Most people don’t think about life insurance until they have a family.
But suppose you’re the primary breadwinner in your household. In that case, it’s crucial to have a term life insurance policy to provide financial security for your loved ones if something happens to you.
There are a few things to consider when choosing a term life insurance policy:
1. How much coverage do you need?
This will depend on your income and the number of dependents you have. A good rule of thumb is purchasing a policy worth 10-12 times your annual salary.
2. How long do you need coverage?
This will depend on your stage of life and your financial goals. You may want to purchase a 20-year policy if you have young children. A 10 or 15-year policy may be sufficient if you are nearing retirement.
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