What are the Common uses for a term life Insurance policy? Many people choose to purchase term life insurance to help pay off their existing home mortgage loan in case they were to die before the loan is fully repaid. Other common term life uses include: 1. To replace your income for your family. 2. To provide for your child's college education. 3. To pay for final expenses. 4. To provide for your spouse's retirement. 5. To pay for your family's living expenses. 6. To pay off credit card debts. 7. To pay off college loans. There are many uses for term insurance, buy if you have a need for life insurance protection for a duration of thirty years or less, then term insurance offers you the most affordable protection. Learn more about term insurance and how it works.