You probably need life insurance if you have a family or are planning one. But life insurance is expensive -- don't buy it if you don't need it.

It typically doesn't pay to have life insurance if you're single and have no one depending on your income. Nor does it pay to have life insurance policies for children. There are much better ways to invest for them.

But assuming you do want a life insurance policy, here are some helpful tips from Kimberly Lankford, author of "The Insurance Maze" (Kaplan Publishing).

Life insurance rates have dropped in recent years because people are living longer. So even if you bought a policy a few years ago, you might find a lower-premium policy today. Someone age 40 might save over $100 per year on a $500,000 term policy issued today. The longer your life expectancy, the lower your premiums. In addition, insurers are competing for your business.

Consider a cash value policy, which has a savings account, if you intend to have the coverage for at least 30 years. Otherwise, consider term insurance, which provides strictly insurance protection for a specific period -- say five, 10, 15 or 20 years. If you renew a term policy after the term is up, you pay higher premiums. By contrast, whole life insurance, which offers insurance protection and a cash value savings account, is permanent protection for as long as you live. Shop for the best prices. Check the premiums you pay on several polices and the cost of insurance per $1,000 of coverage. In addition, be careful about getting insurance on the Internet. Quotes may be inaccurate.

Even if you were rejected for health problems, it doesn't hurt to try again. Insurers often offer policies for persons with diabetes, asthma and heart disease. The rates are higher, but if you're on medication, you still may qualify.

If you have lost weight, stopped smoking, lowered your cholesterol or improved your driving record, shop for a lower-priced policy.

Buy right before your next birthday. Insurance is based on age. So you can save on your premiums if you buy before your age changes.

Employer's life insurance typically isn't the best deal. Nor may it be enough. You generally can get one or two times your annual income in life insurance from your employer. It may be better to get coverage equal to at least five times to eight times your wages.

Don't buy mortgage life insurance unless you have health problems. It costs too much. You're better off factoring the cost of your mortgage into your life insurance coverage.

Return of premium policies, which charge higher premiums but return them after a 20- or 30-year term, generally are a bad deal. The reason: Premiums are higher and you often can do better investing the money yourself. For example, she says, a 41-year-old seeking $500,000 worth of coverage would pay $1,330 annually for a 20-year return of premium policy -- more than three times the $405 annual price of a 20-year term policy. Of course, with the return of premium policy, you'd likely get back all the $26,600 in premiums you paid in after 20 years. But don't forget that due to inflation, that return of premium won't buy as much as it once did.

Insurance rates may be lower at different price points, typically $250,000, $500,000 and $1 million. So consider rounding up to one of those levels for as much as $50,000 in extra coverage.

Consider getting a discount by paying a lump sum and/or arranging automatic debit of your premium from a checking account.