You should have 10–12 times your income in guaranteed renewable term life insurance. If something were to happen to you, life insurance is designed to replace you, financially speaking. Let’s say you earn $50,000 per year and you have $500,000 in term life. If you pass away, your spouse should take the money and invest it in a solid mutual fund. Then, if your spouse simply pulled 10% interest out each year, they would receive $50,000 without ever touching the principal. Your income would be replaced.
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