If anyone is financially dependent on you, life insurance is always recommended — the earlier the better. It’s also worth it if you have assets, debt, or a business. Death benefits can be used by beneficiaries to pay for just about anything following the passing of the policyholder, including funeral expenses, childcare, mortgage payments, business debt, student loan debt, and inheritance or estate taxes. The cash value component can even be used to fund part of your retirement.

Life insurance could be a smart long-term investment for those who are:

• The sole financial provider in a household
• Parents, including stay-at-home partners, divorced or single parents, and parents of a special-needs child
• Homeowners with a mortgage
• Business owners
• High net-worth individuals
• Those paying off debt
• Those concerned about funeral costs
• Those looking to provide an inheritance