Life insurance is an agreement between you and the life insurance company which requires you to pay a premium in return for a death benefit paid out to your beneficiary if you should die.
Some of the most common reasons for buying life insurance protection may include:
1. Replacing your income.
2. Providing for your child's college education.
3. Paying off your home mortgage.
4. Paying off your credit card debt.
5. Proving for your spouse's retirement.
6. Money for your family's living expenses.
7. Donating money to a charity.
Here's an article that explains more reasons why you may need life insurance.