Financial Tips

Life insurance is often more affordable than you might think, particularly when compared to car or home insurance. If you have a family or dependents who rely on your income, there's really no reason not to consider life insurance. Unless you have substantial savings that can sustain your loved ones for the long term, a term life insurance policy is essential. Fortunately, good term life insurance is budget-friendly. The reason for its affordability is that it only pays out in the event of the policyholder's death, and the likelihood of that happening is relatively low, especially at a younger age. For instance, when I was 29, I obtained a $1 million 20-year term life insurance policy for just $33 a month. Even for individuals in their 30s and 40s, monthly premiums typically range from $40 to $50 for coverage amounts of $500,000 to $700,000. Considering the substantial coverage you receive, these premiums often amount to just one less day of dining out.

With a bit of time to prepare, you can enter the second half of the year feeling financially confident and on track to meet your goals.

Whether you need more than one life insurance policy will depend on your personal and financial situation. In this article, we explore some of the reasons one might purchase additional policies.