If family or others depend on your income consider buying life insurance. Life insurance pays money to a beneficiary if you die. Many larger employers provide up to $50,000 of insurance for free. They may also let you pay an extra premium out of your paycheck for a higher benefit. This type of “group” policy has some drawbacks. The premiums often increase every few years. Also, you may not be able get the amount of insurance you need and if you switch employers, you may not be able to take it with you. If you are healthy, it often makes sense to buy “individual” life insurance instead of, or on top of, group insurance.