In my country, when you ask for a bank loan having a life insurance associated with that credit is mandatory. Banks have to make sure they get their money back in case something happens to the person that owes the money. Most banks have special insurance deals because they have shares in those companies. For example, if you have a bank account in a certain bank you can contract car insurance with a good discount. Banks and insurance companies are like one big happy family. They provide services together and both companies profit from it.
Another good reason to make a life insurance is to provide some financial security to our family in case we die. I can´t imagine how my daughter would pay my financial responsibilities in case something happens to me. This makes me think that her savings account should have more money on it or I should make a life insurance with her as my beneficiary.
If you live in US, and you need information about life insurance, you can check LifeInsurance.org. This website, recently redesigned, was developed to provide information and guidance about Life Insurance leading providers. This website does not sell policies to consumers and it´s focus is educational.
In Lifeinsurance website you can learn about the different types of insurance and search for quotes from leading US companies such as Transamerica, Northwestern Mutual, Gerber Life, MetLife, ING and HSBC. You can also search insurance providers by state and learn more about their services.
This website is a useful resource. In my country, we can only get quotes if we contact insurance companies.