What Are Some Reasons Why I Should Get Life Insurance? 
Life insurance offers protection , income replacement , and the chance to leave a legacy . With life insurance , you are protecting the people you care about the most . Life insurance can also protect the business you own . Life insurance can : Pay burial and other final expenses . Replace income lost due to the death of a wage earner . Pay off debt obligations such as a car loan , credit cards , etc. . Pay off or reduce a home mortgage . Establish a fund to pay for domestic services lost at the death of the primary caregiver . Create an education fund . Enhance an estate to provide for children of a prior marriage . Satisfy divorce related obligations such as alimony or child support . Create a fund to provide care for a loved one with special needs . Pay legal and administrative costs incurred at the insureds death . Provide a source of liquidity to pay state and/or federal estate taxes . Mitigate the impact taxes can have on assets owned in trust . Replace loss due to income tax on Income in Respect of Decedent -LRB- IRD -RRB- assets such as annuities , IRAs , and qualified plan assets . Diminish the impact of marital deduction limitations of a surviving resident noncitizen spouse . Increase the value of transfers of generation-skipping , annual exclusion , and exemption gift amounts . Leave a charitable legacy . Replace wealth left to a charity . Equalize inheritances between business heirs & non-business heirs . Collateralize a business loan . Fund a buy-sell agreement . Stabilize a business at the death of a key employee or owner . Offset the loss of a key employee -LRB- at death -RRB- to the business . Establish a fund to retain key employees -LRB- such as stay-bonus , SERP , deferred compensation -RRB- . Facilitate an Employee Stock Ownership Plan -LRB- ESOP -RRB- repurchase obligation . 