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In the world of life insurance, income replacement is the practical manifestation of human life value, and is probably at the top of most people's list of reasons why they buy life insurance. It is almost always acquired out of love. Whether consisting of one earner or two, most households in the United States cannot survive for long without the wage earner's income(s). After all, it's not as if we just put all our earnings aside for a rainy day. There are mortgages and car payments and medical bills and food and entertainment, not to mention insurance premiums for health, fire, flood, and disability. Given that most households are lucky if there's anything left over at the end of the month; consider the financial impact of the premature death of a wage earner on whom the family's survival is dependent.

It is fairly straightforward to estimate the financial loss: If death removes a month of gross earnings and there is no other source of income for ongoing expenses, insurance would ideally replace most of the $5,000 and make sure that there are appropriate increases in the future to compensate for rising costs because of inflation as children get older.

 

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