Life insurance is a selfless purchase. The biggest reason to have it is to replace your income and prevent your family from suffering a financial crisis.
Here are some other things life insurance can pay for:
College for your children. Funeral costs and other final expenses. A mortgage and other loans. Credit cards and other debts that your family can’t afford. Estate taxes. Your spouse’s lifestyle, even if you don’t have children. Create an inheritance for your heirs. Make significant charitable contributions.
Life insurance can also be used to build wealth for your family. If you buy a policy when you’re young and healthy, it can save you money during your lifetime by locking in a lower rate.
You may only need life insurance for a certain amount of time, such as the length of your mortgage so your home can be paid off when you die and your spouse and children can live there. Or you may want a policy to last until after your children have moved out and have graduated from college.
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