Life insurance provides a tax free cash death benefit (IRC 101a) to your beneficiary upon your death to help meet a variety of financial needs. These financial obligations might include covering immediate expenses after your death (e.g., funeral/burial costs), continuing payments of your mortgage and/or maintaining your family’s standard of living, or supporting your children’s college education. The two basic categories of life insurance are term and permanent. Term life insurance, which provides coverage for a specific number of years, is designed for someone with short-term needs. Permanent life insurance, however, would appeal more to an individual who desires coverage for his/her entire lifetime. Keep in mind that no financial retirement plan is considered complete without considering some kind of life insurance protection for your loved ones.