Student or Learner
The other reason why you would have insurance is to create liquidity in your estate later on, to provide an executor's fund, which may be used to distribute charitable donations, would be used to retire any outstanding debt that might be in your name, or to pay off any tax liabilities that are incurred upon your death.
What's the mean of "retire"?
((Not a teacher))
The actual meaning retire is "to withdraw from active service or business".
The underlined sentence above also means that the "said" insurance can be used to completely payoff any of the outstanding debts.