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Life insurance is crucial for families with dependents, retirees, and may not be as suitable for sports professionals.
Life insurance is primarily recommended for a family with one income and two or more dependents as it provides financial protection for survivors in case of the insured individual's death. This ensures that the family is not left in a difficult financial situation if the primary earner passes away.
Additionally, life insurance may be suitable for a retiree on a pension to help cover funeral expenses and provide financial support for any remaining family members. It serves as a safeguard against leaving a financial burden on loved ones.
On the other hand, a sports professional athlete might need specialized insurance to cover career-specific risks and may not benefit as much from traditional life insurance policies.
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