We purchase all types of insurance, but one type we seem to always forget is life insurance, one of the most important things. We have car insurance and might never have a wreck. The same for house insurance and fires, earthquakes, etc., but still pay those monthly. Death is assured so why not get insurance that is guaranteed to pay off? It's a grim thought, but it's a reality. After you have gone to the cloud in the sky, you do not want your family thinking about how to bury you or pay off any outstanding debts you may have. They do not disappear after death if you have a consigner. The average funeral costs around $10,000 in 2014 so that should be the minimum amount carried. I either suggest it actually be one year salary's worth. If you are the sole provider, that number should be multiplied by 2 or 3 to guarantee your family has time to adjust without monetary issues. This topic must be discussed because of how common it is to see people asking for donations when some life insurance is less than $20 a month. Easily worth your family's financial security.
-Finance
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March 2016
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