Term life insurance is a type of life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. If you have a mortgage, kids at home or anyone relying on your income, term insurance pay provide the solution for your specific needs.

Whole life insurance is permanent life insurance. It will pay a specific death benefit, or payout, as long as you pay your premiums. This means the insured person is covered for their entire life. These plans offer level premiums and accumulate cash value that can be used as needed.

Roughly 60% of Americans have a life insurance policy and 33% of them feel like they don't have enough. Nearly half of Americans look to life insurance as income replacement for their families should anything happen to them. Nearly 40% of people will leave behind a financial burden to their families when they pass.

30% of Americans are only insured through a group plan and those usually terminate when you leave, quit or retire. Life insurance can also be used as a form of retirement income. There are plans that only require premiums to be paid in for a limited amount of time but will continue to grow the death benefit and usable cash value for the life of the insured.

Here are some financial burdens that are often left behind: