No one wants to think about the loss of loved ones, much less how we will go on without them. But without a financial plan in place to protect your family in the event of a tragedy, a terrible situation can become even more challenging. Here's what you need to know to ensure your family’s financial security—no matter what.

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1. It Protects You

Life insurance is stability for your family in the face of the death of you or your spouse. “With a life insurance policy, if you live, you’re protected, and if you die, the policy pays out,” says Jeff O'Neal, a family insurance broker based in Dallas, Texas who spoke to us in June of 2015. “It's security that allows the survivor to grieve properly, while protecting their standard of living.” Like car insurance, you pay for life insurance in monthly installments. Payments stop and collection begins upon the death of the policyholder.

2. You Need It Now

“What I often hear are not necessarily objections to life insurance, but ways to stall,” O’Neal says. “No money for it, no need for it, and no hurry to get it. The truth is, if someone in your life will be negatively impacted by your passing, that’s the time to get it.” Making sure your spouse, partner, or children are protected and secure in the event of your death is the most significant thing you can do for them.

3. It’s Not Complicated

Ultimately, there are two types of policies. Temporary policies are for a fixed term, such as 10, 15, or 20 years. Permanent, or whole-life policies last until the age of 121. They never go away. The main difference between the two is the cost. “Temporary policies are good for the budget-minded individual, whereas whole-life policies are the better buy, but may be too much for people to start out on,” O'Neal says.

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4. Customize It

O’Neal recommends finding a local agent or at least making sure you talk to a human on the phone, someone who can sit down face-to-face and discuss the options, as well as tailor policies and explain different terms and conditions. “You can always find cheaper on the internet, but don’t buy what you don’t understand,” he cautions. “It’s also important to update and change your policies as you make life changes, such as buying a car, a house, adding children, or buying land.”

5. You Both Need It

Many people assume it's only the parent working outside the home who needs to be insured. “I've seen dads who, through a lack of understanding, eventually realize it costs more to care for the kids than he can provide, which causes him to work more hours,” O’Neal says. “Having life insurance on both partners can allow the surviving spouse to even work a little less.” This type of preparation can allow the family to grieve together and help each other through the transition of losing their loved one.

6. Insure the Kids, Too

No parent wants to think about the possibility of something happening to a child, and discussing the scenario can be difficult. But, according to O’Neal, you should buy it. “The main reason to buy insurance for your children is to lock in their coverage at a young age,” he says. “By doing this, you are protecting their insurability with a Guaranteed Insurability Option (GIO). This means that, regardless of health, whether they develop cancer or diabetes down the road, they will still be able to up their policy amounts, and they will have never had to qualify with a medical exam.”

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7. Some Is Better Than None

With the cost of everything from electricity to groceries to gas taking larger chunks out of your budget, it can be easy to shrug off the idea of purchasing insurance as something you can’t afford at this point. Unfortunately, it’s something you don’t realize is important until you need it. There are price points for every budget, and you can always increase your coverage as your income goes up.

8. Your Family Needs Protection

While many families assume that being young and healthy makes them immune to the necessity of life insurance, O’Neal has a way of demonstrating otherwise. “I usually write six items down on a piece of paper,” he said. “I write ‘home, job, health, boat, car, family’ and then give the paper to the client and have them number them by importance. Without fail, everyone labels family as their number one, and then I ask them, ‘Which items on this list do you have insurance on?’ How do you justify that?"

9. It's Painful, But Practical

Thinking and planning for the death of family members is incredibly touchy, and can be hard. But, just like seeing the dentist is necessary, so is making sure the future of your family is taken care of in the event of an accident or illness. Life insurance is a safety net that allows you to figure out your ongoing life if the unthinkable happens.

10. The Peace of Mind Is Worth It

Being able to sit back and know that your family is protected should anything unexpected happen is a relief you don’t know you need. It’s easy to let the days pass and not think about the curves life can throw your way, but taking the time to purchase a life insurance policy tailored to your family’s needs is the responsible way to love them fully.

< Gerber Life Insurance Company is not affiliated with Jeff O’Neal and his statements are his personal opinions.

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