How Have the Needs for Life Insurance Changed?

How have the needs for life insurance changed with the increasing number of two-income households? Remarried households? What are the implications for these changes when considering the need for income replacement and funds to replace household services?

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Introduction

The need for life insurance changes with time as someone’s life changes. Typically when one is young, the need for life insurance may be less but this changes as someone takes more responsibilities and their family grows. There may also be a decrease in the need for life insurance at the later stages of life when responsibilities start to diminish once again.

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