You would purchase life insurance to protect and provide for your family in the event of your untimely death. If you don't have a lot of cash now but still would like to cover yourself, term is the way to go. If you've got some dough to burn and would like your offspring to live large should you depart, then opt for whole life insurance. Lastly, universal life insurance is one of the industry's newer inventions and seems to offer the lushness of the whole life policy, while also offering the holder some flexibility in terms of the policy's face value as well as premium payments. And please, take our word for it that we're oversimplifying the matter.
Life insurance gets tricky and complicated and is really an individual matter.
This one is a gamble. Renter's insurance can cover you in the event that someone slips in your bathroom and breaks his neck or the neighborhood kids throw a match on your doorstep and the place goes up in flames. However, before you take on the expense, check into your landlord's policy as well as additional insurance policies you may have. You could already be covered in the event something catastrophic happens. The good news is that renter's insurance is relatively inexpensive.