Although consumers widely recognize the importance of life insurance in financially protecting their families, most need significant help in determining the type and amount of coverage appropriate at different life stages, according to the National Association of Insurance Commissioners (NAIC).

"While many adults with dependent children living at home know they need life insurance to protect their families, not all have it, and few young singles even take the time to evaluate their options," says Alessandro A. Iuppa, NAIC president and superintendent of the Maine Bureau of Insurance. "To help educate consumers about if and when to purchase, increase or reduce life insurance at different stages in their lives, we've created Insure U."

Consumer research conducted by the NAIC earlier this year indicates the following:

• Only 35 percent of young singles have life insurance. Furthermore, few young singles (28 percent) express high levels of confidence in knowing the difference between the two basic types of life insurance, term and permanent, and a similar number (27 percent) are highly confident that buying life insurance when they are young will guarantee their coverage later in life.
• Among young families, nearly two-thirds (64 percent) believe it's "very important" for both spouses to have life insurance. Yet fewer than half (48 percent) say they actually have purchased life insurance for either spouse.
• Across all life stages, a significant number of consumers (around 40 percent) fail to review their life insurance policies on an annual basis.

According to the NAIC, there are three life insurance basics that all consumers should consider:

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