Life Insurance.

   If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government - or employer - sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
   Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
   Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
   Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of "forced" savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

Life insurance tips:

Never buy coverage you don’t understand. It's the responsibility of the agent, broker, or company to explain your coverage in terms you can understand.
Save every piece of paper explaining your coverage and your policy. Keep them on file with your policy. (If the agent used a laptop computer, insist on a hard copy version of what he or she showed you.)
Don’t cancel or let your old coverage expire until your new policy takes effect.
If an agent or broker tries to sell you life insurance as an investment with a high return, insist that he or she show you that specific guarantee in your contract.
Don’t give money to an agent or broker without getting a receipt.
Don’t sign a form that includes blank spaces, even if the agent or broker assures you it's merely a formality.
Don’t buy insurance from an unlicensed agent or an unauthorized company. Ask to see their credentials or look them up to see if they're licensed.