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True, not everyone needs life insurance, but if anyone else depends on you to bring home a paycheck, you need it. Luckily, now's a great time to buy. Finance expert Jean Chatzky tells you what you need to know.

An exemption is a deduction allowed for the taxpayer, a spouse, and dependents. Essentially, people who are supported by the income of the spouse and the taxpayer can become an exemption, if all the rules are followed.Exemptions are most commonly taken for the taxpayer, the spouse, and any small...