Most people buy it to replace an income that someone else depends on.
If you're married or have a family, life insurance can help replace your income or pay off debts, like a mortgage, so that those left behind can maintain their lifestyle and not be saddled with hefty financial obligations. If you're single, life insurance can reduce or pay off the debts you've acquired. It s important to assess your needs for life insurance regularly, to ensure your coverage keeps pace with changes in your life. Professional insurance agents should provide regular, no-obligation coverage reviews. How much you purchase depends on what type of financial obligations you would want taken care of at your death.