The base of any financial planning is life insurance. Whether it is through term life coverage or permanent coverage, life insurance is a way to ensure that the money you meant to save is available to your family if something happens to you
Life insurance should be used to cover debts and liabilities you currently have as well as ones you expect, such as final expenses. Life insurance should also be used to provide replacement income for you family as well. In many instances, the last thing your loved ones should worry on the worst day of their life is to think about how to pay ongoing expenses. Life insurance can also be a means to leave a gift or legacy for your family, or charitable donations to organizations and causes you care about.
Life Insurance death benefits are passed on generally tax free to your beneficiaries and do avoid probate.