Life insurance is designed to protect your loved ones in the event that you die. The idea behind this type of policy is to provide the funds your family will need to continue living comfortably when you are no longer there to contribute financially.
You might also consider getting a life insurance policy to help defray the cost of funeral expenses and/or unpaid medical bills. The cost of your life insurance policy depends on your age at the time you obtain the policy, the type of life insurance you choose, the amount of coverage you request, and your health at the time of the application. The two most basic types of life insurance include term and whole life policies.