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Introduction

Life insurance agents are a dying breed. Transactional products have become more commoditized. Technology is advancing. Electronic “everything” is becoming more widely accepted by compliance officers and attorneys in the industry. The result? A changing process. We are witnessing a change in buying habits that is significant and substantial. No longer are people buying life insurance at their kitchen table from their father’s life insurance agent. Instead, they are buying it from financial advisors who are also handling their retirement and children's college education plans.

As a retirement and wealth management firm our focus will always be investments. We do believe that term life insurance and living trusts are an important piece of risk management during our client's working years. With that in mind, we believe that offering an extremely competitive solution that fits 80-90% of our clients is important. The 10-20% of clients for whom these companies would not be appropriate they are better served by referring them to a full service insurance agency. Agents who wish to focus their efforts on serving this small piece of the overall business may request to appoint with such carriers outside of our firm. However, the production and credit and support will all fall outside of the our system. We strongly encourage investment Advisors to focus on the main thing and refer-out time-consuming, non-profitable business to an insurance professional.

By focusing on a two high-quality carriers you can become adept with the products, processes, and systems and be much more efficient for your clients. It is also much more likely that you will be able to custom tailor a solution that fits your clients needs rather than having to understand dozens different carriers.


Our Life Insurance Philosophy

Our Life Insurance Philosophy can be summed up in one sentence: Buy Term Life Insurance and Invest in Mutual Funds.

This is a concept involving term life insurance and investment strategies that allow individuals to eventually "self insure" and provides an alternative to permanent life insurance. Generally speaking, term insurance premiums are considerably less expensive than permanent life insurance. Permanent programs are more expensive because they combine some form of cash accumulation with the insurance program as a single package.

Consumers making use of the "buy term and invest the difference" concept separate their investments from their insurance by setting aside money every month equal to the premium that a permanent plan would require, then use a portion of this money for the term premium and place the rest in a tax-deferred investment vehicle.


Three Ramifications at Death

"Insure against what can go wrong in order to acquire the luxury of investing for what can go right." -Nick Murray, from his book The Game of Numbers

"Do you know exactly what would happen to your family financially if you didn’t wake up tomorrow?" -Nick Murray, from NMI 2021-10

Read Nick's The Most Important Question PDF

The death of a person carries three ramifications for the survivors:

  1. Emotional trauma.
  2. Financial stress and hardship.
  3. Legal entanglements.


We can't help with the first, but we can help with the other two.

  1. Financial stress: high-coverage, low-cost, guaranteed term insurance.
  2. Legal entanglements: high-quality, comprehensive living trust.


Income/Assets Protection Overview

Watch Protection Nakpin Presentation (2023-01) VIDEO

This makes for an excellent napkin presentation.

  1. You. You, as an income-generating biological machine, are your most valuable financial asset. Make sure to protect it.
    1. Term life insurance to contine provding your loved one an income stream if you die.
  2. Health insurance to cover health costs so that it doesn't wipe out your svavings if you get sick.

  3. Living trust. Specifically the "living benefits" such as power of attorney (medical, financial) etc.

  4. Retirement Assets. This will most likely be most people's largest long-term asset.

    1. Well diversifed mutual fund portfolio to allow it to grow with minimal principle risk.
    2. Variable AnnuityVariable annuity with a guaranteed income rider to protect your income stream for life.

  5. Primary residence. This is most people's second largest asset, and the place you live!

    1. Living trust, or even better, a land trust/LLC. this will protect you home against law suits and avoid probate if you die.
  6. Home owner's insurance.

  7. Pay off the mortgage.

  8. Other expensive assets. Cars, motorcycles, boats etc.

    1. Living trust to ensure they go to whom you want when you die.
  9. Pay off the debts.


Life Insurance is Temporary


The Theory of Decreasing Responsibility

  • The theory assumes that the financial responsibilities of the insured are temporary and insurance should be purchased to offset those responsibilities. These responsibilities include paying consumer debts, mortgages, funding children's education and income replacement. -Wikipedia

  • As you get older, your responsibilities decrease and so does your need for life insurance. Your objective is to become self-insured - to build enough wealth that you have no need for life insurance at all. The insurance salesman will incorrectly tell you the older you are, the more insurance you need. Remember, the purpose of life insurance is to replace income from a job you would no longer have if you were retired. As you get older, more of your income comes from non-job related sources and thus your need for life insurance decreases.

