When it comes to life insurance, the name is a little misleading—it’s not really for your benefit. It’s there to protect the people you care about most if something happens to you. In a way, it’s more of a “loved ones’ lifestyle protection plan.”

One of the first things to understand is that you don’t buy life insurance with money—you buy it with your health. If you become seriously ill, you may not qualify, no matter how much you’re willing to pay. So waiting too long can backfire.