: To fund buy-sell agreements or protect the company if a "key person" dies.

: To protect parents or partners from becoming solely responsible for co-signed private student loans or car notes.

: To cover funeral and burial costs (median cost ~$8,300) without burdening heirs. Buying Life Insurance For Someone Else | John Hancock

: To replace lost income and cover future costs like college tuition or childcare.

: To cover the significant cost of replacing services like childcare, cooking, and household management .

: To ensure continued care and financial stability for elderly dependents.

Life insurance is primarily for anyone whose death would cause a for others. If your income or services (like childcare) support a spouse, children, or aging parents, or if you have shared debts, you should likely have a policy. Who Should Buy Life Insurance

: To provide funds so survivors aren't forced to sell or face foreclosure .