Where Can I Find Reliable Cheap Life Insurance Quotes? | Insurance ...

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A 20-year level-term life insurance policy you bought when you were 30 would expire when you’re only 50. At that point, you still might need to carry insurance, but your age and health conditions might make it impossible or very expensive to do so. At least, if your policy has a convertibility option you can get coverage, it just might be down right unaffordable. You may have heard that a good rule of thumb is to buy life insurance coverage equal to 10 times your annual salary or 10 times your beneficiary’s annual financial need. The idea is that if your surviving beneficiary invests the life insurance proceeds in the stock market (getting an average 10 percent annual return), they’ll have a steady income stream and never need to tap the investment principal. Is your former spouse still the beneficiary of your life insurance policy? Did you buy term insurance to cover you while you pay off your mortgage? If you refinanced during the latest rate drop and restarted the clock on your loan, you might also need to update your insurance term. Life definitely has a way of throwing changes your way. Just make sure your life insurance changes along with you.

Source: Where Can I Find Reliable Cheap Life Insurance Quotes? | Insurance ...