In the event of your death, a good source of extra money for your family can come from life insurance. Jim Stowers believes one of the best types of insurance you can buy is Pure Permanent Annual Renewable Term Life Insurance. This gives you the most protection for the least amount of money.

It is pure in that it offers protection only - no savings or cash value ­- only pure insurance. It is permanent because the insurance is guaranteed renewable for life. Your actual cost for this insurance rises along with the expected mortality cost to the life insurance company (i.e., the older you get, the greater the cost because the greater the probability that you are going to die).

The greatest advantage to this type of insurance is that the cost of protection is least, when the need for it is greatest. As you get older and your investments grow, you can become self insured and eventually opt to not buy additional insurance.