· There are fundamental questions you need ask yourself: Can you avoid three types of life: live short, live long or live unhealthy? When you are gone, is there any replacement income to your family? Do you have any outstanding debts or obligations left to your family? Any estate are you planning to you loved? If your answer is yes to any one of above questions, you need life insurance definitely. Life insurance is a cost-effective financial planning to provide for your loved ones and one of best way to meet your financial need.