Mike is young and newly married. He and his wife plan to have children in the near future, and Mike wants to get a significant amount of life insurance coverage at as low a cost as possible. He would be well advised to purchase a term insurance policy.

Question

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Term insurance would most likely be the preferred approach in this situation. If Mike's primary concern is insurance protection for his family, straight term insurance would provide the greatest amount of coverage per dollar spent.

Mike Is Young and Newly Married