"The goal of life insurance is to provide a measure of financial security for your family after you die."
You should consider your financial situation and the standard of living you want to maintain for your dependants or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as day-care, mortgage payments and education? Life insurance is a protection against the loss of income that would result if you pass away. Your beneficiaries receive the proceeds and are thereby safeguarded from the financial impact of your death.