Life insurance allows you to protect your family financially in case of a loss.  Today, most families are dual income. If one of the parents dies, the money could be used to pay off a mortgage, auto, debt, allowing the other spouse and children to still stay in the same home and not have to relocate.

Yes, in time of loss, not many people are ready to jump back to work, and the majority of people live paycheck to paycheck. This adds a buffer. Also, children's policies can be passed on to your children someday. Once a policy is in force, they have guaranteed insurability. If you wait, and your child develops a medical condition, they may become uninsurable. Children’s policies are relatively inexpensive, Starting while the child is young is good practice and highly recommended.

Different policies serve different purposes. Some serve short-term expenses like a mortgage, while others are for later in life, supplemental retirement income, long-term care, etc.