Why Is Life Insurance Important To Have? 
For many reasons . The most common reasons why people buy life insurance are to pay off a mortgage , cars , credit card debt , burial expenses , kids ' college educations , and/or income replacement in the event the insured dies . A great question to ask yourself 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 . An insurance agent/broker can help you determine this figure . 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 . 