Life insurance provides a death benefit payout to beneficiaries, which can help them cover expenses like funeral costs, outstanding debts, and living expenses.

Knowing that loved ones will be financially protected can provide peace of mind.

Whole life and other permanent policies offer a cash value component that grows over time and can be accessed through loans or withdrawals.

Depending on the policy and tax laws, life insurance benefits may be tax-advantaged.

Life insurance can be a valuable tool for estate planning, helping to minimize estate taxes and ensure assets are distributed according to the policyholder's wishes.