Life insurance is essential for those with dependents, as it can provide financial support if the primary income earner passes away. Term life insurance is the most affordable option, typically covering a specified term, while permanent life insurance lasts for life but is more expensive. To determine coverage needs, consider current expenses and future financial obligations. It's crucial to choose reputable insurers and compare quotes. Regularly review beneficiary designations and consider both parents for coverage, as non-working spouses also contribute significantly to household finances.