First, let me start by saying if you do not have life insurance it is a must especially if you have a family. Stay away from the cash value/savings life insurance plans they are a joke. Those types of plans pay no interest to you, instead they hold your money and keep the interest for themselves. They are making thousands of dollars off of your money that you could have made if you would have instead put that money in a IRA or growth stock mutual fund.

Term life insurance equals low cost for the same coverage, I just got my term life insurance for around $15.00 a month through Zander Insurance. Once you switch to Term Life Insurance you have a extra hundred dollars or so to invest with, and start building a portfolio for your family.

When purchasing term life insurance you want to buy about 6 years worth of your annual income, so if you make $50,000 a year you would need $250,000 - $300,000 in term life insurance.