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Why do you need Life Insurance? To begin with, it is not for yourself! It is mainly for your dependents and loved ones! It takes care of the financial responsibilies you leave behind so that they could almost immediately move on with their lives without financial burden. Other assets in your estate will take some time to unravel before they can be made available for use.

Which type is suitable for you? There are two main types:Term Life and Permanent Life. Term Life is the simplest and least expensive. Permanent Life provides for both death benefit and a cash value. It is "permanant" as it provides for permanent protection for your dependents. Permanent Life Policy comes in four forms:

• Whole Life;
• Variable Life;
• Universal Life and
• Universal Variable Life.

What is suitable depends on your personal situation. Are you married? Do you have children or dependents to provide for? Have you a large estate that may be subject to estate duty? It also depends on your financial situation. How much of insurance can you afford? A good insurance advisor should be able to recommend you the appropriate cover.

How much is enough? It depends on your personal situation. A good rule of thumb is to have a coverage of 2-6 times your annual income. Your situation will change as you progress in life (through marriage, having children, children going to school and then to college, etc). As your situation in life changes, you will have to conduct review and take up extra coverage to ensure provisions are adequate. Here is where a good insurance advisor will be helpful.