First off, do you even need life insurance? If anyone currently relies on you financially, you should have life insurance.

When you’re gone, your family will not have the support of the income you had provided in the past so life insurance helps replace that financial contribution to your family. Whether it’s enough life insurance for them to continue to live comfortably for years to come or just enough to buy some time before figuring out their next steps, life insurance is a good idea.

Even if no one depends on you, taking out a small life insurance policy may still be a good idea to help cover the cost of funeral expenses and any bills or debts you may have accrued over the years—to avoid them falling on a parent, spouse or friend while they’re dealing with the loss of a loved one.

And even when your employer offers life insurance, you should consider buying your own policy. What happens if you quit your job or get laid off and you’re left without coverage? If you have your own policy, it will travel with you no matter what your job status or situation is, as long as you pay your premiums.

How much life insurance should you have? Deciding how much life insurance to have doesn’t need to be difficult. Weigh your options by deciding if you want to provide your family with years of financial support from you after you pass or if they just need enough to get on their feet. Consider the ages and schooling of your children and employment situation of your spouse. From there, you can have an idea of how much insurance to have based on your income and the extra expenses your family would have to assume if you weren’t around to take care of them.

What about the cost of life insurance. Life insurance doesn’t have to be expensive. It all depends on your age and how much you want or are eligible to have. The AIA Trust offers affordable group rates to AIA members. There is also an online rate calculator to help you determine what your premium will be each month.

Your health matters. Your lifestyle, tobacco use, blood pressure, cholesterol level, weight to height ratio, and any health issues are all considered in the application process and will determine in what rate class you are. Being your healthiest will help keep your premium lower.

Tell the truth. Don’t lie to the insurance company on your application which can result in being denied coverage or facing a cancellation in the future without getting the premium back that you’ve already paid.

Pay your premiums. Don’t forget to pay your premiums which can also result in the cancellation of your policy.

Make sure your beneficiary is someone you trust. The beneficiary is the individual that will receive the policy benefit if something should happen to you. Regardless of what your will says, the named beneficiary will receive this benefit so make sure you keep it up to date. Also be sure this individual knows where your policy is so they can get in contact with the insurance company.

Life insurance doesn’t have to be expensive or difficult. By getting the coverage you need, you’re helping ensure your family’s financial safety if the unforeseen should happen. Even if it’s just enough to cover the cost of the funeral and any debts, you are helping your loved ones while they deal with a loss.

Learn more about AIA Trust life insurance plans