When purchasing life insurance, it's important to understand the financial needs of your beneficiaries before you choose a policy. Many individuals tend to think backwards when it comes to life insurance. They make critical decisions on the product they want, whether it’s permanent life insurance, basic term life insurance or even a combination of both, before thinking through the amount of protection they need. As such, you really need to first figure out how much life insurance you need before you even think about the product that would be most appropriate. A needs analysis can help you determine how much life insurance you should buy.
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