Not everyone needs life insurance. If you have enough money to pay for your final expenses and you don't have dependents, you don't really need it. But certain other groups of people can benefit from having life insurance. If you have a spouse or children, you may want life insurance so that they can continue to have the same quality of life once they no longer have your income stream. You may want it to ensure your children have money for college, too. Homeowners should have enough insurance to pay off the mortgage. And business owners are advised to get life insurance to clear business debts and help any remaining owners ensure business continuity.