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SERIES: YOU Answer The Question - Part 3

June 16th, 2008 at 07:42 am

Welcome to the latest series - YOU Answer The Question!

One thing that I love about traveling and teaching about finances is that I learn so much from the people I meet!

So here is how this series works. I will share a question that has been sent in to me, and YOU Answer The Question!

QUESTION: I am 49 year old single person with no small children, and I am looking to purchase term life insurance for myself. Do I still need eight to ten times my salary in insurance or just enough to cover any expenses my children will face?

Share Your Answer!

Posted in SERIES: You Answer The Question | 2 Comments »

2 Responses to “SERIES: YOU Answer The Question - Part 3”

  1. gamecock43 Says:
    June 16th, 2008 at 08:34 am

    I think the answer is that you are supposed to buy enough term life insurance to get your kids out of jeapordy while your gone. If they are in high school, prepare for them so they can go to college. Thats Suze Orman's advice, and I have never heard it countered.

  2. disneysteve Says:
    June 16th, 2008 at 01:04 pm

    I'd want to know more about the children. Are they adults out on their own or are they still financially dependent on the single parent? If they are independent, there may be no need for life insurance at all. If they are still dependent, the needed amount will depend on their ages and circumstances. So not enough information to answer the question.

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