Should you have life insurance and a will?

The video discusses the importance of life insurance as a financial protection tool, especially for those with dependents. It explains the differences between whole life and term life insurance policies and highlights the influence of social media on life insurance decisions. The video warns against replacing retirement planning with life insurance and cautions viewers about potential scams. Additionally, it emphasizes the importance of having a will to ensure assets are distributed according to one's wishes.

What is the purpose of a will as described in the text?

When is it suggested that one should create a will?