The insurance industry will tell you everyone needs some sort of coverage. This isnt true. For example, if you have a young family and you are the sole income earner, then life insurance is very important. On the other hand you are unmarried with no kids or close friends then life insurance is probably not a priority.

Providing income for loved ones is the major reason for buying life insurance, but it isnt the only one. If any of the following benefits appeal to you then life insurance is worth looking into:

One benefit of life insurance is peace of mind. You can rest easier with the knowledge that if anything happens to you, your beneficiary will receive a check in a matter of days.

Another reason is to cover any debts or liabilities you leave behind. The bank doesnt just write off your mortgage once you pass away, payments must be made otherwise your house could be liquidated. Other debts include car loans, costly medical bills, and even outstanding credit card balances. Funeral expenses can also put a dent in a family members pocketbook, life insurance can help ease these expenses. Leaving these debts means that your family will have to pay for them.

Life insurance can also create an inheritance for your heirs. Without insurance there may not anything left for family members after your debts and expenses are paid. Life insurance can mean that assets will be left after your death.

Charitable donations are another good reason for getting life insurance. Listing a charitable organization as a beneficiary can create a lasting legacy long after you pass away.