Chances are that you have heard of Dave Ramsey at some point in the last few years. He has written several books on money management, savings, etc... The Total Money Makeover is probably the most popular. He also teaches Financial Peace University which helps families learn to budget, save, and get out of debt. So, what does Dave say about life insurance?
If you die with no life insurance, your family will most likely be stuck in a dire situation and have to make drastic changes, all the while grieving you. You should have eight to 10 times your yearly income set aside in a term life policy. That way, if you pass on, your family can invest the money and, at a 10% return, replace your income.
This is something that shifts more often than you think. Every time you get a raise, have a child, buy a house or have some other significant life event happen, you need to make sure that you have enough insurance to cover it. Don’t take this lightly; one-third of adults in the United States carry no life insurance, and more than half a million in the prime of their lives die prematurely each year.
-May 14, 2010 DaveRamsey.com
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