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Some of life's big events are joys to plan for: graduations, weddings and the births of our children are wondrous things and almost everyone plans for them eagerly. However, one of life's biggest occurrences, death, is very difficult to even think about, yet alone plan for. Unfortunately, it is necessary to do so for the sake of our loved ones.

Good planning will not ease their grief but it will allow them to mourn and recover from their loss without having financial constraints that lead them to worry about losing their home, their educational opportunities or their chance to pursue their dreams.

Term life insurance is a product that you may want to consider while you are planning your estate because it is a simple, affordable way to provide financial security for your family in the event of your death.

What is term life insurance?
Term life insurance is an insurance policy that will pay a lump-sum benefit to your family or another beneficiary of your choice, if you die while the policy is in effect. Term life insurance is a temporary policy, meaning that the policy is purchased for a specific term, after which it expires.

Who should consider buying term life insurance?
Anyone with dependents, such as spouses, children or other relatives that they support financially, should consider buying term life insurance. If you don't have any dependents, but do have debt, you may want to consider having a policy so that your estate will be able to clear your debts and pay any taxes owed. This will allow your heirs to inherit the property that you intended them to have.