There are two types of policies:
- Cash-value: These cover you for your entire life and includes an investment component.
- Term: These cover you for a specific period of time and provide a death benefit only.
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15. You need enough life insurance to replace at least five years of your salary – as much as 10 years if you have several young children or significant debts.
Life insurance lets surviving family members maintain something close to the standard of living they enjoyed prior to you or your spouse's death. Stay-at-home spouses also should have life insurance, since they do all sorts of things that you would need to pay someone else to do in their absence.
There are two types of policies: |
You don't have to spend a lot of time to put your financial house in order. Money Magazine shows you the easy way. (more) |
