Life insurance is a written obligation by an insurance company to pay a one-time payment or series of payments in event of the death of the insured. The purpose of life insurance is to mitigate risk, the untimely death of a primary wage earner can cause a financial shock and rapid deterioration in family’s ability to pay their bills. In addition, life insurance is used to insure borrowers to repay loans or for businesses to insure partners or executives.

Proper life insurance coverage is essential and is the cornerstone of financial planning and responsibility. The good news is that the increase in life expectancy has helped reduce life insurance premiums and the level and type of coverage can be continually adjusted to your individual circumstances.