If you have a spouse, children or other family members who rely on you financially, you should consider buying life insurance.

Additional reasons to consider life insurance include paying funeral expenses, taxes or other costs of settling a large estate — even paying for children’s college costs.

Term life insurance is the most common, simplest and least expensive form of life insurance. Most insurance provided by employers is term life insurance. The “term” part of the name refers to the fact that this life insurance provides coverage for a predesignated span, often 10, 20 or 30 years. To get it, you pay a fee known as a premium. If you die during the term, the insurance company will pay the benefit, also called a death benefit, to the person or persons you name as beneficiaries.

As an example, for a monthly premium of approximately $25, a term life insurance policy might pay $100,000 to the beneficiary of a 55-year-old policyholder who dies any time within the next 20 years. The size of the premium varies according to the insurance company. Other features (such as a declining benefit as the policyholder ages) may also affect the premium.

The other main type of life insurance is permanent life insurance that, as the name implies, is intended to cover the insured person’s entire lifespan. It comes in several varieties, one of the most common of which is whole life insurance. Unlike term life insurance, whole life insurance has a savings feature. Part of the premium for whole life goes into a savings account, which may grow and become a source of cash in time.

Traditionally, people have been advised to have enough insurance to replace some multiple of their current income, usually between three and 10 times. However, the amount of life insurance you may want to acquire actually depends on several factors, including your current income, debt level and whether or not you have a mortgage, children or anticipated college costs. Your own age and health may also affect the cost and availability of life insurance.

Life insurance can be complicated, especially the various types of permanent life insurance. The experienced financial advisors at Flagship Financial Group, located at American Airlines Federal Credit Union, can listen to your needs and help you make the right financial decisions for you and your family. This professional service is available on a no-cost, no obligation basis. In addition to life insurance, also consider insuring your health, car and home and against the potential costs of disability or long-term care.