As with all insurance, Life Insurance is about preparing for the unexpected. It is impossible to prepare for an unexpected death however there are ways to prepare for it. Life insurance provides a way to be prepared and to have peace of mind for your family. It is important to know that many term policies can be converted into permanent policies later on in your life without having to re-qualify. If you develop a severe or chronic condition any point, your life insurance is already secured.
Choosing a life insurance plan requires a bit of math. You want to figure out how much your family needs for daily spending and major upcoming expenses in the event that you pass away too soon and cannot provide for them. Or, if you are young, single and healthy, you can look at the cost of paying off any debt you have accumulated, or the cost of care for an aging parent.