How can term life insurance be used for personal finances?

How can term life insurance be used for personal finances?

When planning for retirement, life insurance is a useful tool, but not as a means of saving, according to Walter Updegrave of Money Magazine. Instead, life insurance policies should be used to provide for spouses and dependent children in the event of a tragedy.

Updegrave recommends term life insurance, which carries an annual premium that must be paid to the insurance company, in exchange for their guarantee that a death benefit will be paid to a policyholder’s surviving loved ones.

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