Another way to think of life insurance could be “income and expense insurance” with specific needs and wants. The needs allow the surviving family members to continue on after the financial loss of the deceased. Needs include final expenses, payment of debts and mortgages, planned education for children and needed income replacement. The wants are anything that would allow survivors to improve their situation from what it is now, such as pre-insurance, building cash value, estate creation, wealth replacement and charitable requests. Planning out the wants comes after the needs and other financial planning priorities: mastery of the three Personal Financial Statements, adequate emergency reserves, ensuring insurance needs are met, contributing the maximum to 401(k)(s) and Roth IRA(s), contributing enough to 529 plans, and contributing to a “freedom” liquid investment savings account.