Life insurance, what is the purpose of having it? Well, do a self-assessment. Is there anyone in your life who would be in a financial bind if you were to die at this very moment? Do you have enough money set aside to take care of funeral arrangements and other expenses that may incur during the event? Life insurance is not just about burial coverage. It's true, the one being insured can never benefit from the rewards of the policy, only the beneficiary can. That person has been intrusted by the insured to do the right thing.....in the event of their demise. Life insurance can mean so much more. Wealthy people have used it to create wealth for their children and grandchildren, over the years. They would buy $100,000 whole life policies, or more, and leave a grandchild as the beneficiary at their death. That child could then in turn use that money toward the purchase of a college education or a new home. This is like a gift that keeps on giving, that money made their transition into adulthood easier....because someone long ago thought about them probably before they could even walk.