Life Insurance

Life insurance, payable when you die, can provide a surviving spouse, children, and other dependents with the funds necessary to maintain their standards of living, can help repay debt, and can fund education tuition costs. The amount you need depends on your situation. If you make $100,000 a year, have a sizable mortgage, and have two kids headed to an expensive college, you could need $1 million in coverage.
Value-accumulating, but commission-heavy, whole life or universal insurance is often sold as a conservative savings vehicle.
Talk with an insurance agent who offers policies from companies whose financial strength is ranked high by rating agencies. And remember that you can shop around.

Life insurance is important for those who have families to cover living and other expenses in the event of death.