INDIVIDUAL LIFE INSURANCE CAN SERVE AS A MEANS FOR:
A source of savings – If not paid out by death benefit, some types of life insurance can have a cash value.
Final expenses – Using life insurance to pay for funeral and burial expenses
Income for dependents – A life policy can provide much needed income for your dependents when you die. Many times this is used for children, but can also be used for a partner that has a loss of income.
Inheritance – Using a life insurance policy as an inheritance even if you don’t have substantial assets to pass on to your beneficiaries.
Making a charitable contribution