When determining how much life insurance you need, and which type of policy to consider, you need to consider these things: how big your family is, your other financial obligations and goals, and your potential future earnings. And remember that even after you establish a life insurance policy, it’s a good idea to revisit your policy periodically as your needs will change over time.
Begin by answering these questions:
Term Life Insurance
Permanent (Cash Value) Life Insurance
Designed to provide permanent coverage
When you purchase life insurance, you must name a primary beneficiary to receive the benefit in the event of your death. This may be a person, corporation, or other legal entity, and you may also name multiple beneficiaries and specify and divvy the benefit into any desired percentage you wish. If you name your child (who is a minor) as a one of your beneficiaries, you should also choose an adult as the child's guardian.
Typically, you'll need the following information about your designated beneficiary:
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