If you are young and just getting your financial feet under you, a life insurance policy might not be the biggest financial priority for you. But should it be?

You probably don’t have dependents or a lot of assets that need protection, but it still might be worth checking out some low cost life insurance options.

According to the non-profit website www.lifematters.org, you should ask yourself two questions before buying life insurance:

* How much money would my family need after my death to meet immediate costs like funeral expenses.

* How much money will my family need to maintain their standard of living over the long run?

If you are younger, you will probably be more focused on the first question. The website also offers this simple equation to get you started thinking about how much insurance you might need before seeking life insurance quotes:

(Current and future financial obligations) – (Existing resources including earnings, savings, investments and insurance already owned) = life insurance needed.

The website also offers a human life value calculator that will help you determine how much insurance you might need. Once you determine how much insurance you might need, you can compare life insurance rates by seeing what different providers have to offer, or by contacting an insurance agent.