I understand it's no fun shopping for a product that can't be used until you're dead. But for the sake of your next of kin, it's important to know what you're buying and how much you should buy. So let's start with the basics.

Life insurance is meant to replace income. If you have no dependents -- a spouse, children, parents -- chances are you don't need life insurance. So start the analysis by simply asking yourself this question: "Who is financially dependent on me?" Then ask: "What major living expenses will these folks have to pay if I die?"

For a good, independent source of information on life insurance, go to www.insureuonline.org , a Web site created by the National Association of Insurance Commissioners.

Next, you need to decide which type of insurance best suits your situation. There are two main types of insurance -- term and permanent. Just as it sounds, term life insurance provides insurance for a certain period of time, typically one to 20 years. Term policies pay a death benefit only if you die during the period of coverage. Some policies can be automatically renewed, and some can be converted to permanent insurance without the need for a medical exam.

Then there is permanent life insurance, also known as a "whole life" or "universal and variable life" policy. Permanent life insurance includes a death benefit as well as a way to build up cash value, which you can borrow against or use to pay your premiums.

Under its LifeBridge program, MassMutual, one of the nation's largest life insurance companies, is offering term life policies with a $50,000 death benefit at no cost for families earning between $10,000 and $40,000.

Each policy has a 10-year term and must list the insured's children as the beneficiaries. If the insured parent or legal guardian dies during the 10-year period, the $50,000 benefit will be applied toward the children's education.

LifeBridge is available in all 50 states and the District of Columbia. So far, MassMutual has written more than 5,700 policies, representing more than $285 million of insurance. Its goal is to issue 20,000 by Dec. 31, 2007. For more information about this program, call MassMutual toll-free at (800) 272-2216.

Don't base your decision on a multiple of your income. You might have heard that you should have enough life insurance to cover five to six times your annual gross salary. That calculation is too simplistic. Take the time to look at your total financial situation, including your income. You should consider any other assets that would be available to your survivors, including investments and Social Security benefits.

Don't buy based on your lifetime earnings potential. That may be taking it too far, and you could end up buying too much insurance. You can find a good calculator at www.life-line.org . Search for "Insurance Needs Calculator."

Don't base the amount of life insurance you buy on how much debt you have. Despite what you may have heard, you don't need to buy life insurance to keep your survivors from getting saddled with your debts. Your estate is responsible for your debts. If you die broke and no one co-signed for your debt -- a mortgage, car loan, student loan -- creditors can't legally go after your next of kin.

Life Insurance Awareness Month forces you to put a price on your life, literally. Difficult as that is, your family's financial future and well-being are worth the effort. Take the time to do it, and do it right.

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