There's no replacement for you and the contribution you make to your family. You want to make sure that people in your life, especially your dependents, can remain financially secure after you die.That's what life insurance does for you and your loved ones. It gives you peace of mind. Income replacement is the #1 reason why people buy life insurance.Stay-at-home moms or dads also have an important, often overlooked, economic value that should be covered by life insurance.Life insurance is also used to achieve specific business or estate planning goals.Bottom line: life insurance financially protects your family and loved ones at a time when it is needed the most.

If the insured person dies during the life insurance policy period, the person(s) that will be paid are called beneficiaries. These beneficiaries are named in the policy. In many cases, these are people that rely on the insured financially. There can be one or more beneficiaries named in the policy.

The MOXIE Agency recommends that each family income provider carry no less than ten times their annual income/worth in life insurance.The amount of your outstanding mortgage should also be a consideration. Any coverage for your mortgage should be in addition to the amount of insurance you calculate for your income coverage.It's quite common to see life insurance also referred to as mortgage protection insurance since most people equate buying life insurance with the need to pay off large debts.

Life insurance is one of the most affordable types of insurance available. Depending on your age, amount of coverage, and duration term, life insurance can cost less than $20 per month!

Young people are more likely to have small children, big mortgages, and little savings. This could set them up for financial disaster in the event of a loss.