Life insurance premium rates are continuing to decrease, in part because death rates have been coming down, according to the Insurance Information Institute. This is good news for young families who need life insurance protection but have a tight budget. It also gives people who already have life insurance the opportunity to shop around for a lower premium. Here are some ways to make sure you're getting the right life insurance for your situation.

If you currently don't have life insurance, you'll need to estimate how much coverage you'll need. Some financial planners have thrown around formulas such as multiply your salary by 10 times for your minimum policy face amount. However, this can be too generic for your situation. You need to take into consideration your own debt load, how many people truly depend on you for financial support and what other benefits you have available.

One way to help you figure out a good starting figure for coverage is to:

1. Estimate what your family's monthly expenses would be.

2. Add in your mortgage balance and other debts.

3. Add in estimated future expenses such as funeral expenses and college tuition.

Then, subtract out Social Security benefits, other life policies, your spouse's income, and retirement plan benefits. The difference should be your minimum coverage to provide an adequate replacement of your income, if something happens to you.

It is recommended that people should purchase term life insurance with the Theory of Decreasing responsibility in mind. The Decreasing responsibility theory is provided that the insured person or persons realizes and understands that any and all financial responsibilities are only temporary and that they should purchase insurance to compensate for these responsibilities.

Once you know how much coverage you want, make sure to get at least three different quotes. Rates can vary quite a bit between life insurance companies so you want to feel confident that you're getting the best value.

If you currently have a life insurance policy and want to see if you can get a lower premium, here are a couple of things to remember before you get your quotes.

First, since you took out your policy your coverage needs may have changed. You may need more -- or less -- coverage if your debt load has changed, your assets have grown or you've added dependents.

Second, depending upon how long ago you took out your current policy your rate may have changed because you are older. Also, if your health is worse you may pay a higher rate. Of course the opposite can be true, especially if you used to be a smoker and have quit for at least 12 months. Be sure to get several quotes.

Before you cancel your current policy however, make sure you have a new one in place and understand all of the provisions that go with it.

Decide How Much Insurance You Want Knowing how much insurance you want is important. Since a term life insurance policy has a set amount of years and a set amount of coverage, getting a full quote is simple.