If you're single and have little or no debt, you probably only need to consider the cost of final expenses in case you were to die. If you have a sizable savings account or other assets, you may not need to worry about life insurance at all.

But if you are married, especially if you have dependent children, or if you have debts such as a mortgage, car payment, or credit card balances, your family could be at serious financial risk if you should die suddenly and your income were suddenly no longer available.

If you've finished raising your family and paid off your mortgage and other debts, your life insurance needs are different than when you were younger. But you'll still need to make sure final expenses are paid. And if you're married, your spouse's income may be considerably less with you gone. Enough life insurance can help to "fill the gap".