Life insurance. It’s the only insurance policy that’s 100% guaranteed to pay out at some point. That may be great, but is it really necessary?

A good life insurance policy is a sound investment in case of future death. If you are married with dependent children, own a business, or have other major financial obligations then this type of policy would ensure that you will not leave your family without additional burdens.

While the contents and benefits of an estate may be tied up for a lengthy period of time, life insurance funds are usually distributed quickly, often paid to the beneficiary within 2-3 business days. The funds do not pass through the estate and therefore avoid probate.

Once you determine that you need life insurance, you need to choose the type of insurance that’s best for your needs. Permanent and term insurance policies are your two choices.

Permanent insurance policies have savings accounts embedded in them. They are sometimes referred to as “whole life” or “cash value” policies.

One of the most basic types of policies is “term life” insurance. A term life policy does not include a savings account, investment options, or the other features that may complicate the shopping and comparison process. Instead, the policy is purchased for a certain length of time (the “term”) and pays your beneficiary upon your death. This type of policy is usually less expensive and provides for basic coverage in a simple and straightforward manner.

Which policy is right for you? The answer depends on your personal situation. Whether you decide to shop for affordable term life insurance or the typically more expensive permanent insurance, the cheapest life insurance quote isn’t necessarily your best quote. To ensure you’re getting the best value, use a comparison quoting service. These are online services that will provide you with several quotes from major insurers so you can compare premiums and coverage from several insurance companies. The better services will provide your multiple quotes at no charge.

Most people purchase health insurance, home policies, and even pet insurance without too much debate. So, why not make the same easy decision to purchase life insurance? Your family deserves to have the comfort of financial security if something tragic should occur to you. They’ll thank you someday for your foresight.

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- Dan Wright