It's important to have life insurance, especially for the breadwinner in a family. Without a policy, loved ones can be left in a difficult financial situation should a death occur.
The Life and Health Insurance Foundation has a scholarship program which awards funds to students who experience difficulty paying for higher education because of the loss of a parent. This year, nearly 60 students will benefit from the scholarship program.
LIFE Foundation president and CEO Marvin Feldman says he hopes that hearing the stories of the scholarship winners will remind families to get life insurance.
"When parents die prematurely without adequate life insurance, the people who depend on them most - their children - often face difficult financial realities that can force their dreams of a higher education and a better life to be put on hold," says Feldman.
There are several types of life insurance to choose from. Term life insurance, for example, may be a good option for those with young families. A parent can purchase a policy for a designated time frame, ensuring his or her children will be taken care of financially should something happen.