Life is fragile, no one is too young or old enough to pass away. Four out of ten families in the United States would have problems meeting their living expenses if the main breadwinner in the household passed away.

Traditionally, life insurance has been seen to guarantee a certain sum of money in cash for the beneficiary of the insured once they have passed away. And it is so in its simplest design, but life insurance is much more than that.

There are several types of life insurance, so the most important thing is for the person to identify what exactly they want it for. Depending on this, you may purchase term insurance, indexed whole life insurance, or another form of life insurance.

Depending on the choice, a life policy will create savings available to enjoy in life, will include the payment of accelerated benefits in case of terminal, chronic or critical illness, and other benefits.

Yet in any of its forms, life insurance guarantees a cash fund to avoid a mortgage, settle medical debts, pay for a child’s studies, cover final expenses, etc.