Why buy term life insurance?
Pay funeral costs
Supplement social security benefits
Maintain their standard of living, even after losing the bread winner
Heirs want a guaranteed fixed income (by annualizing the death benefit)
Replace a deceased spouses lost retirement income
Pay off real estate
Pay for college
Replace the homemakers services
Provide security to a new spouse
Recent additions to the family
Need funds to replace key employees, if they should die
Business Buy out
Choose a life only pension or annuity option and fund the difference with life insurance
Pay estate taxes in case of a premature death.