There are several reasons why you may need life insurance and the first one is, if you can afford it. Should you die and be no longer able to provide for them, the most important reason is to have enough money to provide for dependents such as young children or non-working spouses.
Funeral expenses, or other expenses to pay off bills and debts is where the funds from a Life insurance policy could come in handy, as well as for your survivors. You may not have an a need to purchase life insurance if you have no dependents or have adequate financial resources. As a means to leave money to a beneficiary or beneficiaries while minimizing tax consequences is one reason for those who don’t need insurance, to buy it anyway.
Business owners or people with substantial estates are people who might want life insurance. They should usually consult with professionals or specialists in insurance-related law since these people have needs that require more planning. Legal business agreements or trust documents may need to be drawn-up so seeking a professional in this case is a wise choice. If you, or someone you know is in this last category, contact the appropriate professionals if you need their advice in this area.