Eventually, You Become Self-Insured

Eventually, You Become Self-Insured
Dave Ramsey recommends having 10 to 12 times your annual income in life insurance coverage. RetroClipArt/Shutterstock
Dave Ramsey
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Dear Dave,

My wife and I are both 36 years old, and we have two children. Our son is 6, and our daughter will be 4 next month. We’ve been walking through the Baby Steps, and we should have our home paid off sometime next summer. We realized the other day the one thing missing from our financial picture is life insurance. We both work outside the home. She makes $60,000 a year, while I make $80,000 a year. At our age, and in our current situation, do you think we should we get 20-year or 30-year level term life insurance policies?

Dave Ramsey
Dave Ramsey
Author
Dave Ramsey is CEO of Ramsey Solutions, host of "The Dave Ramsey Show," and author of best-sellers including “The Total Money Makeover.” Follow Dave at DaveRamsey.com and on Twitter @DaveRamsey.
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