If you fill out an application for life insurance coverage, it will ask you: "What is the purpose for your life insurance policy?" That is because the purpose varies from person to person.

Some of the more common purposes for which people buy a life insurance policy include:

• To replace their income for their family.
• To hire others to replace their contributions to the family that would be lost upon their death of the insured (daycare, transportation, cleaning services, lawn ...