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When Should I Consider Term Life Insurance?

2011 May 1

According to Dave, term life insurance is an immediate need. That’s why it’s not included in the Baby Steps. His advice is: if your death would cause financial hardship for your family, you need life insurance regardless of where you are in your financial journey. As you get out of debt you, are actually reducing the amount of insurance you need. That means the most essential time to have this protection is when your family in debt, thereby less capable to maintain their lifestyle if they were to lose your income. Keep in mind that you need less coverage as you age, as long as you are building your savings and paying down your debts.

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