JK Lasser's New Rules for Estate, Retirement, and Tax Planning by Stewart H. Welch III & J. Winston Busby

JK Lasser's New Rules for Estate, Retirement, and Tax Planning by Stewart H. Welch III & J. Winston Busby

Author:Stewart H. Welch, III & J. Winston Busby
Language: eng
Format: epub
ISBN: 9781119559085
Publisher: Wiley
Published: 2019-01-28T00:00:00+00:00


What Type of Life Insurance Is Best for You?

If your primary purpose is to provide your family with a source of income should you die prematurely, then level term insurance is your best bet. This assumes that you have a wealth accumulation plan in place as outlined in Chapter 5. In working with our clients, we normally recommend either 15‐year or 20‐year level term policies. This is because we have implemented a wealth accumulation plan that is expected to achieve total financial independence by the end of that period. For example, let's say that you determined in Chapter 5 that you need to accumulate $3 million of investment capital to be financially independent. Once you have accumulated that sum, you no longer need life insurance as a source of income protection for your family. It is possible that you might need permanent (cash value) life insurance for other reasons, such as paying estate taxes. Remember, because you can convert term insurance to permanent insurance without having to pass a new physical exam, you have left your options open.



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