If you’re considering life insurance, term life insurance is probably your best bet. With this setup, you pay a premium for a certain number of years—twenty years is a common term—and if you die during that term, your family gets cash. If you’re alive when your term expires and you want to continue having life insurance, you can usually renew your policy.
Your cost depends on how much coverage you get; experts tend to recommend you get coverage for ten times your annual salary if you have dependents like children. At a minimum, you’ll want enough coverage to cover any debts you have, like a mortgage.
Have access to life insurance through your employer? You may think you don’t need this tip at all. But if you leave your job, you probably won’t be able to take your life insurance coverage with you. If you find yourself out of work for a while or join a company that doesn’t offer life insurance in its benefits package, you’ll want to consider getting your own policy.