Q. What’s the best way to figure out how much life insurance I need? I’m married with two kids — 14 and 7 — and we have a house with a mortgage of $215,000. My salary is $79,000 a year and my wife makes between $15,000 and $25,000 a year.
Q. My parents have several life insurance policies. One is whole life, two are term and there’s also an annuity. What do I have to worry about with taxes when the payments eventually come to me, and is there something I can do to save on taxes?