Whether you’ve followed Dave Ramsey for a day or a decade, you know he hates cash value life insurance and never recommends it. Dave and the entire Ramsey team will always tell you to get term life insurance over everything else out there on the life insurance market!

But even when you’re shopping for the right kind of life insurance, there are still some mistakes to avoid when it comes to buying term life insurance:

• Always get 10–12 times your income in life insurance coverage.
• Free workplace policies are great—but they aren’t enough on their own.
• Your family needs enough to live on and room to grieve if you die.
• They can put the payout into good growth stock mutual funds.
• Investing the payout could replace your income for years to come.
• Both spouses need coverage, even stay-at-home parents.

Use this simple calculator to see how much life insurance you need without burning brain calories.

• It leaves your family vulnerable if something unexpected happens to you.
• Life insurance premiums generally go up as you get older.
• Increasing risk of health issues could make you ineligible to buy a policy. 

• Quick tip: Term means how long the policy will last.
• We’re all about saving money, but not by short-changing on term length.
• Base the term on when your kids will be out on their own.
• You only need a policy while people depend on your income.
• We recommend a 15- or 20-year policy for most folks.

Wondering how much a term life insurance policy of that size would cost you each month? Get an instant estimate below!

• The bottom line is, the cost of riders far outweighs the benefits.
• Common riders to avoid include income replacement, waiver of premium, critical illness, and accidental death.
• One possible exception is a child rider—this adds temporary life insurance coverage for your kids.
  • It is a good idea if you’re still building an emergency fund.
  • It allows you to cover funeral costs if the unthinkable happens.
  • But drop it once you save 3–6 months of living expenses.

• Life events that might change your coverage needs: new child, new home, got a raise, quit smoking, or had other health improvements (just to name a few).
• Review your policy regularly to make sure it still fits your current life situation.