Wills are especially important if you have children. You designate who will raise your children if something happens to you and your spouse. Imagine the police breaking up a family fight over who gets your Led Zeppelin box set. Check your insurance. Life insurance isn't for you, it's for those who depend on you.
Life insurance falls into two general varieties, term and cash-value, also called whole life.
But if you stop paying your premiums, the policy becomes worthless. Unlike a term plan, you can withdraw some of the money if you need it. You also can get a cash payment if you cancel the policy before you die. While that sounds appealing, cash-value is much more expensive than term. And a study by the Consumer Federation of America suggests many people lose money by canceling cash-value policies prematurely.