Your need for life insurance depends on where you are in your life. Marriage, parenthood, home ownership and retirement are important milestones for evaluating your need for life insurance. If you have loved ones who are financially dependent on you, life insurance can provide coverage to help protect their financial well-being in the event of your death. The death benefit paid to your beneficiary could be used to help pay for final expenses, mortgage payments, college tuition and outstanding credit card debt. Life insurance can also be used to transfer wealth for an inheritance and to leave a financial legacy to your favorite charity.