If you've never had life insurance before, this is exactly how to get it and why you should sign up when you're young

katleho Seisa/Getty Images How does life insurance work? It gives your loved ones an income source if you pass away. Getting life insurance is easier than many people realize, but rates typically increase with your age. Signing up for term life insurance now locks in your rate for the duration of the policy's term. Policygenius can help you find a life insurance policy that fits your needs. Get a quote today » Life insurance is a personal finance cornerstone that's important in protecting your loved ones. While no one likes to think about dying, it happens to about 150,000 people around the world every day.  Life insurance provides income for your loved ones in the unfortunate event that you pass away.See the rest of the story at Business InsiderNOW WATCH: Most hurricanes that hit the US and Caribbean islands come from the same exact spot in the worldSee Also:How to get a lower mortgage interest rate on your homeWhat does homeowners insurance cover? Here's how a standard policy worksI earn a full-time income from freelancing, but there are 4 mistakes I wish I hadn't made when I was starting out