It might be the last thing you think of when getting your finances in order, but life insurance plays an important role in your future.

When the time finally comes to establishing a financial plan for you and your loved ones, having a discussion about life insurance should definitely be on the list of things to chat about.

Just ask yourself: how much do you value your loved ones? In simple terms, life insurance can ‘financially help support your surviving loved ones after your death,” explains HuffPost.

A difficult idea to fathom while you’re young – Seth knows – ultimately it’s one that will protect your family’s future finances.

But you might still be left with a few questions, so here are the answers:

Q: What is life insurance exactly, and why might I need it?

Check it:

The primary benefit of purchasing a life insurance policy is in a majority of cases to provide a tax-free lump-sum death benefit, which is paid out to your beneficiaries, or your estate, in the event of your death.

This lump sum can then be used to pay off outstanding debts and costs, and even preserve your loved ones’ current standard of living.

Makes sense now, doesn’t it?

Q: How do I know if I can afford life insurance?

Thanks to the various life insurance policy options from 1Life, you can decide on a solution that works for you – here are a few examples if you’re between 40 – 50 or 30 years old.

Working with 1Life will ensure you determine a policy that works for you, your budget and your loved ones.

Q: How much life insurance coverage will I need?

A good time to establish this is when you are initially working out your financial plan. After carefully reviewing your income and living expenses, a licensed insurance advisor can then help conduct an assessment of your financial assets and liabilities to determine the right amount of insurance coverage you need.

Q: How do I apply for life insurance? How long will it take?

Easy – pop over to 1Life now by clicking on this link, fill out a request form, and you will have life insurance in about an hour.

Here are a few other benefits:

While no amount of money can ever replace a loved one, the benefits of life insurance are clear.

[source:huffingtonpost]