There are many types of insurance you may purchase during your lifetime.  Life insurance will most likely be the most expensive and the one insurance you know the least about.

The concept of life insurance is simple; however the details can be difficult to understand. This course will help you understand the details and help you get the most for your dollar. It also aid you in knowing your family will have what they need when you die.

Insurance companies help ease the financial burden of the loss of life by collecting premiums from the insured, investing the funds, and distributing a sum of money back to the insured or to the insured's estate after death.

Financially, most people can justify the cost of having some life insurance. Life insurance is one means of adding to or building an estate. Life insurance also acts as a protection against loss of the insured's income or assets.

Life insurance is protection for who depend on your income. They can include children, parents, spouse, or anyone who is dependent on you for financial support.  Your creditors are also dependent on you to repay your debt and should be considered dependents.

Life insurance is not an investment nor is it a savings plan. The American Council of Life Insurance (ACLI), a trade association in the life insurance industry, said in an issue of their newsletter:

“Life insurance is not designed to provide for the possibility of economic gain in return for a risked sum of money. That's an investment. Nor is it designed to accumulate deposits of money building toward an individual or family financial goal. That's a savings account. The purpose of life insurance is "to provide a guaranteed death benefit to protect your dependents against financial loss."

You may here it said, that everyone needs life insurance. A person needs life insurance if their untimely death would result in financial loss to others.

In other words, the need for life insurance depends on an individual’s personal situation.