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The primary purpose of life insurance is to replace the earnings of a family’s main income earner. However, today it is far more likely that both spouses work to support the family’s expenses, and it is probably a good idea that both spouses in a household have life insurance.How much life insurance do you need?
Rule of thumb: Most financial planners recommend an amount 10-15x your current income. Life insurance rates are influenced by a number of factors, but your health has the biggest impact on the final cost. You need a true picture of your financial health before you can figure out what type of life insurance you need and how much, Stafford says.What are the different types of life insurance?
There are basically two types of life insurance: term life and permanent life. Term life covers you for a fixed amount of time while permanent life insurance can cover you until the end of your life. Generally, term life insurance is cheaper to purchase than permanent life.What are the benefits of whole life insurance?
The major advantage with whole life insurance is you can invest in, borrow against, or withdraw money from the policy while you’re still alive. This money comes from the cash value that the policy builds over time. The drawback is it usually takes a long time to build cash value for most policies, and can even take decades.