Why someone would need life insurance: it is income replacement for someone who has financial responsibilities. What are financial responsibilities?

They are debts and dependents. Debts include mortgages, credit cards, car payments; dependents are anyone who would need your income to pay bills and maintain quality of life.

Life insurance is a move on the buyer’s part thinking of those who would be left behind.

Of course you only need to be old before getting life insurance right? Would a single 20 something person need life insurance?

The answer is ‘depends’. If someone has no assets, no bills, and no family then maybe no. However, if you had assets or debts, a family medical history, future included plans for marriage, house and or family (or other dependents), then the answer is YES.

Would a 50, 60, or 70 year old need life insurance? Hopefully not because their period of financial responsibility would be gone, and if they had planned their finances prudently they would have built up their estate to the point of financial independence or self insurance.