My friends have been urging us to get life insurance already. I am turning 30 next year and I need to make sure the kids’ future is covered for, just in case anything happens to me. I was being offered term insurance but I am hesitant about it. With term, your policy will expire after a specific amount of time has passed – whether you have died or not. If you do pass away during the time of your coverage, your beneficiary will receive the predetermined death benefit that the policy is set up to pay out.

Life insurance refers to a policy that a person buys with the intention of being compensated in case of misfortunes, especially death. The person buying the policy is known as the insured and the issuer of the policy is called the insurer. The insured pays some agreed upon amount of money at the end of each stipulated period of time. The amount payable to the insurer is called a premium.

The husband told me I should be the one insured as he pays a higher premium because he needs to avail of the insurance for smokers policy. See? Smoking not only kills, it gets more expensive over time!