You should buy life insurance when you care deeply for someone or want to make a difference in the world, and your financial resources aren’t able to fill the financial gap if you were to die.
Life is one big question mark: Will you be happy? Will you find love? Will you star in a reality TV show? Who knows? The only thing we can be sure of in life is that someday it will end. When, where and how are yet to be played out.
The difference between whole and term—the two basic types of life insurance—is that whole is a lifelong policy with an added investment component to it, wherein you can build up cash tax-free.
The key concept to understand is that you shouldn’t leave life insurance out of your budget unless you have enough assets to cover expenses after you’re gone.
What you need to know about life insurance, including types of insurance policies and deciding on how much coverage you need.
Shortly after you close on a mortgage, whether it’s because you just bought a home or refinanced your existing loan, you’ll probably start getting daily solicitations in the mail urging you to purchase mortgage protection life insurance.