Life insurance isn't for those who have died - it's for those who are left behind. When shopping for life insurance, consider needs such as:

Replacing income so your family can maintain its standard of living.

Paying for funeral and estate costs.

A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of three categories: term, level, and permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period.

Level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends.

Permanent insurance policy will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

Indexed Universal Life (IUL) survivorship option provides insurance on two lives, and pays a death benefit after both insured people have passed away. Flexible premiums allow you to adjust your payments, or you can choose a fixed, consistent amount. Ability to adjust your benefit amount to align with your changing life. Ability to build tax-deferred cash value growth based on indexed crediting potential tied to performance of an underlying index.