The only life insurance a 55-year-old man with a wife and teenage child has is through his employer. He is primarily interested in money for death/funeral expenses and a little bit more to supplement his family. What should he do to improve his situation? Assuming the man is healthy enough to qualify medically and that money is tight, a 10-year level term life policy with a conversion right might be the best place to start. If his family is financially dependent on his income, then he should probably consider a policy that would cover more than just funeral expenses. A healthy nonsmoker could buy $500,000 of coverage for less than $100 month.

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