What happens when you die? Before any money or property you leave behind is passed on to your loved ones, they have to settle your Estate bills. Your debts must be paid first. There may also be funeral costs, legal fees and other administrative expenses in settling your estate. And there may be other estate costs, such as probate fees and taxes on investments, that you may not have considered.
So, a good estate plan will cover the cost of all your bills, then have money left to cover.
The living costs of your family until the children can stand on their own, and your spouse or partner is able to survive.
There are no probate fees on a life insurance policy which is why wealthy folk use life insurance trusts to protect the beneficiaries of their estates.