First, consider what you already have that will help you to meet your life insurance needs. Count the life insurance you have now, including any group life insurance where you work or veteran's life insurance. Don't forget Social Security and pension plan survivor's benefits. Add other assets you have: savings, investments, real estate, and personal property. Which assets would your family sell or cash in to pay expenses after your death?

The following questions will help you discover your life insurance needs.

How much of the family income do I provide? If I were to die early, how would my survivors, especially my children, get by?

Do I have children for whom I'd like to set aside money to finish their education in the event of my death?

How will my family pay final expenses and repay debts after my death?

Do I have family members or organizations to whom I would like to leave money?

Will there be estate taxes to pay after my death?

How will inflation affect your future life insurance needs?