Most financial gurus recommend that you buy a cheap term life insurance policy in an amount sufficient to cover your family's needs in the event you pass away. The premiums are generally way lower than whole or permanent life insurance, at least initially, but they do go up as you age and the policy typically expires when you are around retirement age. The term policy expiration date is usually well before you are likely to pass away, so the chance of your beneficiaries receiving the death benefit is low.