The primary reason for life insurance is to protect your heirs from the big one (your death). If someone depends on your income (e.g. a spouse or children), then you should have life insurance to replace the income they will no longer get if you die. If you have enough savings to to provide sufficient income, then you don't need life insurance. You should buy term insurance until your savings is sufficient to provide the necessary income. Life insurance salesmen will also push life insurance as an investment or as a tax planning tool. If you are a knowledgeable investor, I believe you would be better off buying term insurance and investing the difference.