1. College Funding. In the event of your death, your life insurance policy can help to pay for your children’s education.
2. Mortgage Protection. In the event of death, life insurance policies may be used to pay off outstanding balances on mortgages.
3. Final Expenses. Medical bills, funeral expenses, and burial costs can add up quickly and usually cost thousands of dollars. Few people want to face their own mortality, but a life insurance policy will help your family handle these expenses after you are gone.