One of the most important things you can do as parents is to ensure the financial welfare of your children in the event of your death. Life insurance is the best way to be rest assured that your children will be taken care of if you die. Although we never like to think of that kind of thing happening, but it does.

What is Life Insurance

It is a policy that you can take up from an insurance company. It promises a fixed amount to your beneficiary in case of your death. Usually, a spouse will name the other spouse as well as their children as beneficiaries of the policy. The agreement with the life insurance company your policy will give a monetary value for which you need to pay a monthly premium in return. Depending on your age, gender, occupation, medical history your premiums would vary.

There are other types of life insurance that may provide benefits for you and for your family while you are still living. These policies can accrue a cash value on a tax-deferred basis and can be used for future needs such as retirement or your child’s education.

Do I Need Life Insurance

Earning an income allows you and your family to do many things. Expenses like your mortgage, car payments, food, clothing, vacations and other luxuries are borne by that income. But, sometimes certain situations might cause you to lose your income. If any of the following statements about you and your family are true, then it is probably a good idea for you to consider life insurance:

1) You are married and have a spouse.
2) You have children who are dependent on you.
3) You have a parent or relative who is aging, or disable and depends on you.
4) You have a loved one in your life that you wish to provide for.
5) Your 401K retirement plan, pension and savings arent enough to insure your loved ones future.

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