One of the greatest gifts you can give to your family is the peace of mind that they’ll be cared for if—someday—you cannot. Though it is unpleasant to think about, life insurance is necessary for the financial stability of your spouse and children in the event of your passing.
Consider both term life insurance and whole life insurance in order to determine what type of policy is right for you. Term life insurance will cover you for a set period of time, giving you low premiums and reliable coverage. Whole life insurance offers coverage for life, and while the premiums are higher than those for term life insurance, the policies have equity and cash value. These two types of coverage can be combined into one policy to safeguard your family, should anything happen to you.