Some functions of life insurance are:
1) To replace lost income upon the death of a financial provider.
2) To replace lost services provided by the person who died.
3) To provide financial support to carry survivors through a time of transition and grief.
4) To provide money for a business to find and train a new key employee.
5) To buy a share of a business when one partner dies.
6) To pay off loans or other debt, rather than leave them to survivors to repay.
7) To borrow from cash value for college, retirement, or other expenses.
8) To pass an estate from one generation to the next in a tax favorable manner.
9) To give to charity.
10) To pay for funeral, burial, and other final expenses.
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1) To replace lost income upon the death of a financial provider.
2) To replace lost services provided by the person who died.
3) To provide financial support to carry survivors through a time of transition and grief.
4) To provide money for a business to find and train a new key employee.
5) To buy a share of a business when one partner dies.
6) To pay off loans or other debt, rather than leave them to survivors to repay.
7) To borrow from cash value for college, retirement, or other expenses.
8) To pass an estate from one generation to the next in a tax favorable manner.
9) To give to charity.
10) To pay for funeral, burial, and other final expenses.