a. Protecting your family
If your family is dependent on the income that you generate, it will protect that income to help them keep going for the rest of their life. If something happens to you, life insurance protects your family.
For example, if you're 35 years old and you have a child, that child is dependent on your income. You need to protect that child just by having the right amount of life insurance.
b. Protecting your business
If a business owner or a key person is lost, the business could just collapse all of a sudden. You need to protect your business by using life insurance, which provides cash flow that the business needs to be able to find an alternative key person.
c. Protecting you against liabilities
A lot of people own liabilities like mortgages or business loans, corporate loans, personal loans, etc. When they pass away, these liabilities get passed on to the next generation. If something happens to you, the insurance makes sure that these are immediately canceled.
If you would like to know more, speak to your financial advisor.