Navigating the important aspects of shopping for term life insurance can be daunting to someone who’s new at it. You need to consider aspects payment plans, annual costs, deductibles, benefits, understanding the various types of life insurance and how needs change with changing circumstances. Here’s a list of common mistakes shoppers of life insurance often make.Not purchasing life insuranceThe first major mistake people often make is not purchasing life insurance at all! According to LIMRA, an insurance research organization, 30 percent of American household have no coverage at all (August 2010 report).Being under or over coverageThe second biggest mistake is when you do purchase life insurance, the coverage is not sufficient to equal the family’s needs, according to the trade group, American Council of Life Insurers (ACLI).A common mistake people make is not considering the value of a stay-at-home spouse. Such a person is often under-estimated but employment law advice for employers according to Marvin Feldman, president and CEO of the nonprofit Life and Health Insurance Foundation for Education (LIFE), it would take about $117,000 a year to replace a stay-at-home spouse.Coverage should include the debts that you would leave behind, such as a mortgage or outstanding credit card payments. While you should make sure your family is adequately covered, you should avoid paying for more coverage than you actually need. This puts an unnecessary burden on your expenditure?money you could put to good use, elsewhere.Making a decision based on money aloneIn other words, don’t purchase the cheapest term life policy! Read the fine line and compare quotes thoroughly. Often a life insurance company will offer free riders or other benefits that may save you costs long term. Look for product features such as renewability privileges, conversion rights, riders and company ratings.You should examine the rating of the life insurance carrier as well.