If you are married and/or have children you need to make sure you have adequate life insurance. The best type is term life insurance. It is very cheap and will cover the unexpected events in life. We are not guaranteed tomorrow. You don’t want to leave your surviving family with the stress of worrying how the bills will be paid after you die. A good rule of thumb is to get insured for 10 times your annual income. Example: If you make $50,000 annually you will need to seek out a $500,000 policy. If you are in good health and in your twenties or early 30’s this may only cost you $25-$30 a month. This is not much to pay and it gives you peace of mind knowing your family is prepared for the unexpected. A couple of reliable sites to get competitive rates are:
When applying for life insurance you will be asked LOTS of questions about your physical health, age, etc. This is just a necessary part of the process.
Jeff Rose of Good Financial Cents shares 10 top insurance companies.