Some people have been conditioned that life insurance is for death benefit only. So buying life insurance, sometimes is not a priority until their mid-fifties or even late sixties when they retire. The problem is none of us know when we are going to die. You can literally cause your family to sell the family home, cause your spouse to work an extra ten years, and the brainy child may have to go the state university instead of your Ivy League alma mater (Some state colleges and universities are excellent. Go Buckeyes). If for nothing else, enough life insurance should be purchased so that loved ones are not left with your unpaid bills.
Life Insurance Uses:
Death Benefit
Provide income to pay off the mortgage in the event of death
Replace lost income that your spouse and children would otherwise miss
Make sure that future college tuition can be paid
An effect way to pay off children and spouse who do not participate in family business
To pay possible Estate Taxes
To provide liquidity when many assets are tied into Real Estate
