Unlike other types of insurance, life insurance doesn't usually benefit the person who pays for it. Instead, term or whole life insurance helps the people who are left behind – a spouse, children, or other dependents - when the insured party dies. There are many reasons a person might invest in this type of insurance, but most of them boil down to the following five.
Life Insurance to Pay Funeral and Burial Expenses
Even someone with no family or dependents might purchase a small life insurance policy to pay for the expense of his or her funeral, burial, and estate taxes – costly procedures that can cut into any money a person might otherwise leave to friends or to charity. Someone with a family is even less likely to leave these expenses to chance.
Life Insurance to Support Family and Dependents
The number one reason that people buy insurance is to safeguard their families' finances for the future – even if they should happen to die. Life insurance is intended to pay out enough money to support the family even if the deceased person was the major breadwinner – paying for living expenses, mortgage payments, the possibility of medical costs, and even children's college tuition.
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