It's something most people don't want to think about: death. But you might want to ponder it now so your family will have a financial cushion when you pass away.
   That's where life insurance comes in. It gives your spouse, children or an aging dependent parent money when you die. It can also be used to protect your business, pay off debts, leave money to charity and cover estate expenses. You make periodic payments, or premiums, which vary based on your age, sex, medical history and the type and amount of insurance you are getting.
   There are two kinds of insurance - permanent or term. Permanent insurance, also called whole life insurance, offers fixed payments and builds equity on a tax-deferred basis. Term insurance, also called convertible, is paid if you die during a specified period. It starts off with a low premium that increases over time and does not build equity. Talk to your insurance company to learn what insurance is best for you.
   Many employers offer sponsored life insurance programs, or group insurance. These policies are generally less expensive than plans offered outside work. You can also usually get coverage regardless of your health, and policies often give continued coverage during disability. Most plans deduct a little bit from your paycheck each week. If you leave your company, you can usually continue paying your premium or convert your coverage to an individual policy.
   It can be tough deciding how much insurance coverage you'll need. MetLife, a company that provides insurance and other financial services and policies, suggests getting a policy that is equal to six to eight times the wage earner's income for a married couple with two children. The amount you need can be less, depending on factors like how much your spouse earns and how much savings you have. Singles without kids may not even need life insurance.
   Review your coverage every few years. You might want to change your policy if you have married or divorced; a child or grandchild has been born or adopted; your health or your spouse's health has changed; you have bought a new house; you or your spouse makes more money; or you have a child entering college. Talk to your insurance company about what would work best for you