 TITLE: What Type of Life Insurance Should I Get? CONTENT: How Do Life Insurance Policies Work?\n------------------------------------\nAs with home or auto insurance, you purchase a certain amount of life insurance coverage and pay annual premiums for it. If you die while insured, your beneficiaries will receive a payout of the amount of coverage you purchased; this is called the _death benefit_.\nDo you need life insurance? If you provide financially for your dependents, the answer is yes—especially if you're the sole wage earner. Stay-at-home parents should also consider life insurance to cover the cost of replacing services they provide for free, such as child care and housekeeping.\nOn the other hand, if you're single, don't have any dependents and have enough money to pay your debts when you die, you really don't need life insurance. Of course, you can still purchase life insurance if you want and declare a favorite relative, charity or whomever you choose as the beneficiary. END