Getting life insurance doesn't seem like an important thing to most people, but it can be of crucial importance for their family in case something bad happens to them.

Nobody likes to think about it, but we all come with an expiration date, and when we die, we should ensure that those who are depending on us are protected. Making such preparations will allow your loved ones to replace your lost income and pay various expenses.

Now, you might think that this is something that only rich people can afford, but that's not true. In fact, it is quite affordable to most of us, and there really isn't much that can be used as an excuse for not getting it.

For example, if you are in your 30s or 40s, you can only pay $20-$25 per month, and get a 10-year term life policy that would pay as much as $500,000 to your loved ones, in case something happens to you.

That is a pretty good deal in our book. Now, if you are wondering what situations could you find yourself in where you might need to take up such a deal, here are our top 5 examples.

1) You Want to Ensure that Your Kids can Go to College

College is expensive. There is no point in denying that. What's worse, it is getting more expensive with every passing year. If your kids are still young and you want to ensure their future, you might want to get life insurance. Doing so will ensure that they can afford higher education and be prepared to face the world in case something happens to you in the next several years.

Once again, nobody likes thinking about it, but it is much better than risking it and potentially leaving them behind without any protection.

2) You Want to Secure the Financial Situation of Your Heirs

Similarly to our last point, although in a more general sense, you might want to consider getting life insurance simply to make the life of your heirs easier after you are gone. There will be a number of expenses that they will have to start paying, and it is better to leave them with cash than assets like property or cars, and such.

3) If You are Taking Care of Others

A lot of people tend to take care of their aging parents or other relatives who may not have anyone else to do it. If you find yourself in this kind of situation, you might want to ensure that they won't be left all alone in the world with no means to ensure a roof over their heads and a warm meal a few times per day.

With proper life insurance of your own, you can secure their remaining time, even if something were to happen to you.

4) If You are the Sole Provider for the Household

While there are plenty of families where two or more adults work and join their funds to take care of the household, there are also plenty of situations where that responsibility falls upon a single person, who might be taking care of children, the elderly, the sick, and more.

This puts everyone at risk of being left with nothing in case something happens to you. Ensure their safety even after you are gone by getting a good life insurance deal as soon as you can.

5) You Want to Cover the Costs of Your Funeral

The actor Morgan Freeman once admitted that he wears diamond earrings to cover the cost of his funeral if he were to die in a strange place. You don't have to follow his example so directly, but it would mean a lot to your loved ones if you were to make sure that they don't have to pay for your funeral themselves.

The cost of a typical funeral can be as high as $10,000, which makes dying quite expensive. Your loved ones have already lost enough by losing you — get life insurance and help them out one last time by covering this unfortunate cost yourself.