Life Insurance Life Insurance is provided as a solution to a specific client need. Typically, we find three distinct areas where life insurance is a solution. First is probably the most evident, as a way to either pay off a debt such as a mortgage or provide a means to replace income to heirs. The second area we use life insurance is as an asset class, if a client has funds that won't be needed for income, then they can take that asset to fund life insurance and thus leverage the asset. The third area we use life insurance is as a way to enhance retirement income through tax forward distributions. Life insurance also has many charitable and business applications as well.Life insurance comes in many different flavors, ranging from term insurance, which is the lowest cost and designed to be in force for a certain amount of years. Then life is permanent life insurance, that can have low cash value to permanent plans that provide a very high cash value. Life insurance today can also be used to fund long term care. Before purchasing life insurance one should discuss their options with a qualified life insurance professional.