life-insurance-policyNo one wants to talk about death, but unfortunately far too many people put off discussing life insurance until it is too late. When you have others relying on you and your income, your death can spell disaster for them. The bottom line is that it is imperative to have a good life insurance policy in place to provide for your final expenses and for your loved ones going forward.

Here are four good reasons why it is important to have life insurance.

1. Life insurance pays for your final expenses.

This is the first and most obvious reason to have insurance coverage. It typically costs thousands of dollars for burial expenses and a funeral—up to $10,000 in some cases. This can create an unnecessary financial hardship and is not something you want your family to have to scramble to pay after you’ve passed away..

2. Life insurance provides financial support.

A comprehensive life insurance policy will provide enough financial benefits to keep your family from falling into financial ruin due to the loss of your income. Such coverage can give survivors money for house payments, bills, and other expenses. This can be a great benefit to families who have lost their primary income provider or to a non-working spouse. The benefits from a life insurance policy can also be used to wipe out any debt that could be crippling a family.

3. Life insurance offers you peace of mind.

This might be more important than any of the other reasons. If you are concerned about the impact your death would have on your loved ones, it makes good sense to do the research and locate the type of policy and coverage that will give you simple peace of mind—sometimes that can mean more than anything else. By thinking responsibly about the future, you’ll be putting some measures into place to protect those that you care about.

4. Life insurance might not be available later.

Like a lot of people, you may think that you can put off getting life insurance coverage. It could be that you don’t see a reason at present—you don’t have a spouse or dependents, or you see yourself as young and healthy. Whatever the reason, you probably want to put it off. But if you get sick or learn you have a terminal illness and that you aren’t eligible for coverage at that point, it will be too late to do anything. It doesn’t have to be that way.

It should go without saying, but obtaining life insurance is very important. It can make a big difference to your quality of life now and later, and it might make a big difference to your family. Think about it. Do the research and find the type of coverage that makes sense for you.

Jeff Rose is a Certified Financial Planner and author of the blogs Good Financial Cents and Life Insurance by Jeff. Learn more about his Life Insurance Movement that has inspired many personal finance bloggers to educate families on the importance of buying life insurance.