Financial planning for financial independence

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life Insurance

Insurance should not be confusing.  There are a lot of providers out there that can and will make insurance sound like it can't provide for the entirety of your financial needs through a complex web of hybrid insurance/investment products.  Don't buy into this argument, and remember:  simpler is better.  You should only think of insurance as protection over two things:  debts and dependents.  Buy as much insurance as needed to cover your debts if you were to pass away (so that no one else has to bail you out), and the amount needed to provide for your dependents until they reach the age in which they could care for themselves.  I recommend term life insurance for three reasons:  1) major debts will/should eventually be paid down so the need for permanent insurance will dwindle over time, 2) dependents will grow older and eventually become financially independent (hopefully!), and 3) it is by far the most affordable and pure of all the insurance options you will find.  Read more on the subject via my post on calculating how much life insurance you need.

A good provider for term insurance is Quotacy.  They make purchasing life insurance as painless a process as possible.  Plus, you can snag an estimate immediately by just plugging in a few simple items.  Check them out for yourself.  I'm confident you will be impressed.