Many sound financial experts consider life insurance to be the cornerstone of financial planning.  Below you will find where life insurance can be used as an important tool for you and your family.  Replace income for dependents-  If people within your family depend on your income, life insurance can replace that income for them if you die.   Most commonly recognized case of this is parents with young children.  However,  it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially.  Pay final expenses-  Life insurance can pay your funeral and burial costs, probate fees, and other estate administration costs, debts and medical expenses.   Create an inheritance for your  heirs-  Even if you have no other assets to pass to your heirs, you can purchase a life insurance policy naming your heirs as beneficiaries thus creating inheritance upon your death. Pay federal "death" taxes and state "death" taxes-  Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.      The amount of life insurance you select should be dependent upon your personal and financial situation and needs.  The Wigand Insurance Group can assist you in determining the right type of coverage amount and decide on which type of life insurance is right for you.     Click Here for Quote