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While life insurance is not mandatory, a prudent individual purchases life insurance to ensure that surviving family members and loved ones are provided for should the insured individual become terminally or critically ill or die.

What Life Insurance Covers

If the individual is the breadwinner of the family, then it is critical that he/she has a life insurance policy in place in order for the surviving family members to afford their accustomed standard of living. Life insurance will cover unpaid medical bills and funeral expenses and provide income replacement for surviving loved ones.

Term Life Insurance and Permanent Life Insurance

You have two types of life insurance from which to choose: term life insurance and permanent life insurance. Term life insurance covers the insured individual for a pre-determined amount of time and does not accumulate a cash value. Permanent life insurance remains in full force until the policy pays out and accumulates a cash value for as long as the policy is in effect.

According to LIMRA International, one in three Americans does not have a life insurance policy. If you are currently uninsured, get free quotes here for a customized cheap life insurance plan.