Life Insurance

If there are spouses, children, parents and others who would face a financial hardship if you died – you need to protect them by buying life insurance.
Life insurance is a contract between an insured and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

How much coverage do you need? Figure out how many more years you are likely to work, then figure out how much you will earn during that time. After you have a figure, add to it funeral costs. The total is the minimum amount of coverage you should buy. As life expectancies rise, life insurance premiums have shrunk so life insurance is more affordable than a lot of people assume.