Life insurance is essential, no matter how young or old you are.
And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have children, a life insurance policy can also support their education or childcare expenses.
To some degree the need for life cover decreases as we get older.
(Of course, if you own a business, you may still be borrowing even in semi-retirement, in that case the need for life cover remains.)