  • Life insurance is a wonderful thing. There is no substitute for it until a sufficiently large estate has been acquired to protect those dependent upon you. It can provide you with a way to guarantee that your dependents will have the financial means to continue to maintain your targeted standard of living in the event that you should die prematurely. It can be an economic extension of yourself, and you should provide this protection for your dependents before you begin an investment program.

  • Your goal is to become self-insured as soon as you can, not to see how much life insurance you can carry. Life insurance premiums are an expense paid with after-tax dollars, and you will want to reduce and eliminate this expense as soon as possible. The purpose of life insurance is to place over your family's head the umbrella of time - the time to accumulate a living estate. You obviously do not need to protect dependents whom you don't have.

  • Once the family is grown and out on their own (and we are middle-age or nearing retirement), our potential financial needs will normally decline and we don't need the premature life insurance protection for our family (we've lived beyond the premature death need for life insurance).

  • Almost everyone's need for life insurance protection diminishes after their children are grown and it's generally foolish to keep on paying for maximum protection in the twilight years. So, the lesson on this is stick to term insurance.


Two Phases of Income

Watch Two Phases of Income Napkin Presentation (2025-04) VIDEO

Watch Overall Financial Philosophy (2024-03) VIDEO

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text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe flex-start; width: 368px; height: 1px; padding-top: 348px; margin-left: 37px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: left;"><div style="display: inline-block; font-size: 12px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; white-space: normal; overflow-wrap: normal;"><div style=""><span style="font-size: 15px;"><b>Get Term Life Insurance Until Nest-Egg is Built</b></span></div></div></div></div></foreignObject><text x="37" y="352" fill="#000000" font-family="Helvetica" font-size="12px">Get Term Life Insurance Until Nest-Egg is Built</text></switch></g></g><g><rect x="1" y="143" width="35" height="50" fill="none" stroke="none" pointer-events="all"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility" style="overflow: visible; text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 33px; height: 1px; padding-top: 168px; margin-left: 2px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: center;"><div style="display: inline-block; font-size: 31px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; font-weight: bold; white-space: normal; overflow-wrap: normal;"><div style="font-size: 31px;"><span style="font-size: 31px;"><span style="font-size: 31px;">1</span></span></div></div></div></div></foreignObject><text x="19" y="177" fill="#000000" font-family="Helvetica" font-size="31px" text-anchor="middle" font-weight="bold">1</text></switch></g></g><g><rect x="355" y="251" width="35" height="50" fill="none" stroke="none" pointer-events="all"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility" style="overflow: visible; text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 33px; height: 1px; padding-top: 276px; margin-left: 356px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: center;"><div style="display: inline-block; font-size: 31px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; font-weight: bold; white-space: normal; overflow-wrap: normal;"><div style="font-size: 31px;"><span style="font-size: 31px;"><span style="font-size: 31px;">2</span></span></div></div></div></div></foreignObject><text x="373" y="285" fill="#000000" font-family="Helvetica" font-size="31px" text-anchor="middle" font-weight="bold">2</text></switch></g></g><g><rect x="0" y="323" width="35" height="50" fill="none" stroke="none" pointer-events="all"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility" style="overflow: visible; text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 33px; height: 1px; padding-top: 348px; margin-left: 1px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: center;"><div style="display: inline-block; font-size: 31px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; font-weight: bold; white-space: normal; overflow-wrap: normal;"><div style="font-size: 31px;"><span style="font-size: 31px;"><span style="font-size: 31px;">3</span></span></div></div></div></div></foreignObject><text x="18" y="357" fill="#000000" font-family="Helvetica" font-size="31px" text-anchor="middle" font-weight="bold">3</text></switch></g></g><g><rect x="1" y="386" width="35" height="50" fill="none" stroke="none" pointer-events="all"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility" style="overflow: visible; text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 33px; height: 1px; padding-top: 411px; margin-left: 2px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: center;"><div style="display: inline-block; font-size: 31px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; font-weight: bold; white-space: normal; overflow-wrap: normal;"><div style="font-size: 31px;">4</div></div></div></div></foreignObject><text x="19" y="420" fill="#000000" font-family="Helvetica" font-size="31px" text-anchor="middle" font-weight="bold">4</text></switch></g></g><g><rect x="415" y="116" width="35" height="50" fill="none" stroke="none" pointer-events="all"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility" style="overflow: visible; text-align: left;"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 33px; height: 1px; padding-top: 141px; margin-left: 416px;"><div data-drawio-colors="color: #000000; " style="box-sizing: border-box; font-size: 0px; text-align: center;"><div style="display: inline-block; font-size: 31px; font-family: Helvetica; color: rgb(0, 0, 0); line-height: 1.2; pointer-events: all; font-weight: bold; white-space: normal; overflow-wrap: normal;"><div style="font-size: 31px;">5</div></div></div></div></foreignObject><text x="433" y="150" fill="#000000" font-family="Helvetica" font-size="31px" text-anchor="middle" font-weight="bold">5</text></switch></g></g></g><switch><g requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"/><a transform="translate(0,-5)" xlink:href="https://www.drawio.com/doc/faq/svg-export-text-problems" target="_blank"><text text-anchor="middle" font-size="10px" x="50%" y="100%">Text is not SVG - cannot display</text></a></switch></svg>

