Know the life insurance basics
Essentially, life insurance is like a wager. You’re betting that you’ll die before coverage ends; the insurance company is betting that you won’t. (Or, if you do, it will have made enough from the premiums you’ve paid to pay off the death benefit and still come out ahead.)
In any event, life insurance can provide peace of mind. If you opt for a permanent form of life insurance, such as traditional whole life, your family will receive the death benefit at some point in time.
How much coverage do you need? That’s open to speculation, but most insurance pros recommend a death benefit of four to five times your annual salary.
Compare ‘perm’ to term
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