A lot of our clients will by life insurance based upon a single need.  For example, they might want it to serve as mortgage protection for their primary mortgage.  We worked with a client the other day who had a mortgage for 275,000 and wanted to have that paid off so her family would have the house free and clear with no payment.

Other single needs that we see clients by life insurance for:

Income replacement- replacing all or part of their income for their family.

Final expenses- To cover all of the immediate needs of the burial.

College education- Insurance to pay for the childrens education

Mortgage protection- To pay off the existing mortgage (s) so the family is not buried in debt

Tax Favorable Accumulation- The use of the cash value for tax favorable accumulation

Business loan- When a client is applying for a business loan and the bank requires life insurance in the amount of the loan

Buy-Sell- Life insurance on partners in a business that will buy out a partner due to their untimely death

Key Man life insurance- Taking out a life insurance policy on a key person in the business to help replace the value of  that person to the business.

There are other single needs that people will buy insurance for.  We try to have our clients avoid focusing on a single need and look at their overall picture and needs.  With that being said, life insurance is a very effective way to cover a single need and create leverage.