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In general, there are two basic types of insurance to choose from: term life insurance, and universal or "whole life".
Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of the term -- which can be from one to 30 years. The premium rates increase at each renewal date. Many policies require that you present evidence of insurability at renewal to qualify for the lower rates.
Whole Life premiums generally remain constant over the life of the policy and offer a "cash value" (savings) component.
The most basic way to calculate how much insurance you need is to consider your annual income before-taxes, and estimate how many years left until retirement. There is no federal income tax on life insurance benefits.
Financial contracts are very confusing. Before signing yourself to a major long term commitment; have an attorney, familiar with financing and taxes, examine and explain the details (where the Devil is). A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.
Whether buying or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.
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