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Many financial experts consider life insurance to be the cornerstone of sound financial planning. It is generally a cost-effective way to provide for your loved ones after you are gone. It can be an important tool in the following ways:

Income replacement

For most people, their key economic asset is their ability to earn a living. If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on. Proceeds from a life insurance policy can help supplement retirement income. This can be especially useful if the benefits of your surviving spouse or domestic partner will be reduced after your death.

Pay outstanding debts and long-term obligations

Consider life insurance so that your loved ones have the money to offset burial costs, credit card debts and medical expenses not covered by health insurance. In addition, life insurance can be used to pay off the mortgage, supplement retirement savings and......

Term insurance is low cost - which makes it a great deal, especially if you're young. I like it better than whole life (which has an investment component) since I don't really want to use an insurance company as an investment.

I suggest you get term, and also set aside a block of money each month to invest in a high-yield savings account or money market, or a retirement savings account like a Roth IRA. If possible, have the money automatically transferred from your checking account each month so that you "pay yourself first."

Life insurance guarantees to pay a stated sum to a family in the death of its income earner. In so doing, it affords families a measure of protection against the adverse financial consequences of premature death, give individuals a greater sense of deconomic security, and can help reduce worry and distress and thereby increase initiative. No other privately purchased financial instrument can perform this fuction.

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