The simplest reason to get life insurance is to make sure your loved ones have enough money to pay the bills and cover important expenses if you were to meet with an untimely end, as they say. Here's how it works: You purchase a policy for a certain amount of coverage and pWhat You Need to Know About Life Insurance ay a premium every month. In the event that you pass away, the insurance company will pay a death benefit in the amount of coverage you selected, which your family can then live on. At the very least, you're aiming to replace your income for some years-until your kids, spouse or dependent relatives can fend for themselves, or until, say, your spouse can tap into retirement savings (usually at age 65). The trick is figuring out the amount of coverage that will work best for you.
Coverage is largely based on your income. A common rule of thumb is to get a policy worth 7 to 10 times your income. If one of you is a stay-at-home spouse, your policy should cover the cost of hiring people toRead More »from What You Need to Know About Life Insurance