What Does Life Insurance Do For Me? 
Gary provided great information about the different type 's of Life Insurance . I would like to provide you with an answer that is a bit more philosophical . Life Insurance provides a benefit , referred to as a death benefit , which pays out to your beneficiary upon your death or rather the insured 's death . The whole idea behind Life Insurance is to provide Financial Security . Whether this is for a spouse , to replace lost income , to pay for outstanding debt or perhaps to pay off a business partner so your family does not have to worry about your business if you own it . Financial Security provides peace of mind for your loved ones . Financial Security provides protection from creditors who might have a legitimate reason to go after your estate . Financial Security provides monies to pay any taxes that might be due , i.e. estate taxes otherwise known as the death tax . 