What if you lose your job #4: Life insurance

Many of us are used to getting life insurance as an employee benefit. When we suddenly find ourselves un-employees, that benefit can disappear along with all the rest.

Some companies allow former workers to continue their coverage by paying the premiums themselves. Before you do that, though, ask yourself whether you need life insurance and, if so, how much.

If you have young children or others who depend on your income, then you almost certainly do need it—perhaps even more than your employer was providing. Exactly how much life insurance you need will depend on such factors as your assets, your debts, and your family's other sources of income.

If you have no dependents or your children are grown up and on their own, you may not need life insurance at all.

This Consumer Reports Money Adviser article offers advice on buying life insurance and not overpaying for it. —Greg Daugherty

Greg writes the "Retirement Guy" column each month in the Consumer Reports Money Adviser newsletter.