Why buy life insurance?

You bought a house: A 30-year term policy can ensure that your mortgage gets paid off. Term insurance is inexpensive and has a specific duration. After the term is done, the policy expires. At which point, the mortgage is paid off and this need ends.

Just got married or planning for future generations: Earmark a policy for your kids’ education and spouse’s living expenses so there is NEVER a question that the money is there. Or set up a pet trust and fund it with a term life insurance policy.
Saving for retirement: Whole Life insurance covers you your entire life, so long as the premiums are paid. In retirement, you can borrow from these policies in years when the stock market is down, so you can leave your nest egg intact while it recovers.
Coverage for Business Owners: Key Man life insurance can help a business weather the storm of a key employee departing. Life Insurance is also used in partnerships, so that if one partner passes, the policy pays the other partner to buy out the deceased’s share in the business.
Long Term Care: Long term care insurance can be coupled with life insurance. Skilled nursing is extremely expensive, starting at upwards of $6k/month and LTC can help ensure there is money set aside for a wonderful and active retirement.
Estate Planning: Currently the estate tax exemption is up to the first $12 million. That said, a lot can change in our lifetimes and a life insurance policy can be geared to cover an estate tax bill for your heirs.