Planning throughout all stages of Life
Many high net-worth individuals do not purchase life insurance because they believe it's something they need only when they are "older."
It is true that life insurance is most often used for estate equalization and to maximize a wealth transfer to family members via the death benefit.
However, the purpose of life insurance is portfolio optimization and wealth preservation, which are applicable at any age.
Whether you expect to inherit a sizable estate or sell the company you're currently building, permanent life insurance provides an asset that is generally safe from creditors,* protects your human capital (the value of your expected future earnings), and can offer non-guaranteed dividend potential.
Acquiring life insurance earlier in life optimizes cost efficiency.
Figure not to scale. For demonstration of principle only.
* Rules vary according to state and ownership.