Financial Freedom: Life insurance basics

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. A good rule of thumb is to get life insurance so that it covers 10 times the amount of your income. You should consider term insurance that is typically 20 years in length, especially if you have young children. After that time, the insurance terminates.

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