As with any insurance policy is to provide an income to you family or dependants in the event that you are not capable of generating an income. You should always consider paying for a life insurance if you have dependants or people who rely on you to make a living and support them.
Life insurance policies become more expensive the older you are. Therefore if you want to obtain a life insurance policy you should do so as early as possible or buy a level term policy that will fix how much you pay and how much your beneficiaries will receive. With a level term policy the benefit you receive is that you won’t be stuck with a huge premium amount that you have to pay. However, this also means that the amount your beneficiaries will receive will decrease over time and the rate of inflation. Some companies do provide inflation proof payout schemes and although their premiums may be higher you may want to invest in such a policy rather than a one that will decrease. Thus, if you have taken out a mortgage on your home, having a life insurance policy would ensure that your dependants can make the mortgage payments even if you are not able to generate an income to make those payments.