Life insurance should be an integral part of any good financial or estate plan. Unfortunately, life insurance is often overlooked, because the insured may see no personal benefit.

However, the absence of personal benefit for the insured is a myth. In many cases, life insurance policies offer benefits for living needs such as long term care, critical illness, mortgage payoff, retirement planning, et al.

Even without these living needs benefits, the insured enjoys the peace-of-mind that comes from knowing his/her loved ones will be taken care of in the event of their own untimely death. This is why it is so important to do a periodic needs analysis, taking into account the cost of debt repayment, estate taxes, burial, dependent support and education, and many other factors.