Most people buy life insurance when something good happens in their lives, like the purchase of a new home or the birth of a child. These events mean more financial responsibility, and protecting your family with enough life insurance is essential.

So what is the best way to go about shopping for life insurance and deciding how much coverage you need? Most people approach the buying process in the same way: “It’s insurance … I will probably never need it … I just need to find the least expensive coverage possible.”

It’s OK to look for low cost life insurance, of course, but there are some important things to consider when deciding what type of policy—term, whole, or universal life insurance, to name a few—to buy and how to buy it.

Businesses go through several stages. When they reach the growth stage, they may require additional financing above and beyond what the owner has saved or what friends and family can offer. These improvements may include increasing inventory, retooling existing or purchasing new equipment, expanding the building, or developing a new market.

In fact, a recent Forbes Advisor survey sought to identify how business owners used funds from their business loans. The most common use of the funds was for business expansion, with 42 percent selecting this option. Equipment purchases came in second, cited by 29 percent of respondents, followed closely by marketing and advertising, business franchising, and commercial real estate purchases/remodeling.