Why choose life insurance?
Life insurance is a very personal choice. It is a common way to pass wealth on to another generation, or to simply cover the cost of a funeral in the case of a person who is living very frugally and does not want to expose their family to that expense.
Permanent insurance, however, can be an asset even while you live, creating a new investment for people who can afford the more expensive premiums. With permanent insurance, the cash value component can grow over time, depending on the type you choose, and they are sometimes indexed to specific equities. Since you can borrow against cash value life insurance policies, they also can be used to help build other types of wealth, like a real estate or investment portfolio.