Who Is Likely To Have The Least Need For Life Insurance? 
Sometimes a person is so `` set '' financially that the NEED for life insurance is minimal . However , many wealthy people purchase life insurance because they WANT it . No one knows the future , and life insurance is a way of ensuring that families that are used to a certain standard of living , will not be destitute if the breadwinner passes away after a costly illness or disability . Life insurance is a tax friendly , personal , and comparatively hassle free way of passing an estate to heirs , paying estate taxes , or providing for final expense needs . Indexed Universal Life is a method of distributing wealth into tax free or tax deferred retirement income , while still providing a death benefit . So , while some people `` need '' life insurance less than others , statistics show that those persons actually buy it more often than others due to the other financial benefits of having life insurance . 