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Life Insurance Summary
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The skinny:

There is an old industry saying that life insurance (perhaps all insurance—except where required by law or a mortgage holder) is sold, not bought. Among advisors there is contentious debate between those who recommend permanent insurance versus those who recommend "buy term and invest the difference”. At the end of the day, insurance products are tools. It is important that you understand what they can and cannot do to make an informed decision about which type best fits your needs.

Each year, as part of our annual review process, you will re-evaluate your needs and coverage. Marriage and the welcoming of new children into the world as well as the purchase of a new home with a larger mortgage will increase your needs. As time goes by and children graduate from college, your mortgage balance declines and you near retirement (thus reducing the amount of years of lifestyle and retirement savings life insurance would have to support) your needs may diminish. Over time, as income grows you may wish to convert some of your term insurance to permanent insurance to increase flexibility for retirement income and estate planning purposes.


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