A life insurance policy covers your family and loved ones in the event of your death, paying out a guaranteed death benefit based on the coverage you choose. Life insurance policies fall into two general categories - term and permanent, and each of these policies can be augmented to help fit your specific needs.
If you have anyone who depends on you financially, then you most likely need a life insurance policy. If life insurance is about protecting what and who you love, then anyone that fits one of these categories may want to consider a policy:
Life insurance policies can help protect the important people in your life from financial struggle if you were to die prematurely. These are the most common uses of life insurance:
Life insurance is suitable for most people regardless of age or situation. However, it's often suggested that you should consider buying life insurance early - maybe even before you think you need it. The reason for this is that age is a key factor in the cost of your premiums. The older you are, the higher your premiums are likely to be. Of course, other factors are taken into consideration, but if you are young and healthy, there may not be a better time to purchase your first life insurance policy.