It also avoids probate, which means it is not divided as a part of the estate.

whatWhy Do People Need It?

Having life insurance is a good investment in situations where the individual's income is used to pay for the needs of other people. For example, if a parent where to die, his or her income would be lost to the child. Such coverage, though, can provide funds to take care of the child's needs up to the stated amount provided by the policy.
 
To determine if you should have this protection, consider the following common reasons people use this type of financial investment:

• You have dependents, children under the age of 18 or those who are otherwise relying on your income.

• You have a mortgage. The proceeds from the policy may be used to pay off the debt, allowing your family to continue to live there.

• You have other debt you want to pay off in order to remove the burden from your heirs should you die.

• You want to leave money behind to pay for your child's college education, your spouse's life needs or for other needs; it can be a component of an estate plan, too.

• You want to provide financial support to other people after you pass away.

The funds are paid to your listed beneficiary and are payable if you die during the covered period. However, unless otherwise stated in a will or otherwise, the individual can use the money for all needs, including living expenses.

whatWhat Are the Benefits of Obtaining It?

Having life insurance does not provide any benefit to the policyholder unless the policy can be borrowed against during the lifetime. What it does provide is an outstanding level of protection to people who likely need it the most should you die while providing protection for them. It can provide you with the peace of mind knowing that your loved one's needs are met even if you die unexpectedly.

These policies do have limitations. There are also several types that you can choose from for your individual needs. Some of them are less expensive because they are in place for just a specific amount of time (term life insurance), such as when your mortgage is in place or your children are young. Find the plan right for your specific needs, by using a legitimate, reliable, BBB accredited online quote service that will provide you with multiple competing offers.