Some purposes for which people buy life insurance are:
▪️To replace their income that would be lost upon their death.
▪️To hire others to replace their contributions to the family that would be lost upon their death (daycare, transportation, cleaning services, lawn services, etc)
▪️To give a business time and resources to replace an employee when a key employee dies.
▪️To pass their estate to their heirs in a tax-friendly fashion.
▪️To pay taxes, administrative fees, and debts upon their death.
▪️To pay for chronic, critical or terminal illness expenses (when the policy has living benefits)
▪️To pay off a mortgage, school loans, business loans, and other debts.
▪️To pay for all final expenses, including funeral, memorial service, burial, transportation, etc.
▪️To leave a gift to charity.
▪️To provide cash value for retirement.
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