I'm a financial planner, and I always recommend life insurance to 4 types of people - Business Insider

proceeds pass to any named beneficiaries tax free and, at a minimum, should cover your children, your spouse, and anyone with whom you've accumulated a significant amount of debt or equity.The very first step in the process of purchasing life insurance is to determine who it should cover and what life events or expenses you would like it to cover them for. If you have children, you likely have big plans for them and what they will accomplish by the time they are adults.

for an individual or family. However, a widely accepted rule of thumb to determine a minimum coverage amount is to take a person's after-tax income and multiply by 10. Though the equation is not perfect, that would reasonably imply that at a minimum, you have provided 10 years of income replacement for your loved ones.In addition to replacing your income, you would want to have enough life insurance in place to pay off any large debts you are responsible for, such as a mortgage.

As anyone who has ever built a business knows, it usually takes pouring every available dollar you have into that business for years before you are able to draw an income from the business just to cover your living expenses. An even more tricky feat is the challenge of extracting any value that you have built up in that business by turning it into actual dollars.

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