Life insurance policies are crucial financial tools designed to provide protection and financial security to individuals and their loved ones. But who exactly purchases these policies? Understanding the demographics of life insurance policy buyers helps shed light on their motivations and the benefits they seek.

Life insurance policies are commonly purchased by individuals with dependents, such as spouses, children, or ageing parents, to ensure their loved one's financial well-being during their death. Breadwinners, especially those with substantial financial responsibilities, often prioritise life insurance coverage to guarantee their family's stability.

Additionally, business owners and partners frequently invest in life insurance policies to protect their companies and ensure a smooth transition in case of an owner's or partner's untimely demise.

Original Source: https://www.quora.com/Who-buys-life-insurance-policies/answer/Ranjit-Singh-3890