Life insurance is important for families to have. While no one likes to think about the possibility of dying, planning for such an event is necessary to ensure loved ones will be taken care of.
Despite the benefits a life insurance policy can provide, research shows a number of families don't have coverage. Michael Barry, vice president of media relations at the Insurance Information Institute, says rates can be reasonable.
"You need life insurance coverage if you are the primary wage earner in a household, or if someone relies on you financially," says Barry. "And the premium payments are reasonable when you consider the level of protection a policyholder's beneficiaries receive."
Rates can vary depending on a variety of factors. For example, younger people and those in good health are considered less of a liability and therefore typically receive better life insurance premiums. Coverage costs can also vary depending on the type of policy purchased. Quotes can easily be found online or by contacting an insurance agency directly. Consumers should asses their needs thoroughly before deciding on a particular plan.