Although most of you will probably need life insurance at some point in your life, be sure not to buy a policy simply because someone told you it was a good idea. The idea behind life insurance is to offer families financial security in the event of the death of a spouse or a parent.
Life insurance protection is designed to help pay for mortgages, a college education, facilitate funding retirement, provide charitable bequests and is obviously playing an essential part in estate planning. To put it simply, if other people are supported by your income and depend on it, you should really think about purchasing a life insurance.
Even if these needs do not concern you at the moment, you may still want to consider buying a small “starter” policy, if you suspect you will have such needs in the future. The reason for this is simple: the younger you are, the less expensive your life insurance will be.