Purchasing life insurance is one of the most important financial moves you can make. The coverage from this type of policy protects your family from financially worrisome situations if you are not there to provide for their needs. In the case of long term care, this coverage can help pay for the cost of care should you suffer from a chronic illness, disability, or injury. When you work with an independent agent, you can get the protection your family needs for less.

One of the most important decisions you need to make is what type of insurance is right for your situation. The biggest factor to consider is time.

• With whole life insurance, the individual is covered for their entire lifetime. This type of policy allows you to borrow from it over your life, too. It can even be a part of your estate plan.
• Term life insurance is in place for a set amount of time. This type of policy is less expensive, but provides your family with financial protection when it is most at risk, such as when you have a mortgage to pay and dependents relying on your income.
• Long term care (LTC) products have evolved to offer more benefits than simply long term care. Today's policies can combine the benefits of life insurance or annuities with LTC to provide greater flexibility for the consumer. If you find yourself unable to perform two ADLs you will likely qualify for LTC benefits on your policy to help with the costs associated with an assisted living facility, adult day care, nursing home, home health care, etc. These policies protect your financial nest egg you worked so hard to build during your income generating years.

There are other options to take into consideration. Child life insurance policies provide financial aid to cover medical costs for the death of a child. Other options include accident death, critical illness, long-term care policies, final expense coverage, and disability insurance. Any can be a good investment for you.

To ensure you get the right type of policy as well as the most affordable option, discuss your needs with an independent agent. You can get a comparative quote for policies available to you right away. You are not getting a quote from just one insurance provider, though. Rather, you'll receive a quote from numerous local providers through your agent so you can compare your options. That way, you get the best policy for your needs and your budget.