What is it?

Life insurance is a policy that pays a benefit to your survivors if you die. Term life insurance covers you for a set period of time—often ten years. Whole life insurance covers you until you die, even if you live to be 100.

When is it a good idea?

If your family can’t support itself without your income, then life insurance is for you. The only questions are which type—term or whole—and how much. Most experts agree that term life is the most sensible option, because it’s very affordable.

Fast Facts

$15,000  average amount your family will owe in final expenses - funeral costs and so on - when you die

$20  per month is how much a 30 to 39-year-old nonsmoker might pay for a $500,000, 20-year term life policy

10x  more is how much the same person might pay for whole life insurance

Source: CostHelper

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