All of the following are personal uses of life insurance except:

• A. Providing income for dependents after the policyholder's death
• B. Funding a company's key person insurance policy
• C. Covering final expenses such as funeral costs
• D. Paying off personal debts and mortgages

Answer: (B)

Verified step by step guidance

1. Understand the concept of personal uses of life insurance. Personal uses typically involve financial protection for individuals and their families, such as providing income for dependents, covering final expenses, or paying off personal debts.
2. Recognize that 'Funding a company's key person insurance policy' is not a personal use of life insurance. Key person insurance is a business-related use, designed to protect a company from financial loss due to the death of a key employee.
3. Compare the options provided in the question. Identify which options align with personal uses of life insurance and which do not.
4. Eliminate the option that is business-related ('Funding a company's key person insurance policy') as it does not fit the category of personal uses.
5. Conclude that the correct answer is the option that does not align with personal uses of life insurance, which is 'Funding a company's key person insurance policy'.