Life insurance is financial protection for loved ones in the event of your untimely death. The professionally selected insurance policy can replace your income for the family and provide enough money to cover the funeral expenses, loan repayment, and some funds will be left for the family's daily expenses.
Questions to ask when choosing the amount for your death benefit:
What is your annual income and how many years of income do you want to provide?
What additional sources of income do your beneficiaries have?
How much debt do you have? What investments do you have?
How much money do your kids need for the college?
US term life insurance policies can be obtained for a period from 10 to 30 years. These are very affordable policies; they usually cost $25-50 per month their owners.
Life insurance is a policy that expires only after the death of the insured. It has a guaranteed monetary value and you can access your benefits in retirement or in the event of an accident. The drawback of such policies is the high cost: from 300 to 3000 US dollars per month.
Source: https://www.foxbusiness.com/personal-finance/how-much-life-insurance-do-you-need-survey
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