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If you have dependants who you share your life with, life insurance can play a very vital role at every stage of your life.  Knowing how much to buy, which types to buy and which companies to buy it from is the key to having great life insurance coverage. 

Now, if you do not have any dependants and have enough money saved up to cover your final expenses, essentially you do not need life insurance.  However, if you'd like to start an inheritance for your family members or if you would like to make a charitable contribution then you should buy enough life insurance to achieve these financial goals.

There are 2 major types of life insurance:

Term life - the simplest form of life insurance and it pays only if the dealth occurs during the term of the policy which is usually 1-30 years.

Whole life - pays the death benefit whenever you die, even if you live to be 100 years old.

One advice columnist recommended buying 25 times your salary before taxes.  This figured that the benefit was invested into bonds that pay 5% interest - this way producing an amount equal to your salary at death so that the survivors could live off the interest and not invade into the principal.
This formula, however, did not take into consideration any inflation costs or the actual bond portfolio.

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