Here are a few examples of those who life insurance benefits:

a. Parents with dependents:

According to the USDA, the expected cost of raising a child to age 18 is around $233,610. Having dependent children means facing some hefty costs, including childcare, extracurriculars, schooling, and higher education costs. When you put these costs together, along with housing and necessities, the death of a parent can leave children at a severe disadvantage. Life insurance can help ensure that your children will be covered during the time in their lives when they truly depend on you.

b. Couples:

Couples in any stage of life may need life insurance. For example, if couples have financial responsibilities together, such as a mortgage, the impact of one person’s death could mean the other can’t maintain those obligations. A life insurance policy can help the remaining partner keep their home and lifestyle after someone dies. A life insurance payout can also provide a buffer for grieving loved ones. If a surviving partner would like to take an extended work break to grieve their loss, an insurance payout can give them the breathing room to do so.

c. Homeowners with a mortgage:

A home is typically the most valuable asset owned by American consumers. A mortgage payment can be a significant component of the household budget and an incredible burden if an income-earning loved one dies. Life insurance benefits can ensure that your beneficiaries or dependents can keep their home if you unexpectedly pass.

d. Single parents:

Single parents shoulder all or most of the financial responsibility for their children. The death of a single parent can leave children with a financially uncertain future at a time when they are already grieving a huge loss. A life insurance policy can benefit the children so they still have the opportunities you hope for them as a parent. With the right policy, college funds, extracurriculars, or even funding to buy their first house could be possible.

e. Business owners:

If you own a business, your family and business partners could likely struggle to maintain it uninterrupted in the event of your death. A life insurance policy can help them cover costs to keep continuity, such as operational costs, business debts, or fees related to transferring the business to their heirs or a buyer.

f. Those with large debts:

When a person dies with debts, some could be inherited. For example, joint or co-signed debts could be transferred to the other signer. Some states may hold spouses or children responsible for unpaid medical debt. Life insurance can be a good way to ensure your beneficiaries are able to pay those debts – not financially burdened by them.

g. Primary earner of the family:

Even if you're divorced. When you’re the family breadwinner, your loved ones rely on you to survive financially. If you die, they may find they’re unable to support themselves, at least in the short term. For example, consider how long it may take a stay-at-home parent to find a job if they suddenly need one. Life insurance can ensure the bills are taken care of while your beneficiaries take time to make necessary life adjustments.

Most carriers try to stay away from an exam. It depends on what’s on your driver’s report, credit report, prescription history and medical information bureau report. They also consider your age, height/weight, occupation, tobacco use, if you engage in any risky activities and family health history.

a.      30 times your income at ages 18 to 40

b.      One-half of your net worth at ages 71 to 75

c. Amount of your mortgage or asset you’re looking to protect

i.      Duration - how long you feel you need life insurance coverage.                                                             

ii.     Budget – how much can you afford monthly or annually.                                                           

iii.    Financial Goals – are you looking to cover debts or income replacement, or are you looking for it to serve as a financial asset, providing cash value that you can borrow against or withdraw.                             

iv.    Health - Consider your health and potential changes in the future. If you anticipate health issues that could affect insurability, permanent insurance may be a better long-term solution.                                  

v.     Flexibility – do you want something simple and straightforward with limited options for changes, or something more flexible, with options to adjust premiums, death benefits, and investment allocations.

You have what they call ‘insured interest’ in the beneficiary. So someone who you care for or relies on you financially. A business you own or are a ‘key employee’ at.

A trust is highly suggested because:

b.      Avoid probate

c.      Simplify and speed up the distribution of your assets.

d.      Provide greater flexibility and control through specific instructions on not only who receives your assets but also how (e.g., spread out over time, at the discretion of someone else, etc.).

e.      Minimize conflict, as trust instructions cannot be contested in court like wills can.

f.       Maintain privacy by keeping your assets from becoming public record as part of the probate process. g.      Protect assets from creditors and lawsuits.

h.      Minimize taxes, as certain types of trusts can reduce estate, gift or income taxes.

If you have medical concerns find an 'independent' insurance agent, meaning they can sell insurance with various insurance carriers. That way they can shop around and see if there's a carrier that will work with your specific needs.