When your iPhone goes missing, it's serious business. Depending on your usage, your whole life might be connected to your iPhone, not the least of which includes debit cards, credit cards, and Apple Pay Cash stored in Apple Pay. While it's nearly impossible for someone to use your money with Apple Pay, it's still a good idea to disable it until you find your iPhone, just in case.
How To: Get Your Missing iPhone Back by Remotely Setting a Message & Contact Info on Its Lock Screen
So, you're on the way back from a restaurant and realize you left your iPhone there, but you're late for a meeting and can't go back yet. You may as well kiss that iPhone goodbye, right? Not yet, as long as the right person gets their hands on it first. But that potential do-gooder won't know to contact you, and that's where Find My iPhone's "Lost Mode" comes in handy.
While iPhones may be more expensive than ever, it won't stop us from losing them or having them stolen. Whether you have an iPhone 5S or an iPhone XS Max, there's a good chance it'll go missing at some time during your ownership. It could end up in a couch cushion or in the hands of a pickpocket, but no matter what happens to it, you need to prepare it beforehand for the inevitable.