Despite the fact that life insurance is widely available, many people don't know much about what it is or how it actually works. Here are ten things everyone should know about life insurance.

The following examples illustrate why people in various situations should consider purchasing the financial protection life insurance offers.

Retired seniors generally do not need life insurance protection to replace their income and may not need it to provide funds to pay off a mortgage loan. However, there are several other reasons seniors may consider purchasing coverage.

If you have debts, you may be wondering whether your creditors could claim your life insurance proceeds after you die. In most cases, life insurance proceeds will pass exempt from the insured person's creditors, but there are some exceptions. 

Life insurance offers many benefits, including providing income-tax free, cash benefit payments to the named beneficiaries after the death of the insured person.

According to the Social Security Administration, one in five Americans live with a disability today, and one in four of today's 20-year olds will become disabled before reaching full retirement age.

Often, people who buy life insurance tell their beneficiaries that they have been named. However, there may be situations when beneficiaries aren't aware their loved one even owned life insurance until after his or her passing. 

Learn why everyone should consider buying life insurance, disability income insurance, and critical illness coverage.

Two popular insurance vehicles that can double as retirement tools include annuities and indexed universal life (IUL) insurance policies. 

Failing to purchase life insurance while you are young and healthy may mean coverage is unattainable or unaffordable later in life.