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Life insurance is a crucial element of financial planning, but far too many people overlook it. Maybe they don't want to think about the circumstances that might lead to their heirs using it, or maybe it just seems so complicated. Don't fret, though — life insurance isn't nearly as complex as it looks.

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1. Life Insurance is for More Than Funerals

Do you think of life insurance as a way to defray the costs of your funeral? Plenty of people do, perhaps because when employers or unions offer life insurance as a benefit, they tend to offer just enough to cover a funeral. However, the purpose of life insurance is far greater than that. It is one of the best way to give your dependents a safety net if you die unexpectedly.

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