Traditionally the goal of life insurance is to provide a measure of financial security for one’s family after death. Therefore, it is prudent to re-evaluate life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business. Life insurance also provides a number of living benefits and recently has been used as a tool for retirement planning, college planning, estate planning, and business planning. It may be structured to provide tax free income for some of the above needs.