Sunday, August 7, 2011

Life Insurance advise needed?

The standard "rule of thumb" is 10x your annual salary in a 20-year term life policy. Stay away from "whole life" or "universal life" policies, these are mixtures of insurance and investments and that isn't what you want. In your case look for a basic $950,000 (an even 1 million if you like) policy on a 20 year fixed term. You can get quotes pretty easy online - if you have no medical issues, companies will likely be falling over each other getting you to sign up. You're mid-aged male with good salary and long life expectancy - the kind of customers insurance companies love.

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