A victim of my pop-culture obsessed society, I immediately noticed this press release, which sites a survey that asked Americans to select the T.V dad they think needs the most life-insurance coverage.

Who do you think needs more life insurance? Jersey mob boss Tony Soprano or Los Angeles architect Mike Brady? Dipsomaniac Homer J. Simpson or sports aficionado Ray Barone? And how does Clair's lawyer salary affect the Huxtable's life insurance needs? It kind of takes the fun out of television; but it raises the question, how do people determine their own life insurance needs?

As the survey reveals, many insurance consumers erroneously believe the amount of life insurance a person needs is proportionate to the degree of risk they face in their profession or hobbies. Although there is a greater likelihood that Tony Soprano will meet his untimely demise (after all, we are coming up on the final season of the Sopranos) than Mike Brady; risk of death is not the primary factor to consider when buying life insurance.

Insurers have developed complicated algorithms to gauge their risk to insure you. But, life is more unstable and fleeting than a mathematical formula can calculate. So, when deciding how much life insurance to purchase for your family, you may want to take a few factors into account, such as immediate expenses, ongoing needs and future expenses.

Check out the life insurance needs calculator provided by the non-profit LIFE Foundation.

An Insurance Information Institute (III) press release reports that life insurance premiums continue on a downward trend and will drop another 4 percent in 2007. That's good news for all of you reassessing your life insurance needs after reading this post.

If you are contemplating a second policy for more coverage, think again. According to III, buying one large policy will save you more. Typically, $250,000, $500,000 and $1,000,000 policies qualify for rate reductions. And remember, a $500,000 death benefit only pays out $2500 per month for 17 years--not including a retirement program or other employer-paid benefits.