From Insurance for Dummies by Jack Hungelmann

We buy life insurance because we love. We love spouses and children and others who depend on us financially. We love them enough to face the cold reality of death (after all, none of us gets out of here alive). We love them enough to acknowledge the possibility that we could die young, leaving loved ones suffering without our income. We love them enough to plunk down our hard-earned dollars for insurance that will make sure that if we do die early, our death will not burden them financially — house payments will be made, groceries will be on the table, and college dreams can be realized.

Assessing the need

Life insurance isn’t for everyone. Neither is car insurance. Both are excellent ideas and provide good coverage. But if no one would be hurt financially by your death, you wouldn’t buy life insurance, any more than you’d buy car insurance if you don’t drive and don’t own a car. Here’s a look at some guidelines as to who does and who doesn’t need life insurance.