Personal Life Insurance can be designed specifically for your needs. There are several types of insurance products such as  Universal Life, Whole Life, and Term Products. Although each product has its own structure, they all have the same outcome: to pay out a pre-determined lump sum payment upon your death. Term products are generally less expensive in earlier years and can expire. Level cost Universal Life or Whole Life products are usually costlier; however, the cost does not increase and the policies are permanent (do not expire). Together with your financial advisor, your needs are determined, and the right type of coverage is recommended. Your beneficiary decides what they do with the payout. Some people choose to pay off their mortgage, pay off their debt, invest in their children’s education, invest in retirement, live off the money or, in some cases, to leave it as an inheritance.