Life insurance covers—in the event of our death—care and maintenance of our dependents. It pays for their necessary clothing, shelter, and food. It pays off credit card debts, covers personal notes, and outstanding loans—mortgage, car, student, and other loans.

Life insurance takes care of short term costs, such as covering the expenses of our funeral and burial. As well, our insurance policy compensates for any state and federal taxes and probate costs.

Hospital bills, medical expenses, and other related short term expenses (the term length we decide upon) are cleared with a life insurance policy.

We ensure that long term expenses are covered with life insurance. We invest in our children’s education funds, our spouse’s retirement, and our surviving loved one’s mortgage payments when we invest in a life insurance premium.

The life insurance we buy now gives our beneficiaries the assurance of being able to maintain their usual standard of living afterward. Life insurance is the assurance of income replacement dependents will need without us around to give it directly to them.

The investment we make in insurance will cover tomorrow’s business loans and business continuation costs, also providing the necessary funds to protect that business from the loss of income and profits we bring in today.

Our dependents will inevitably risk financial consequences when we go, so insurance against that risk provides for our beneficiaries to avoid bankruptcy, financial devastation, and intense worry. We can also avoid heavy concerns by being sure loved ones are cared for, provided for, and protected.

If we have no dependents or close family members, we can provide the organization of our choice with much-needed funding by donating the insurance awards to a foundation that we designate as our primary beneficiary. Or, if we have dependents and family member beneficiaries and still wish to fund a worthy cause, we can make that foundation our secondary, tertiary, or residual beneficiary, allowing them to collect half, a third, or the remainders of our policy payout.

You can stipulate the sum of benefits paid out by choosing the size of the policy. You can also determine the types of coverage by paying small monthly sums for stock life insurance, variable life, whole life, or universal life insurance.