A good life insurance is supposed to cover a wide range of fatalities, as in case you die and have a family or a partner financially dependent on you, it can provide security for them. Death is inevitable and in some cases unpredictable, so taking care of your loved ones in advance is something you need to do to make sure they are all right when you are gone. All the time and effort you invested to support your family and raise your children can be in vain if you die and they will have to pay the mortgage and your debts all by themselves. Life insurance is in most cases intended to let your family or your loved ones to live decently after you die and can provide you with some peace of mind. Timing is a very important issue when death of the insured person occurs. The beneficiary stated at the policy is supposed to get the proceeds at death, but insurers can be quite slow in paying and if there is a question about the cause of death that requires further investigation the payouts may be help up for a long time – up to 2 years in fact. Even if there is nothing suspicious about the death different companies will have different periods during which they will have to pay the proceeds and if your policy does not contain an express promise about the benefits being paid you are recommended to press for that information directly. Life insurance usually provides the amount of money upon the insured person death or some terminal illness. Life insurance is aimed at providing financial independence for a family if they lose a breadwinner. The benefits of life insurance paid by the company can be used for children's education, paying personal debts, mortgage repayments, funeral expenses, ongoing income, major purchases and some other purposes. It's commonly believed that insurance companies will not settle claims if the insured person died because of suicidal attempt. Although suicide has always been a difficult claim to make, it's not impossible these days as insurance companies have opened their minds about the reasons for suicide and the possibility of coverage. You can purchase a life insurance policy that will pay a suicide claim after a certain waiting period. In most cases, however, the waiting period is 13 months, so you will need to read the disclosure statement to be clear about that.