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Life Insurance

Before you buy life insurance, determine if you need it… and what kind you should purchase.

Life insurance:

  • is necessary if you have loved ones that depend on you financially
  • facilitates the efficient transfer of wealth

Some people advocate life insurance as an investment. This could be appropriate for the ultra, ultra conservative… but we believe there are better ways to grow your wealth.

Determining how much life you insurance you need can be tricky. We advocate a needs-based approach and have built a calculator for you to use.

Once you know how much you need, you must determine what kind to buy. Term is affordable to allow you to adequately provide for your survivors.

Permanent insurance is more appropriate for those with wealth transfer goals.

Since insurance prices are set by the state, you can search online or via an agent. A good agent can add value by finding the best company in light of any medical issues you may have. Agents aren’t created equal. Be aware that some may recommend the policy that pays them the highest commission rather than seeking the best value for you.

 

NOTE: Those who rely on pension benefits to provide for financial security may need insurance in retirement. Since term becomes very expensive as we get older, if you have not built enough assets it may be necessary to own some permanent insurance.

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