Solution: 30-year term life insurance for each of them.
This affordable option will replace lost income if either Dan or Amy dies during the coverage term. When their contracts end, they'll be nearing retirement – and their kids will be young adults, less in need of financial support.
Solution: 10-year term life insurance.
This contract would cover the remaining balance of Nicole's loan if she passed away during the coverage term. That would protect Ralph from having to tap his retirement funds to pay the debt.
Solution: 10-year term life insurance for each of them.
The contracts will help Tom and Mary avoid any income shortfall if one of them dies before retirement.
– MAY 20181
Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.
Some term life insurance contracts allow you to convert your term contract into permanent insurance. Term life contracts expire after a set time period, or "term." Permanent life insurance can last for your lifetime. Should you convert?
Change is inevitable. When it happens, life's big events – the celebrations and the disappointments – may be ideal times to consider if the life insurance you have is what you want. And what you need.
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