According to insurance company polls, there are many reasons people buy life insurance. Here are the top three reasons:
1. To create an estate, especially of there is none. Life insurance is a way to leave your family in a financially secure position in the event you’re not here to take care of them yourself.
2. To pay off debt. If you have a mortgage, credit card debt, car payments, student loans, etc., life insurance can help in the event of a loss.
3. A savings vehicle. Life insurance can assist in funding retirement, provided it’s the correct vehicle for you or your family.
Of course, all these reasons boil down to just one...you love somebody.