Life insurance can play an essential role in your overall financial plan. A life insurance policy can help protect your loved ones by providing greater financial stability for their future. Life insurance pays a lump-sum cash payment or death benefit to your designated beneficiary upon your death. This money can help pay for final expenses (including medical and funeral costs), cover lost income, help keep your loved ones in your family home, fund a college education, leave an inheritance for the next generation or serve as a contribution to your favorite charity. Life insurance can offer you more peace of mind knowing your loved ones will have financial support when you are no longer there to provide for them.