What are the benefits of life insurance and when does it make sense to get a policy?

Sorry if this seems like a foolish enquiry, but I feel like I am becoming old now and have received so many letters pushing life insurance. I am beginning to wonder whether they are worthwhile.

To be completely honest, I know very little about it and have always assumed it was a waste of money, but I am thinking today that if it were, it would not be a business.

When I was younger, I thought the same thing about auto insurance, until I needed it to help me after a crash, at which point I was grateful to have it.

I got life insurance, which is a little different because I would be dead if the policy is used, but if anyone is willing to share their thoughts/advice, I would certainly appreciate it.

Thank you in advance to anyone willing to help.

Life insurance can seem unnecessary until you really need it. Just like auto insurance, it’s designed to provide financial security for your loved ones if something were to happen to you. While it might feel like an expense now, it can offer peace of mind knowing that your family will be taken care of financially.

Insurance is meant to provide indemnity.

With auto insurance, you can continue without worrying about money because you have the money to replace or repair your vehicle.

In a similar vein, you are safeguarding your financial dependents with life insurance. Life insurance will leave your beneficiaries in the same financial position as if you had lived.

There are ancillary benefits to some insurance types, but if you don’t need insurance, don’t obtain it.

Life insurance offers income protection and leaves a financial legacy for your dependents if you pass away. Consider getting a policy if you have financial dependents. Term life insurance is cheaper and lasts for a set time, while permanent life insurance lasts a lifetime and can build cash value.