I have been thinking a lot about getting life insurance for Sam and probably some for myself. Then today, while flipping to the Oprah Winfrey Network I saw Suze Orman talking specifically about life insurance for new parents! I thought her information was very helpful and wanted to share it with any young parents out there.
- Only buy term insurance
- Never buy whole or
How long should your life insurance be for?
- The term should last at least until your youngest child is 23 years old
How much life insurance do you need?
- You should multiply your salary by 20 or 25 and purchase THAT much level term insurance. This way they can invest the money, use the interest, and it will last them for a very long time, approx 40 years.
What will it cost?
- Suze said a million dollars should cost you around $20/month!!! I am not sure if this is right. This seems very cheap!
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