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CR posted an update 8 years, 9 months ago
I have a question about life insurance. A friend told me that I need to purchase a certain amount over and above what my employer includes in our company’s standard benefit package. How do I determine the appropriate amount of life insurance for me?
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I think it depends on your current situation. Do you have kids or a spouse? My husband and I got term life insurance when we had kids. If something happens to one of us, the kids’ education and other expenses will be covered. The policies expire when the kids are in their 20s – hopefully they will be paying their own way by then!
In my experience, insurance agents have tried to sell me universal life insurance, but a financial planner said we only needed term life policies. That is what we bought.