"What are the personal and financial assets that I need to protect?" "If I were to suddenly pass away, how much money would the people that depend on me need to maintain the same lifestyle?" Your responsibilities are always changing and your response to the above questions are probably different than last year, and given the purposeful year ahead of you, next year's responses will be even more different. Recognizing your change in assets and responsibilities to your family, and overall changes in your life, take the simple steps necessary to protect them with simple and affordable term life insurance.

The amount you pay for term life protection depends on the amount and term-length of your policy, your health and age, and the insurance company you select. To find the best price though, make sure to shop and compare quotes from multiple companies. As you will learn, the cost of the same policy can vary by hundreds of dollars among different insurance companies. Just as your needs are always changing, so are term life insurance rates.

Everyone has different needs, therefore, no one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement. Individuals who have 30-year mortgages for example, might consider a 30-year term life policy to ensure that the home is protected throughout the life of the loan.

While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It's a term called "Age Nearest" in the industry, and that half-year price increase could really add up over a 20-year term policy.

In shopping for term life insurance, many agents may try to sell you more coverage than you need. Understand that the purpose of life insurance is to replace financial loss, and what most people should be looking for is "income replacement" for their beneficiaries. Financial planners recommend a policy amount at least equal to 6-10 times your annual gross income.

Insurance companies are known to offer "price breaks" at certain coverage amounts (e.g., $500,000 vs. $750,000). Many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000. After you get quotes, an Anikim advisor can identify such opportunities.

While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you're young. The best advice is to lock in as much protection at a young age while your health and prices are still good to avoid paying substantially more when a shorter-term policy expires.