If 15 years from now you have $700,000 in your retirement account, your house is paid for, and the kids are out on their own, then, if you die, your wife will be fine, financially speaking. But at that time, if you still have kids in the house andyour home isn’t paid off, then you’d probably need a 20-year policy.
That’s how I would look at it. How much longer are you going to need life insurance?
* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace,More Than Enough, The Total Money Makeoverand EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web atdaveramsey.com.
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