Final answer:
Joe may be considering purchasing life insurance to provide financial security for his family after his death, as advised by Dave Ramsey, who recommends term life insurance as a prudent financial protection measure for those with dependents or significant debts.
Step-by-step explanation:
Joe might be thinking about buying life insurance because, as financial expert Dave Ramsey suggests, it is a way to provide financial security and peace of mind for one's family in the event of their passing. Dave Ramsey advocates for term life insurance as a cost-effective option. The primary purpose of life insurance is to replace the income of the deceased, pay for final expenses, and possibly leave a legacy for heirs or to contribute towards charitable causes. It is especially important for those who have dependents relying on their income. Dave Ramsey typically advises that life insurance is most appropriate for those with families or significant debts that would burden others after their death.