Life insurance can be a smart investment for many people. If you are married, with kids, having life insurance is your way of financially protecting them in case you die prematurely. This means they will have enough money to pay mortgages, if any, or other debts and won’t have to take on multiple jobs, lose the house or the family car.
However, if you’re young, you probably don’t even need one. It’s not the best way to maximize returns while minimizing risks.
Monthly Savings: $22.05
Annual Savings: $264.6