When helping people looking for life insurance coverage, one of the most common comments I get is, “I have a $500,000 mortgage, so I just want a policy with a $500,000 face value so my wife can pay off the mortgage if I die.” While I am a fan of protecting your family with any amount of life insurance, I’m not a fan of this approach to calculating how much the face value should be. $500,000 may not be enough for some families, but then in some cases, you might be able to get by with less. View more about Life Insurance.
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