Do you really NEED life insurance, what does it cover, and how much do you really need?

Life insurance is a way to help secure a family’s financial situation if the unthinkable happens. And though it may seem daunting, determining how much of a life insurance benefit is appropriate is relatively easy. Life insurance is usually not a particularly popular subject to discuss. Images of pushy salesmen waving the policy that “you absolutely must have” instantly come into your mind. Life insurance is one of those things that everyone should have, but a lot of people do not. Many of the people who have life insurance, do not have enough.

Life insurance is intended to provide some level of protection for financially interested parties should the worst happen. This means that cover can be provided for others who will become financially disadvantaged by the death of the insured person. Life insurance is unique among financial instruments. It is one of, if not the only financial instrument that is based on caring and love.

Term life insurance is pure insurance. When you purchase a term policy, you are buying coverage for a specific period of time. Term life insurance will almost always cost you less than whole life insurance. Term insurance is purchased for a specific period of time, for a specific face value. Term insurance (often called “pure insurance”) is a type of life insurance. It only covers you in a predetermined length of time, like five or ten years.

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