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Life insurance
As a homeowner, your family will be left with a HUGE financial burden if something happens to the primary (or secondary) wage-earner. Although we don't like to think about this sort of thing, it is the responsible thing to do. You really should consider taking out a life insurance policy to protect survivors from this burden.
What is Life Insurance?
In its simplest terms, Life Insurance provides money for my family in the event that I die. Life Insurance money would be provided to help my family cover funeral costs, housing, childcare, and other expenses that would be difficult to cover without Life Insurance.
How much is Life Insurance?
I was very concerned that I couldn’t afford Life Insurance at first, but I discovered that it is actually quite affordable. A number of factors determine the cost of a Life Insurance policy. The cheapest time for me to get a Life Insurance policy is while I am young and healthy. The cost of a policy depends on how much coverage I decide on, what company I use, my current health condition and age, along with many other factors.
How much coverage do I need?
The general guideline is to get insured for 7 times the annual salary or income. So if I make $40,000 a year, I would want at least $280,000 worth of coverage. I would however, like to get as much Life Insurance as I can afford.
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