How Good Is Life Insurance? 
Life insurance is great . It provides a lot of financial protection by creating a ton of cash when the insured of the policy dies . The purpose of insurance as we 've come to know it today is to shift the risk of a catastrophic financial event to a third party -LRB- the insurance company -RRB- by paying a premium to the carrier in exchange for coverage . Many people purchase it so their family wont be monetarily destitute when they die and wont be stuck with paying major bills . It 's used in a number of different ways as well from estate planning and wanting to leave a legacy to your loved ones , just to name a few . A great question to ask yourself is `` if I died tomorrow , would my family be financially sound without my income ? '' - For the vast majority of people , the answer would be NO . Not only is determining whether you need life insurance important , but how much coverage do you need and for how long . I always recommend consulting with an experienced broker to help you figure out what coverage is appropriate for you . Please let me know if I can be of further assistance . Thanks very much . 