In the event of your death, a life insurance policy pays death benefits to the designated beneficiary. Life insurance is usually a one-time payment to help the insured’s family deal with the loss of their primary source of income. Your beneficiaries could utilize the funds to help with necessary obligations like paying off a mortgage, your children’s college education, debts like credit card payments, or a car loan. With the right life insurance plan, you can protect your loved ones from potentially devastating financial losses when you are not around to provide the income they are used to.