Life insurance provides individuals with the opportunity to provide for their loved ones in the event of their death. It is a powerful tool for protecting one’s family, providing a financial cushion if tragedy strikes. It can also be used for generational gifting, an effective strategy for families who want to ensure that their current cash gifts can be allocated to ensure their children’s personal retirement and legacy needs. In fact, one such family is able to help each of their children by combining their cash gifts with an annual life insurance plan.