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Life insurance is a safeguard for family members if the major supplier of income were to die and it were to grievously upset the common means for providing the basics of life This does not include the burdens of financial expenses for burial taxes unplanned or emergency expenses and furthered educational expenses for children or to have the spouse go back to school to become the primary breadwinner of the family Life insurance is also not affordable when you are young and just starting out with a family and not always a main concern for the young Most young people to do not think about death or their mortality and hence they do not see a necessity for life insurance As we grow older our needs and wants to secure a financial future for our loved ones necessitate the need to evaluate all options for achieving this goal The cost and availability of features such as these could be a key issue in deciding which policy to accept Leaders 5 There are really five types of life insurance available for people to purchase which are Term life insurance Whole life insurance Universal life insurance Variable life insurance and Variable universal life insurance People have to decide for themselves what is going to best for them and for their future Understanding which life insurance policy will be right for you entails setting one primary objective for yourself and your family by answering two basic questions Solomon 236 First do I simply need death protection in the event of my death Second do I want both death protection and a savings element for my family and I to cover retirement costs if I do not pass away before retirement There are three fundamental approaches to make this decision for most individuals 1The Human Life Value approach 2The Human Needs approach 3The Retirement Needs approach Since a person does not know whether they will
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