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One thing about life insurance is clear: financial experts agree that a solid life insurance policy is the cornerstone of a smart long-term financial plan. But when it comes to determining what type of coverage you need and where to buy it, sorting fact from fiction can get confusing. Here are four common myths about life insurance--and the truths you should know:

MYTH #1: ONCE THE KIDS ARE OFF TO COLLEGE, YOU DON'T NEED LIFE INSURANCE ANYMORE.

Just because your kids are out from under your roof, doesn't mean that they've stopped depending on your checkbook. Most likely you're still responsible for at least a portion of their tuition, day-to-day living expenses, health insurance and more. If you can't be there to provide for those needs, a life insurance policy can. So it's important to keep your life insurance coverage in force when your kids head off to college.

Even when your children become financially independent, you may find that there are still other people who rely on yon for support. Today, the general definition of "dependents" has expanded to include the increasing number of aging parents who count on their grown children for care and financial assistance. Some middle-aged adults and even retirees are also finding that they're parents again as they take over the responsibility for raising their grandchildren. Cover anyone who is financial dependent on you--including children, parents, grandchildren and lifelong partners--with your life insurance policy.

MYTH #2: ONCE YOU'VE PURCHASED A LIFE INSURANCE POLICY, YOU'RE PROTECTED FOR LIFE.

Careers advance, families grow and life takes many turns. Just as your life changes, so should your insurance policy. Don't file it away in a drawer and forget about it. Review and update your insurance coverage as your family and financial situations change.

Having a child, going through a divorce, or moving older parents in to live with you all require a second look at your coverage. Consider your housing status, too. If you purchase a bigger home, pay off your mortgage or buy a vacation home, you should evaluate how those changes can affect the coverage you'll need. Financial changes such as salary increases, pay cuts and coming in to an inheritance should also trigger a policy review. If you are older than 65, you should consider whether term insurance is still of value or if a different type of coverage is more suitable. Don't forget to review your beneficiary designation when you update your policy so that your benefit distribution intentions are clear.

MYTH #3: YOU CAN'T COLLECT LIFE INSURANCE BENEFITS BEFORE YOU DIE.

Not true. Some life insurance plans will allow you to collect a portion of your benefit if you are terminally ill with a short time to live. Check your policy to see if it allows for advanced benefit payments, often called "living benefits." These payments can ease the financial burden on families caring for a terminally ill patient, pay for travel costs and cover final medical bills. But remember, living benefit payments reduce the final benefit amount the beneficiary receives.

MYTH #4: THE ONLY PLACE TO BUY A LIFE INSURANCE PLAN IS FROM AN INSURANCE AGENT.

In the past, life insurance agents have been the main source of insurance policies. Although you can still buy life insurance from an agent, you now have other options that may be more convenient and may save you money.

Quote services search the market and then provide a few plans for you to consider. Although they often have low rates, quote services can't guarantee that you'll qualify for some policies and they don't provide much in the way of service.

You can also buy direct from a variety of life insurance organizations either online or over the phone. Depending on the organization's structure, you may have to pay a fee when you buy the policy. Whether you find the company online or via phone, you'll have to call in and talk to an agent if you want to purchase a policy.

No matter how you choose to purchase life insurance, make sure you're informed about the type and amount of coverage you need. An agent can help you with that process or you can do your own research online at the many consumer-oriented life insurance Web sites.

ROA MEMBERS-ONLY ALTERNATIVE

As an ROA member, you have another option that isn't available to the general public. You can buy quality term life insurance coverage directly from ROA. Our insurance experts have spared you the hassle and confusion of searching the marketplace for the right plan. Through extensive research and planning, they've developed ROALife, a plan designed specifically for ROA members and their families.

ROALife offers low group rates and the quality coverage our members need. You can choose from two types of coverage, Group Term Life for individual members or Joint Term Life for married members and their spouses. Two different coverage levels are available: $50,000 and $100,000. The plan also features a valuable "living benefit" that pays up to 50 percent of your benefit if you become terminally ill.

If you already have life insurance coverage, ROALife is an ideal supplemental policy that gives you the extra protection you need. And rest assured that ROALife is backed up by outstanding service. For more information on ROALife, please call TOLL FREE (800)-247-7988 and ask for number (NUMBER) or visit www.roa.org.