Old woman,
There are many good reasons for buying life insurance, regardless of who you buy it through or from, and regardless of patens pending or approved.
1. To Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of dollars.
2. To Cover Childrens Expenses
I want to be sure my kids are well taken care of and can afford a quality college education.
3. To Replace the Spouses Income
If spouse had passed away while the kids were young, I wouldve needed to replace income, which was essential to our lifestyle. I also wouldve needed to hire help for domestic tasks wed shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctors visits.
4. To Pay Off Debts
In addition to providing income to cover everyday living expenses, my family would need insurance to cover debts like the mortgage so they wouldnt have to sell the house to stay solvent.
5. To Buy a Business Partners Shares
Since Im involved in a business partnership, I need insurance on my partners life. The reason is so if they dies, I will have enough cash to buy his interest from his heirs and pay his share of the companys obligations without having to sell the company itself. He has the same needs (due to the risk that I might die), and he simultaneously purchased insurance on my life.
6. To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.
There are some people that do not buy insurance, but those people are actually being inconsiderate of their surviving family members. Also, when considering life insurance, one should buy it when they are young because it is only pennies on a dollar. As people age, get old, they may not qualify for insurances due to the natural aging process.