The proceeds of life insurance can provide great comfort for a family after losing a loved one. The proceeds can help support a young family after the loss of the “bread winner” by providing lost income and paying off an existing mortgage or other debt. The proceeds can also be used to pay for final medical expenses and funeral arrangements for the deceased. Although the benefits are clear, there may be some quo question whether the end result is worth the current payout. You may wonder if the funds paid for life insurance could be used to do things that can be enjoyed while you are living. The answer is found in how devastated your family would be at your passing, if you had no insurance. Would your family be able to pay off home or auto loans? Would your children still be able to attend the college of their choice? Would your family be able to maintain their current standard of living? Would paying your final expenses be a burden on your loved ones? If you answered “no” to one or more of these questions, you probably need some form of life insurance. If you are at the age where you no longer have young children at home, and you hate little if any debt, you might have old life policies in force that you could either reduce the face amount or eliminate altogether. While life insurance proceeds can always be a blessing, if you are behind in retirement savings and no longer feel the need for the life insurance, you might want to redirect cash from paying life insurance premiums into retirement savings.