• Don’t assume that just because you’re young, you don’t need life insurance. As much as we are disinclined to think about it, tragedy and catastrophic illness strike, and you’d hate to leave your survivors in a financial bind. Rates are lower when you’re young (assuming you’re in good health), and you might be able to lock in a “level premium” that won’t increase as you get older.

• Before you get life insurance, have a check run on your credit to avoid paying higher rates. There are three companies that provide this service for free: Equifax Credit Information Services; Experian and TransUnion Corp.. If you discover any red flags, do what you can to clear them up before you look for insurance.

• Shop around; don’t just go with the first quote you receive without doing some comparing. Calling or e-mailing an insurer to request a quote is not a commitment to purchase insurance.

• Make an assessment of your family’s needs in the event of your death. If you have children, you will need more insurance; even if they are young now, don’t forget to look down the road to college costs. Factor in items such as funeral expenses, lost wages, paying off debts and the loss to the family of your health insurance coverage and retirement account payments.

• If you have children, consider buying policies on them. There is no lost income if a child dies, but funeral, burial and related expenses could run to thousands of dollars, which might cause a financial hardship for the parents of the deceased child. A policy on a child would also guard against the possibility that, when the child is older, he or she might not be able to buy life insurance because of illness or other circumstance. Typically, ownership of a policy is transferred to a child when he or she turns 21.

• Reassess your coverage periodically; major events (the birth of a child, having to care for elderly parents in your home) might require you to adjust your coverage. By the same token, if you’re an empty-nester who’s reached retirement age, you may be able to scale back.

• Be aware of the different kinds of life insurance. Term life insurance generally is the least costly, and as the name indicates, pays a death benefit during a specific time period. As you age, your rates for term insurance generally increase. Another option is permanent life insurance, which carries higher premiums but includes a death benefit and a savings account.

• Guaranteed value policies are not worth the extra cost if you’re healthy. They require no medical exam, so they have a higher premium. Most forms of life insurance require you to get a physical, but there’s no reason to shy away from that if you’re relatively certain you’ll pass with flying colors.

• Your bank account will take a bigger hit upfront, but try to pay your annual premium all at once. You’ll save on the rate and interest payments that come with paying monthly.