For most people, term life insurance is the cheapest and simplest way to provide for a family. Term life insurance is like auto insurance: you pay for coverage each year. If you stop paying, the coverage lapses. The price you pay depends largely on your age, gender and health.

It’s easy to shop for term life insurance because it’s simple: You pay a certain amount each year based on the dollar amount of your coverage. If you find a cheaper policy next year, it’s easy to switch, as long as your health has not deteriorated. The price goes up each year as you grow older, but most companies offer a level-term policy in which your payments stay constant for a set number of years, such as 10, 15 or 20.

When you no longer need insurance, because your children are independent and you have accumulated enough assets to protect your spouse, you can simply drop your term life insurance.

Many Web sites provide terms quotes from insurance companies, but only those that pay to be there. Obtain quotes from several sites and consider calling an agent as well.

Many employers offer term life insurance. These group policies can be a good deal if your health is sub-par, but if you are in good health, you can probably get a better deal on your own.