In a recent post, InvestorGuide's website said life insurance varies by the individual, so people should research different kinds of policies before signing up to see what would best fit their needs.
The website said life insurance comes in term life insurance and permanent life insurance. It said term may be the most practical and popular type of life insurance, which is generally purchased for a specific time frame. The website said it is used to cover the time period until a mortgage has been paid off, so if a family has 15 years left on a mortgage, the website said consider buying 15 year term life insurance.
"The other primary type of life insurance, which is typically known as permanent life insurance, has a cash value that allows its purchaser to accrue savings and earn interest on those funds over time," InvestorGuide said. "This type of life insurance policy is less popular than term life insurance perhaps because it involves paying higher premiums."
The LIFE Foundation said even single people who may not think they need life insurance could use it in certain situations. The website said that if that person has debts and surviving family members, life insurance should be purchased to save their family the trouble of paying their overdue bills.