At its core, life insurance exist to make sure those you care about will be secure financially should you pass prematurely. It pays for any expenses, like a mortgage, college tuition, groceries, daycare, anything. Life insurance provides a sum of money to help ease the pain of your passing for your loved ones, but there are also other purposes for it too. A properly-structured life insurance contract can create tax-free income while also having tax-deferred cash growth.
