The most important thing to understand is what life insurance is. Life insurance is meant to provide a lump sum to your beneficiaries in the event of your death from natural causes and most diseases. There are some circumstances under which policy benefits are not payable, and some things that they don’t cover. Why Do I Need Life Insurance? Do you have people who depend on you financially? Would they have enough money to cover the substantial costs of a funeral? What about a mortgage, debt and other expenses you’d leave behind? Having life insurance can provide peace of mind that your loved ones will have some financial protection to cover these expenses or replace lost income if you were to die. When Should I Get Life Insurance? Your age and health (as well as other factors) play a large role in determining your eligibility for coverage and the premium you’ll pay, so the earlier in life you apply, the better. Most policies will lock in the premium for the entire policy term, so when you get life insurance when you’re young and healthy, it can be more affordable.