I need to replace my $70,000 per year income in the event of my death. I need to support my wife and 4 year old son.
What type of life insurance would be best?
If you need the most life insurance at the lowest cost you may want to consider a 30 year term life insurance policy which would provide protection for your wife and son for a period of 30 years.
Term life insurance is pure life insurance protection with no investment feature, it does not build cash value inside the policy, which is why it costs a lot less than permanent life insurance. in addition, since it is temporary for a set period of time, it allows you to buy more life insurance for your money compared to permanent life insurance.
In addition, you may want to use a life insurance calculator to help you determine how much life insurance coverage you need. You just answers some questions and the calculator gives you an accurate estimate of your life insurance needs.