Why Should I Have Life Insurance? 
This is a very common question people ask and a good one at that . There are many great uses and protections that life insurance offers . The most common reasons why people buy life insurance are to pay off debts -LRB- e.g. a mortgage , cars , credit card debt , burial expenses , kids ' college educations , etc. -RRB- , estate planning , and/or income replacement in the event the insured dies . People also get life insurance for business purposes as well such as collateral for a business loan from a bank , key-man programs , and buy-sell agreements . The idea of life insurance is to create a ton of cash upon the death of the insured . You protect yourself/your family financially in the event of a catastrophic event by pooling the risk and shifting it to a third party -LRB- the insurance company -RRB- . A great question to think about is `` if I died tomorrow , would my family be financially sound without my income ? '' - For the vast majority of people , the answer would be NO . Not only is determining whether you need life insurance important , but how much coverage do you need and for how long . I always recommend consulting with an experienced broker to help you determine the appropriate benefit structure that 's going to be the most suitable for your needs and your budget and to help you secure it through the right carrier . Please let me know if I can be of further assistance . Thanks very much . 