Most people buy life insurance to ensure their loves are protected financially in the event of their death. But people don't often realize that although paying funeral expenses and replacing income are two very important reasons to buy a life insurance policy — you are able to use life insurance to pay for a home, plan for retirement or prevent tax penalties when you transfer an estate.

Whatever your position, it's crucial to know which insurance policy fits your particular needs and those of the people you love. The Life and Health Insurance Foundation for Education, a non-profit consumer insurance education organization, offers these tips for buying life insurance.

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