Married couples with no children . Each of you should probably buy a modest amount of life insurance to protect the other. Still, it could be a strain. Perhaps the survivor couldn't afford the mortgage or rent payments on a single income, o r maybe you have big credit card debts. Also, there would be funeral costs.
Term insurance is bought by millions of people for a number of reasons.
Families use Term for security. In case the insured passes away, your Term policy insures there will be money to use to pay for your home, college, outstanding loans and other major expenses. Small Business Owners use Term insurance as low cost debt protection to cover notes, lease obligations, business real estate mortgages and other expenses. Business Partnerships often use Term Insurance to buy out partners in the event of their death. Corporations use Term as stock purchase redemptions.