Video — What Costs Does Life Insurance Cover?

While policies can differ in general, life insurance covers these kinds of things. One is state related taxes that heirs must pay for other assets. Two co-signed student loan debts. Three mortgage debt remaining for the. Four loans from relatives. Five. Memorial fees and burial expenses. Six. College tuition for survivors and seven costs for everyday living for beneficiaries. In the stress of having someone pass away, it's worth reading their policy to understand coverage and any exclusions that may apply.