Your premature death could result in a drastic reduction of your family's standard of living. Life insurance addresses the tragedy of premature death by providing tax free funds to help your surviving family get on with their lives. There are no U-turns on the road of life. We are all travelling on an inevitable trip from birth to eventual death. Some will die sooner and some later.
Life insurance creates an instant tax free estate.
You may want to preserve your estate value for your children. Life insurance can be purchased for a fraction of the total projected tax bill payable at death. Life insurance is sometimes acquired for a child as the beginning of a financial plan. Quickly paid up whole life plans or universal life plans with growing cash values are very inexpensive when children are young. The cash surrender value at a later date could be accessed to assist in funding a university education, starting a business, used as a down payment on a house or a car.