In addition, life insurance can make a difference in the lives of your children, grandchildren and charities who depend on you. You can name anyone was beneficiary of your life insurance policy, including a charity, church, family member or business partner, among others.
Also, the death benefit from your life insurance policy can be used for any purpose, including paying for your funeral and burial costs paying off your hospital bills, credit card debt or home mortgage loan.
Learn more about life insurance for retired people.