Life insurance is the foundation of a well-crafted financial strategy from a protection point-of-view. When you look at the value of the assets you have accumulated over time, it’s comforting to know that your investment portfolio can remain intact because your insurance program will cover the financial needs associated with premature death. People purchase life insurance because it can be a very affordable method of generating a tax-free lump sum of money for their survivors. This death benefit is commonly used for income replacement, debt elimination, tax payment and estate equalization.