Insurance comes in many forms. The document you pull out when you crash the car. The check that arrives after your home burns to the ground. The coverage that leaves you with a $10 copay after minor surgery. There are countless other insurance plans in your file cabinet, but is your life insurance policy there?

Many people think of life insurance as the optional coverage. This way of thinking is misguided. In fact, insuring your life is the most important policy you could ever buy. What if the car crash had a tragic ending? What if you were in the house when it burned? What if you never came out of surgery?

Learn more about the reasons to purchase a life insurance policy, and then take action.

It Becomes Your Salary

The paradox of a life ending while time and bills keep going doesn’t seem fair. Often, the hard truths don’t. The fact is your family will still need to rely on your paycheck, even though you’re not there.

It Pays Off Debts

The people you leave behind will slowly transition to living a different lifestyle, but in the months after your death, their primary function will be grief. Allow them to move on in their own time, knowing that large debts like the house, cars, and credit card bills can be paid off.

It Pays for Your Funeral

It’s astounding that the act of saying goodbye costs so much. Most funerals cost thousands of dollars. Whether you chose to be cremated or prefer a traditional casket burial, the cost is similar. Don’t saddle your family with another expense

It’s a College Savings Fund

Not many people have the discipline it takes to consistently deposit money into a savings account for their children’s college days. Ask your agent to help you project what the average college education will cost when your kids are ready. And then, add that amount to the policy you’re building. Of course, you hope to be there when they throw their mortarboard high, and all the better if you are. The funds available to your child when you pass can be used to pay off student loans or further their education another way.

It Pays Your Taxes

Yes, you still have taxes to pay even after you’re dead. Or, better stated, your family will have to pay a hefty tax on the monetary sum and property you leave them. Instead of tangling them in yet another hassle when they are grieving, plan for it. Your agent can predict a tax-fee budget based on your net worth, adjusted for inflation.

It Doesn’t Cost as Much as You Think

This is especially true if you are young and healthy. There is no better time to lock in a low rate that will never change. The majority of youngsters feel they are just starting out in life and don’t need to waste their money on something like a life insurance policy. If you buy young, pennies a day is all you’ll pay.

If you’re not so young anymore, it still pays to invest in a life insurance policy. When you do the math, it’s clear that the amount your family will receive outweighs the small payment you’ll send every month. This is especially true if you build in all the specialized coverage discussed.

Enjoy your life. Live every day to the fullest. You can, knowing you’ve planned for your family in the event of your death.