There are three main types of life insurance policies. Of these, decreasing term life insurance is the most popular.
In this type of life insurance policy, as the amount of your debt decreases, the amount of coverage from your insurance contract also decreases. This is a good idea for people who have time sensitive needs.
There are people who don't have dependents who reject the idea of life insurance as not appropriate for their current circumstances - but if you own a property or have anybody close to you, life insurance is essential. Few of us have no roots at all, and if you have any financial commitments you should consider taking out a life insurance policy.