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You've probably heard rules of thumb like "ten times your salary." They're easy to remember, but they ignore what matters most: your debts, your family and your goals. Two people with the same income can need very different amounts. Here's a simple way to work out a number that fits you. Step 1: Add up what would need to be paid right away Mortgage balance Car loans, lines of credit and credit cards Funeral and final expenses Any taxes owing at death, for example on investmen

It's the most common question I get: "Should I buy term or permanent life insurance?" The honest answer is that it depends on what you need the insurance to do. Here's a plain-language comparison. The short version How long it lasts: term covers a set period, such as 10, 20 or 30 years. Permanent covers your whole life. Cost: term is lower for the same amount of coverage. Permanent costs more. Cash value: term has none. Permanent can build cash value over time. Best for: term

When you sign for a mortgage, your lender will often offer mortgage life insurance. It's quick to sign up for at the bank, so many homeowners say yes on the spot. But it's not your only option, and it isn't always the best one. Here's how it compares to an individual term life insurance policy. Who gets paid? With lender mortgage insurance, the benefit goes to the lender to pay off the mortgage. With an individual life policy, the money goes to the beneficiary you choose. The