Don't have life insurance? You're not alone. Nearly 40 percent of adults are without life insurance, according to the Life Insurance and Market Research Association.
Some consumers may have life insurance through work without realizing they are covered. Roughly two-thirds of consumers who have life insurance are enrolled in a group plan offered by their employer. Half of those covered by a group plan also have an individual life insurance policy.

Insurance experts will tell you that premiums can be more affordable today compared with a decade ago, but they might forget to mention that it could be harder to get those deals.

A number of large life insurance companies set the standard for rates, and they have made some adjustments in the past year. Policy writers don't want to rock the boat with premium increases, so they are setting tougher criteria for things such as cholesterol levels, height and weight.

If you want an individual policy you can choose between term and permanent life insurance. Term policies cost less, but there is a fixed period of coverage such as 10 years or 20 years. There is no death benefit if you die after your policy expires.

Permanent life insurance provides coverage as long as you pay the premium and the policy includes more than just the death benefit. There's a cash value component that you can borrow against or redeem if you terminate the policy. There could be tax consequences to the latter. The cash value makes permanent life more expensive than term life insurance.

If you go with a permanent life insurance policy, you can choose between universal life, where death benefits and premium payments may be adjusted, or whole life, which typically has a fixed premium for the policy's duration.