How do I figure out what life insurance coverage I need as I approach retirement?
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Life insurance is a financial safety net for your loved ones in case of your passing. It helps cover funeral costs, debts, and living expenses. There are two main types: term life, which provides coverage for a specific period, and whole life, which offers lifelong coverage and builds cash value. When choosing life insurance, consider your family’s needs, your debt, and future expenses. Make sure your beneficiaries are updated. Consulting with a financial advisor can help you select the right policy for your situation.