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Life Insurance Quiz
Which Should You Buy, and How Much Do You Need?
By Teri Brown
2. All of the above.
Frank M. Darras is a managing partner for Shernoff, Bidart and Darras, LLP and one of the nation's leading disability, long-term care and life insurance litigators. He says there are many things you should take into consideration when contemplating the amount of your life insurance policy.
"It depends on the size of your family, what it will take to zero out your mortgage, three to five years of income so your spouse doesn't have to work and college tuition money banked for your children," Darras says. "With that in mind, you should have a clear idea of how much you need. Some say 20 times your salary, but your budget will dictate how much premium your family can spend."
3. This one is both true and false.
True: If you are young, healthy, single and no one depends on you for financial support.
False: If you are married and want to provide for your spouse after your death and really false if you are married with children.
"Life insurance is cheapest when we are young and healthy, so waiting to buy only increases the premium!" Darras says.
4. False.
There are two kinds of life insurance:
- Term insurance, which pays a specified amount for death if we die within the term coverage.
- Permanent life insurance (whole life, universal life, variable life), which provides a death benefit plus cash buildup.
5. False.
How much life insurance you get is determined by:
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