spouse or partner. It is an optional add-on to your own life insurance policy, allowing you to provide an added level of financial protection for your loved one. This type of insurance is designed to help relieve the financial strain that may occur if your spouse were to pass away ...
then perhaps add money for education. Include any outstanding mortgage and retirement needs for your spouse in your life insurance calculation—especially if the spouse earns significantly less or is a stay-at-home parent. Total what these costs would be over the next 16 or so years, add a ...
you and your spouse currently have a mortgage and a young child to take care of and determined that you need a life policy for $1 million. You can purchase term life insurance for the majority of the funds needed for 20 years, or whenever you assume your mortgage is paid off and your...
The term life benefit may be equally useful to an older surviving spouse. However, premiums for people who wait until they are older to apply for insurance will pay higher premiums than if they’d gotten a level-term policy when they were younger. Each insurance company sets a maximu...
Life insurance can benefit people from all walks of life. As a general rule of thumb, if a loved one (e.g. spouse, parents, children, dependents, etc.) is likely to experience financial burden should you no longer be able to provide for them, you’ll probably need life insurance. Whil...
Universal life insurance policies provide flexibility - and a cash value portion.Getty Images If you have a spouse, children or other loved ones who depend on your income,life insurancecan be smart protection to have. With these policies, your beneficiaries receive a lump sum payment if you die...
life insurance is a permanent policy with a death benefit that covers the insured for life, as opposed to term life insurance, which only covers the insured for a set number of years. policies accrue a tax-deferred cash value over time, which policyholders can withdraw from or borrow ...
Universal life insurance is a type of permanent life insurance, which means it offers lengthy coverage and builds cash value over time. Policies typically last until a certain age, such as 95 or 120. This coverage offers flexibility that other permanent policies — like whole life insurance— do...
If the spouse you leave behind can’t make payments, creditors will likely try to collect from your estate. Take care of those you love by getting adequate life insurance coverage that pays off any debts you might otherwise leave behind. ...
You want life insurance to cover large debts like a mortgage that you don’t want to saddle your spouse with after your death. You want to replace your income if you die during your working years when people depend on you financially. You want to protect your interest in a business — ...