Term or whole life? Universal or variable? Decisions about what kind of life insurance is right for you -- and whether you need insurance at all -- may not be keeping you up at night. But maybe you should be losing a bit of sleep, or at least be uncomfortable enough to review your coverage and your policies!

Life insurance is one of the least understood parts of financial planning. There are dozens of kinds of policies, and the legal jargon can make you cringe. It's hard to comparison shop because companies use different names for their policies, and if you ask three different agents how much insurance you need, you'll likely get three different answers.

How can you avoid short-circuiting your financial plan? Here are five common life insurance myths. If they sound familiar, you may need a life insurance adjustment, or perhaps a total makeover. Even if you're feeling pretty good about your insurance, it doesn't hurt to compare your policies and coverage with what's currently being offered.

Myth #1 -- I am alive, therefore I need life insurance.