Life insurance can help ensure your family maintains their standard of living if you die. It can also help pay off debts or cover final expenses such as funeral costs.
If you are the main income earner, will your family be able to maintain day to day expenses if your income is lost? If you take care of your children full time, will your family be burdened with extra expenses for child care if you were gone?
Life insurance can help ensure your family will be able to maintain theif lifestyle if you were to die unexpectedly.
A life insurance policy is a legal contract that sets out:
Life insurance that works much like rent. The price stays the same for a while but will increase in the future and eventually will expire.
Life insurance that will remain the same price, until age 100. There can be an investment account attached to the policy based on dividends paid from the company(whole life) or based on extra funds provided by the owner and managed inside the plan(universal life).