Life insurance is more than a death benefit, it is a core tool for protecting family income, keeping a business stable, and preserving a legacy. This guide explains why coverage matters, compares term and permanent policies (whole life, IUL, VUL), and shows how strategies like key person coverage, buy-sell funding, and ILIT planning can create liquidity and reduce tax friction. We also debunk common myths so you can choose coverage that fits your goals.