Life insurance is foremost about love and peace of mind. It provides the family with the necessary money in the event anything happens to the breadwinner(s) of the house. It can also be used to provide long-term care when needed, and can be drawn upon to provide funding for child education, marriage, retirement, etc.

In addition, life insurance has a big advantage compared to other financial vehicles in terms of cash value accumulation: the accumulated values will be tax-free.