Different people have different reasons for buying life insurance.
Many people purchase life insurance in order to provide for their families in the event they pass on. If you are the primary wage earner in the family, it is a good way to help provide your family with a stable financial future. Life insurance may be important even for those who are not the primary wage earner in the family, to help cover the financial burden of childcare, funeral expenses, or any other unforeseen costs that can arise. Other people buy Life Insurance to cover specific larger costs that will arise should they pass on, such as to cover the balance on their mortgage or if they are a partner in a business the business may carry Life Insurance to cover the cost of paying out their partnership interest to their estate. Estate planning is another reason to buy Life Insurance.