Life is getting cheaper.

Aging populations, the Internet and a number of other factors in recent years have forced down the cost of term life insurance.

Yet many Americans are still holding on to more expensive policies bought years ago or simply haven't insured themselves highly enough. Experts say the two-to-three times salary that many employers offer staff isn't enough to leave dependents, yet not enough people complement this coverage with other policies.

About 24 million U.S. households (more than one-fifth) have no life insurance, according to Limra International, a Windsor, Conn., association that provides research and other services to financial-services companies. Among those with coverage, 40 percent believe they don't have enough.

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