It’s a personal decision that should be made by each person individually. The main purpose of Life Insurance is to protect your loved ones financially (from losing a house, assets, income, etc.), in case of your demise. Whole Life insurance can also build up cash in it which can be borrowed against, if needed (for children’s college, retirement, etc.). Other people need Life insurance for the estate tax purposes. Some policies have Accelerated Death Benefit feature that allows receiving the death benefit in case of a terminal illness, or a need for assisted living, or nursing home care.