Life insurance should address the here and now, not just the hereafter. Life insurance is a way for people to take care of a loved one after they are gone, to establish an estate, and to cover business loans or personal loans.

The need for life insurance varies from person to person. The needs and requirements are personal. People need to consider their own situation, family, life style and financial goals in purchasing life insurance.

People with young families want to protect the spouse and children in case of an untimely death. Consideration of the amount of life insurance needs to include the family needs and expenses. Can the surviving spouse pay off the mortgage if he/she chooses, pay for college, and have funds for retirement?

The type of insurance is not as important as the fact that the coverage is in place. Term life insurance, which is like renting a house, is the most cost-effective way to buy the most amount of coverage. If you do not pay the premium, the policy will lapse in 30 days. Also available are types of permanent insurance policies, which build cash value, and provide coverage to age 100+ (yes-people are living longer).

Disability income coverage provides cash to help pay expenses during a disability, and long term care insurance provides funds to help cover nursing home expenses, assisted living facilities, and at home care. The long-term care insurance helps to preserve an estate by not depleting the funds one wishes to leave to heirs.