Since life insurance isn't required by law, many people don't buy it. Some feel it's tempting fate, others see it as a waste of money. In fact, it's neither. Here are four groups of people who do need life insurance, and some reasons why: 

Young Professionals 

Recent grads and young professionals may not seem like typical candidates for life insurance. This is true especially if they're single, employed and have no dependents.  

But many have student loans, and sometimes these are in their parents' names. Its people in the latter group that should consider life insurance most. If you pass away, the loans in your name might go away but the ones signed by your parents may not. A life insurance payout will allow your parents to pay the debt without second thought. Then they can move forward in their healing process without the financial burden. Life insurance will also likely pay off any other debts you have. 

Newlyweds 

Getting married often brings a sizable amount of debt under one roof. You might not have dependents, but should one spouse die, the insurance will allow the other financial security. They can pay debts using the settlement. Money can be set aside for any dependents that you do have, as well. 

Parents 

Parents have a clear need for life insurance on them, and the other parent. Even if you are not with your child's other parent, they need it too. It's important that they understand this need for insurance. You also need a will that tells surviving family members how you want the money used. Update this after family changes occur. The birth of another baby or the passing of the person you named as guardian are times when you need to update. 

Retirees 

Conventional advice suggests that by retirement age, life insurance isn't as essential. Still, if you're near retirement and have little saved, getting life insurance is smart. It will be more expensive, for sure. But well worth the cost for the value you get when you make a claim. Even if you have a considerable nest egg that will support you, it's still a good idea to have a policy. It's very easy to see that almost everyone should have life insurance. Don't think of it as an investment, but peace of mind for the loved ones of those who pass.