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There are many reasons to have life insurance coverage. Life insurance provides an income for the family if there is an unexpected death as well as income to keep a business going if there is an untimely death of a business owner. Life insurance provides money to pay estate taxes and final expenses.
There is term life insurance that provides a death benefit for a limited amount of time and therefore is less expensive.
Whole life insurance has a cash value and is meant to last for the the life of the insured. The cash value can be used for college tuition or retirement or any other need. There is a combination of the term and whole life called universal life insurance.
Survivorship insurance covers two lives and pays off at the second death.