Why Do People Purchase Life Insurance?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    People generally purchase life insurance to protect their family members, business partners and charities who depend on them from financial liability and loss of income. This includes future obligations as well like college education, retirement funding or estate tax planning. Protecting beneficiaries is at the heart of why people buy life insurance.
    Answered on August 17, 2013
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  2. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Why do people purchase life insurance? Well, there are as many reasons that people buy life insurance as days in the year. An individual's reason might range from securing debt obligations, to making sure their family doesn't collapse upon their passing. Sometimes it is broken down in the simplest terms of you buy life insurance because you love someone more than yourself or you owe someone something and must secure the obligation. Between those two mentioned reasons are thousands of others.
    Answered on October 9, 2015
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