#2. Determine needs versus wants. They are not the same thing. You may want 100% financial security—to provide for your spouse for their lifetime and your kids through college, but can you afford it? Most of us don’t have savings to achieve this, which is where life insurance comes in. You’ll want enough money or death benefit that if invested at the current market rates (2%-4%) that you can generate your (or your spouse’s) missing income. That means you may need more life insurance than in the past. Before, the invested proceeds of $500,000 life insurance benefit could have replaced, a $50,000/year salary. Now you might need $1 million of coverage to achieve the same goal.
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