Life insurance can help give you (the insured) peace of mind knowing you will leave your loved ones with financial security in case you are no longer alive to help provide for them financially.
It also helps those you leave behind by providing funds to help replace your income for your family.
The money paid out to your beneficiaries from your life insurance policy can be used by the beneficiaries anyway they choose, whether it be to pay for living expenses, pay off the mortgage, pay off credit card debt, or pay for college, etc.
Here's how to learn about the two basic types of life insurance to help you understand which one (or both) may be right for you.