A home loan is a big responsibility. Even if multiple people contribute to the monthly payments, the loss of one individual could put the others (and any dependents) at risk of losing their home. Life insurance in the form of mortgage protection is essential coverage for yourself and anyone with financial interest in your home loan. People often take out separate life insurance policies in the amount of their mortgage, so other life insurance benefits can be used to support your family. Our mortgage protection calculator can help determine how much coverage you really need to protect your home.

It’s hard to think about not being there for your child, but life insurance is a guarantee that they will be financially secure in the event of your passing. It allows your spouse or the child’s caregiver to meet their needs and support them through adolescence; it can also cover education costs and enable them to pursue higher education. As any parent or parent-to-be knows, the greatest peace of mind comes from knowing your kids will be okay.

Over the course of our lives, most of us accrue some debt, whether it’s student loans, credit cards, car loans, business loans, or personal loans. Unfortunately, these loans don’t disappear when we die, which means your next of kin become responsible for repayment. Life insurance removes this burden by settling your debts for you.

Our income allows us to live a lifestyle we’re comfortable with. When multiple members of the household contribute to monthly expenses, we calculate our needs based on their combined income. If something were to happen to a contributing household member, life insurance ensures that our loved ones can continue living the life they’re accustomed to. This can help with anything from buying groceries and paying utility bills to creating an estate.

Most employer life insurance plans provide insufficient coverage (see below), but they do offer some protection while they’re active. But if you’re self-employed, you’re on your own to build a retirement and benefits package. By choosing your own life insurance policy, you can be sure you’re getting exactly what your family will need.

Life insurance for business owners or principals—also known as key person insurance—can play an important role in your business continuation plan. Whether your business is big, small, or somewhere in between, it pays to have a strategy for the future. In the event of a partner’s death, the key person policy can be used to compensate their surviving family for their loss of income or stake in the business, hire temporary help or plan a successor, and settle business loans.

Depending on your location and preferred arrangements, funeral, cremation, or burial costs can range from around $7,000 to $20,000 or more. Life insurance is an easy way to ensure that your loved ones will not face financial stress while they’re grieving.

People who care for loved ones with special needs often worry about what might happen when they’re no longer there. Life insurance can make sure that your loved one continues to receive safe, quality care, whether that means hiring a new caregiver, moving to an assisted living facility, or making alterations to a home to accommodate their needs. It can also provide for their long-term financial security, medical costs, and more.