More and more people are realizing that adding life insurance to their financial plan can provide a measure of security for their loved ones.

1. Know the difference between term and permanent life insurance. Term life insurance coverage lasts for a set amount of time – most policies are for 10 to 30-year terms – while permanent life insurance covers your entire lifetime.

2. Determine how much you need. There are several factors to consider, including your age, debts, monthly expenses and number of children. Did you know that even stay-at-home parents and student loan cosigners could have a definite need for life insurance? An insurance agent can help you figure out who and what you need to protect.

3. Purchase sooner rather than later. If you hold off buying term life insurance until age 50, the rate can be up to 212% higher compared to buying at age 30. Policies are more affordable than you may think.

4. Talk with a trusted advisor. An insurance agent can help answer any questions you have, walk you through the process, lay out the options that make sense for your life and budget, anticipate your needs and make the process efficient. In many cases, your advisor can tell you how much you need and how much it can cost in just a couple of minutes.