Life insurance is not a priority for many people in their 20s. The expense of buying something that's intangible doesn't seem to appeal to people who are just starting their careers.

Most people think that life insurance is expensive, or that you're paying for something you won't benefit from. But the truth is, life insurance policies are cheaper when you get them the younger you are, and you can get plenty of protection by having a policy. Here are the top 6 reasons to get life insurance.

1. Someone Depends on Your Income

If you have a child/children, spouse, or elderly parent/s who depend on you financially, then having life insurance is a must. Your policy will ensure that your dependents are taken care of financially in the vent of your passing. If you have children, it makes sure they get financial support, and if you have ageing parents upon your death, it ensures they're left with money to cover their long-term care when you are no longer around to provide for them. Assuming they can’t provide for themselves, of course.

2. You Have Debt

If you have outstanding debt upon your passing, your life insurance policy can take care of any financial obligations that you have, such as mortgage payments, car loans, credit card debt, as well as your funeral and burial costs.

3. You Are a Small Business Owner

Your life insurance policy can be used to pay your employees or stakeholders in your absence. You can also use your policy as collateral for your business loan. Using your policy as your security means your debtors can still get paid in the event of your death, giving them the confidence to approve your loan.

4. Your Lifestyle is High-Risk

If you have a high-risk occupation, you need life insurance more than the average joe because your job means you have a higher risk of dying than those who have regular desk jobs. High-risk occupations include jobs in aviation, firefighting, construction, mining, or in the oil or natural gas industries. Those who live high-risk lifestyles also need life insurance more than the average individual. High-risk lifestyles include those that engage in extreme sports such as skydiving, bungee jumping, rock climbing, or scuba diving.

5. You Want Your Family to Have Peace of Mind

In the event of your death, your life insurance policy can provide your family with peace of mind that their financial needs will be taken care of. Your passing is a huge emotional burden to your immediate family and you wouldn't want them to suffer from financial burdens on top of their grief. Your life insurance policy can remove at least one problem from your loved ones' lives when you pass away.

6. You Want Protection and a Source of Savings

Some life insurance policies create a cash value that can be borrowed or withdrawn upon your request. If it's not paid out as a death benefit, you can get your money and use it to start a business, pay for your child's college tuition, or for a medical emergency. Make sure you talk to your life insurance agent about this cash-value clause in your policy if you opt to have this benefit.

Having a life insurance policy makes sure your loved ones don't suffer the financial burden of your passing. It gives you the peace of mind that somehow, your family will at least be taken cared of financially when you can no longer provide for them in your absence.

7. It’s easier than you’d assume

Insurance providers are businesses selling a product, and they have modernized plenty over the past decade. Thanks to that and the creation of price compression platforms like Insurance Hero, and getting a life insurance policy today is easier than it has ever been.