Life insurance can serve as the foundation of your family’s financial security.

According to the nonprofit, LIFE Foundation, life insurance can:

1. Buy time – Allows loved ones to focus on their grief by helping to pay for the funeral and other final expenses.
2. Provide a fresh start – Lets loved ones start with a clean slate by helping to pay off credit card bills, outstanding loans and even the mortgage.
3. Generate income – Helps replace lost income for years to come so that surviving family members can continue to pay for life’s necessities.
4. Offer flexibility – Gives a surviving spouse the chance to take time off from work or to switch to a job that offers a more flexible work schedule.
5. Create opportunities – Can provide funding to start a business, or pay for schooling so surviving family members can train for a new career.
6. Fund the future – Offers a way to fund longer-range goals, like a college education for the kids or a secure retirement for a surviving spouse.
7. Leave a legacy – Gives parents the chance to leave future generations with the legacy of long-term financial security.