Disability InsuranceYou buy life insurance for those who depend on you and your income. While life insurance can be an effective financial planning tool, one of its main purposes is to replace income that's lost when a wage earner dies. Those who need life insurance the most include principal wage earners and parents with dependents.

With adequate life insurance, your mortgage could be paid off should the worst happen. Or, your family could reinvest the money for other needs, such as a college education or retirement. Knowing that your family and your home will be protected is a powerful motive to buy life insurance. While no amount of money can make up for your family's loss, it's important to provide for them so they are not forced to significantly change their lifestyle or dip into existing investments and savings. Here are some of the ways a life insurance policy can help. Cover Final Expenses: Funeral services can cost your survivors $5,000 to $15,000. Your family may also need to pay for your estate settlement and administration costs. Pay Off Debt: Life Insurance can pay off debt, such as a car loan, credit cards or mortgage, so a spouse or family members are not faced with this financial burden. Transitional Funds: Life Insurance can replace your income for long enough so that your spouse and children can continue to live in the style to which they are accustomed. Education or Retirement: A life Insurance Policy can fund or help fund your children's college education and your spouse's retirement after you are gone.

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