When considering life insurance, individuals should decide between term or whole life insurance based on their personal financial situation and coverage needs.
To determine the amount of life insurance needed, consider using the DIME method, which factors in Debt, Income, Mortgage, and Education for a comprehensive assessment.
A common guideline suggests multiplying your current income by 10 to estimate how much life insurance you need to replace your income after death.
Estimates for life insurance should be tailored to age, with recommendations of 30X income for ages 18-40, 20X for ages 41-50, and so on.
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