Preparing life insurance should provide peace of mind for people by providing an alternate means to help their families and beneficiaries financially in the event that they die prematurely. Younger adults with young children are in most need of the bulwark that insurance provides. Usually, however, they are not quite aware as to how big their life insurance should be.
There’s no hard or fast rule in determining how big or small a person’s life insurance ought to be. While a rule of thumb dictates that the person’s insurance must be about 7 to 10 times the amount of a person’s average monthly income, this is by no means a universal rule.
Variations that influence how big an insurance policy should be include the income that people would want to provide their surviving family members. To make a rough estimate of the ideal size of an insurance policy, people should…
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