Third Base

To be safe on third, you need an adequate amount of term life insurance. Life insurance is about protecting your family — it ensures that the people who depend on you financially will still be taken care of if the worst happens (if you don’t have any dependents, you can skip this step and go right to home plate).

Speak to an agent to understand your costs, then choose the amount and the number of years of coverage you need. A common guideline is to carry coverage equal to 10-12 times your annual income.

Stick with level term life insurance, which provides consistent coverage at a fixed cost over the life of the policy. The number of years will depend on your age, the age of your partner, and the age(s) of your dependent(s). A licensed insurance professional can help you compare policies and costs.

You’re ready to move on once you’ve picked your coverage amount and term, and you know what it’s going to cost — when your family’s financial protection is set.