Buying Life : What Kind and How Much?

Conventional wisdom says that life insurance is sold, not purchased. In other words, some people are reluctant to discuss the importance of owning life insurance, and others are simply unaware of the need to have life insurance. Although many large companies provide life insurance as part of their benefits package, this coverage may be insufficient
Who needs life insurance? If there are individuals who depend on you for financial support, or if you work at home providing your family with such services as child care, cooking, and cleaning, you need life insurance. Older couples also may need life insurance to protect a surviving spouse against the possibility of the couple's retirement savings being depleted by unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.
Before you start
Think about which members of your household should be covered by life insurance. (It's typically a good idea to insure anyone who earns income.)
Find out whether you're eligible for group life insurance coverage at work. If you already have it, review the policy to understand exactly what benefits it provides.
Keep in mind that you may not need life insurance if you have no dependents and nobody else relies on you for financial support.