Randon James Morris : Life Insurance (though it shouldn't be) is to this day a very controversial issue. There seems to be a lot of different types of life insurance out there, but there are really only two kinds. They are Term Insurance and Whole Life (Cash Value) Insurance. Term Insurance is pure insurance. It protects you over a certain period of time. Whole Life Insurance is insurance plus a side account known as cash value. Generally speaking, consumer reports recommend term insurance as the most economical choice and they have for some time. But still, whole life insurance is the most prevalent in today's society.
Life can be confusing and complicated at times. And buying life insurance can be one of those times-but it doesn't need to be. Understanding the different types of life insurance can be easier than you think once you take advantage of the resources available to you.
There are a lot of factors that play into how much life insurance you'll need. The amount of life insurance you need depends on factors such as your other sources of income, how many dependents you have, your debts, and your lifestyle. The general guideline is between five and ten times your annual salary.
