Many adults consider life insurance during the estate planning process. In many cases, it makes sense to purchase this type of coverage so that you can cover debts and provide for surviving loved ones if you pass away prematurely. This guide describes the basics of this insurance along with details about who needs it so that you can decide if and when it's right for you. 

What You Should Know About Life Insurance 

What is It? 

This type of insurance provides funds for your beneficiaries if you pass away before a certain point. As part of your policy, you can purchase a specific amount of coverage, name the people who will receive the funds if you pass away, and leave other special instructions to ensure that all of your financial obligations are met. 

Anyone can benefit from life insurance. However, it's especially important for people who have existing debts to pay off, such as mortgages, student debt, credit card debt, or business loans. While some of these debts can be paid off by selling assets, that isn't the case for all of them, and you'll want to have funds available to cover these costs. These policies are also important for people who have financial dependents, such as young children or adults with ongoing needs. The funds from a life policy can provide for these individuals even if you've passed on. 

How Much Do You Need? 

To figure out how much coverage you should buy, you'll need to evaluate your assets and liabilities. Further, consider your current situation if you already have kids and your future plans if you intend to start or expand your family. From there, speak with your insurance agent to evaluate various options and decide what type of coverage is best for your circumstances. 

When Should You Get It? 

You can buy life insurance at any time, but generally, you'll get the best rates when you're young and healthy. Therefore, it's wise to explore options with your agent when you're in your twenties or thirties. You can always adjust over time to increase or decrease your coverage as needed. 

If you're searching for a trusted insurance professional, contact Western States Insurance Group Inc. in Lovington, NM. They offer life, home, auto, and business coverage from major insurers at fair rates. Their knowledgeable agents will work directly with you to ensure that you have the peace of mind you need. Learn more about their offerings online or request a free quote in Lovington, Hobbs, Lea County, and Texas by calling (575) 396-1318. Follow their  Facebook for news and updates.