Prior to retirement, most families use most or all their household income to support their lifestyle. If two people work, both incomes are generally essential to maintaining the family’s standard of living. If just one person works, the same holds true. If one of those income earners were to pass away, the household could find itself in a financial emergency at one of the worst possible times.
The function of life insurance is to protect family members from the loss of income if you or another primary wage earner were to pass away.
Life Insurance can serve several other purposes, including protection from catastrophic loss or illness.