Boy, do times change! Remember when you (or your parents) felt comfortable sitting at the kitchen table with a friend of the family who sold insurance, having a cup of coffee and discussing your family's insurance needs? Dealing with a company you knew would always be there offered a sense of security. Now buying life insurance can be more like high stakes gambling - unless you know how to play the game.

Buying life insurance shouldn't cost you your life savings. Here are the biggest and costliest life insurance mistakes we know of (thanks to our buddy Jim Hunt a nationally respected insurance agent):

1. Buying life insurance when you have no dependents. If you're single and don't have anyone depending on your income, you flat out don't need life insurance.

2. Buying mail-order insurance without getting all your questions answered. At best, most mail-order insurance is a bad bargain. At worst, it's a scam that takes your money and leaves you empty-handed. Never buy insurance without checking out the company and getting answers to all your questions.

3. Buying insurance just to build cash value when you aren't using all available tax-deductible and tax-free investments. Instead of buying insurance to build tax-deferred cash, fully fund your 401(k), Keogh and tax-deductible IRA. Even annuities are better investments, with lower fees than whole-life insurance policies.

4. Buying expensive riders. These include accidental death benefits and any "options" the sales rep tacks on. These are like options on a car - they net a high profit to the sales rep, with little benefit to you.

Stay money-smart when it comes to life insurance with these articles:

• Knock 25% off Your Life Insurance Premiums
• Straight Talk on Life Insurance
• Life Insurance Sales Tactics