Insurance

Life Insurance Coverage is Necessary

If your employer automatically provides you with life insurance coverage, I want you to listen.

Life insurance you get at work as a free benefit will not protect your loved ones.

Reading: How much life insurance do i need suze orman

Workplace life insurance pays a very small death benefit that is usually equal to one or maybe two years of your salary.

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That’s not enough. To fully protect your loved ones and ensure they never run into financial hardship, my advice is to consider a term life insurance policy that is at least 20 times (25 times is even better) the annual income that needs to be replaced.

term insurance is very affordable

I bet my 20x to 25x tip made you gulp. that sounds like it would be unaffordable.

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Not if you listen to me.

Most families only need term life insurance, which is not very expensive. For example, a 40-year-old man in good health (not fantastic health, just good health and a non-smoker) might pay $120 a month for a 20-year term life policy that will pay a $1.25 million death benefit if he dies in that 20 year stretch. that’s less than $30 a week for great peace of mind for you and your loved ones.

OK, now that you know it’s affordable, let’s review my key rules of life insurance:

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