Life insurance is a great way to plan ahead and protect those you care about. It’s unfortunate, but it’s benefits are often overlooked by many people who suppose that it isn’t necessary unless someone else depends on their income.

In fact, it can be a valuable tool for covering debts or putting children through college, among other things. Here are some life insurance ideas and tips to help you on your way through life:

1. Protect Your Children’s Future

One idea is for parents to purchase life insurance on themselves that will be payable to their children upon your death. This money can then be used as a college fund or just as added income if something should happen. Not only does it protect your child’s future, but it also protects your child from the emotional pain of losing a parent.

2. Preserve Family Assets with life insurance for disabled  people

If someone is left disabled, life insurance can help to pay for care and preserve life’s assets. For example, if a farmer has a heart attack or stroke and is forced to retire, it can help pay for home care so he doesn’t have to move into a nursing facility and sell off the farm. Or, it  could help with medical bills and other living expenses if someone falls ill and has no disability coverage through work.

3. Prepare for Large Expenses

If you need life insurance to borrow money, it can provide a great way to pay for funerals, probate costs and other expenses that would be difficult to cover with cash value alone. Obviously it isn’t going to completely eliminate these costs, but the benefits will help offset them. In addition, it could also make a great gift to your heirs and loved ones.

4. Premiums Aren’t Too High

The life insurance premiums for individuals without medical conditions are not as expensive as you think they might be. In fact, the premiums only amount to a few dollars a month depending on the policy that you purchase. The premiums for individuals with medical conditions are a bit higher, but it can still be purchased and benefits can still help to offset the cost of expensive medications and pay other expenses.

5. Your life Insurance Can Be Part of a Retirement Plan

Many people don’t realize life insurance and it’s benefits also can be part of a retirement plan. You can choose to take your benefit as a lump sum or you could elect to receive the benefit as a life income stream, which can be part of your retirement plan.