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How much Life Insurance should you buy?
January 24, 2011 - Kevin Schuman
The amount of Life Insurance someone purchases depends on many factors. Financial experts usually recommend 7 to 10 times annual income. I would rather approach each individual on their wants and needs. If death occurred would you want your spouse to stay in the same home? If currently renting would you want to provide dollars to purchase a home? If there are young children, should you set money aside for education and raising them to age 18? Would you want to allow your spouse time to re-adjust to the loss of you and your paycheck? Are there credit cards, auto loans, student loans, or other expenses that you would like liquidated? The loss of someone's life usually reduces the household expenses by only about 25% The leaky roof, broken A/C, or car repairs continue. We all know the family that lost a loved one. How they survived and how their lifestyle changed is often indicative of the amount of life insurance carried. Let me know about your personal Life Insurance story or question.
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