|10-year term||20-year term|
|30||$3 million||$3.5 million||$1.5 million||$2 million|
|40||$2 million||$2.5 million||$1 million||$1.5 million|
One way Americans tightened their belts in the aftermath of the global financial crisis was by cutting back on life insurance. So much so that the number of families with any coverage fell to a 50-year low in 2010.
You can supplement existing coverage affordably through a basic term-life policy -- your most cost-effective option. (In general, shoot for total coverage of five to 10 times your annual salary.)
Don't let the shaky economy stress you out. A grand can still improve your career prospects, lower investment risk, make your home safer and more.