The first step is knowing why you need life insurance. Once the cold hard facts are laid out, there should be no question of why. The purpose of life insurance is to provide financial support for your dependents if you are no longer around to do it yourself. If you don’t have any dependents, you probably don’t need to spend money on life insurance.
If you are contributing significantly to the financial well-being of someone in your life, you think about protection from any financial gaps that might occur if you are no longer able to provide the same support.
There are two basic types of life insurance policies: life and whole life. Term life insurance policies last for a specified period of time. Term life is less expensive than whole life because it usually expires before the benefits are used.
How much money do your dependents need each year and for how long? Because your children are likely different ages, that number is different for each beneficiary. Calculate the needs of each dependent annually, multiple times the number of years support is needed and then add those numbers together so all dependents have what they need.
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