How much life insurance should I carry?

How much life insurance should I carry?

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Even insurance agents and financial planners use this outdated and unsophisticated method to compute the face value of their clients policies. Discuss the pros and cons of purchasing term and whole life policies with your financial planner. If you are young and just starting out in your chosen career, term life may be the better choice for you since the premiums for whole life are expensive. Renewable and convertible term life offers just as much coverage, may serve your needs better and is a lot cheaper. You want to be able to pay off your premiums for continuous coverage.