  • The financial responsibilities of the insured are temporary and life insurance should be purchased to offset those responsibilities.

  • These responsibilities include consumer debts, funding children’s education and income replacement.

  • Once a family becomes financially secure having accumulated enough wealth to retire, the insured is self-insured and can discontinue their life insurance program.

  • Use this concept to determine the proper length of the term coverage.

In summary: once a family switches it's income source from a person-working-a-job to investment-income, the term insurance can be cancelled.


Two Boxes Napkin Presentation

This is a napkin presentation to further explain the "Two Phases of Income".

Watch Two Income Boxes Napkin Presentation (2022-11) VIDEO

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font-family: inconsolata, monospace, arial, sans, sans-serif; background-color: light-dark(rgb(255, 255, 255), rgb(18, 18, 18));"><br /></span>► <span>Sometimes, this box breaks down and is unrepairable.</span><span style="color: light-dark(rgb(0, 128, 0), rgb(80, 190, 80)); font-family: inconsolata, monospace, arial, sans, sans-serif; background-color: light-dark(rgb(255, 255, 255), rgb(18, 18, 18));"><br /></span>►<span><font face="inconsolata, monospace, arial, sans, sans-serif" color="#008000" style="color: light-dark(rgb(0, 128, 0), rgb(80, 190, 80));"> </font>For approximately 2% ($100) per month, you can insure against the break down, and the $5,000 payments will continue until age 65.</span><span style="color: light-dark(rgb(0, 128, 0), rgb(80, 190, 80)); font-family: inconsolata, monospace, arial, sans, sans-serif; background-color: light-dark(rgb(255, 255, 255), rgb(18, 18, 18));"><br /></span></div></div></div></foreignObject><text x="9" y="80" fill="light-dark(#000000, #ffffff)" font-family="&quot;Helvetica&quot;" font-size="14px">► Prints $5,000﻿ every month until 65, the...</text></switch></g></g></g><g data-cell-id="5"><g><rect x="337" y="58" width="290" height="170" fill="none" stroke="#7f00ff" stroke-width="5" pointer-events="all" style="stroke: light-dark(rgb(127, 0, 255), rgb(255, 159, 255));"/></g><g><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; 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  • Imagine you have two boxes in your home. One is blue and one is green.

  • The blue one spits out $5,000 cash per month. It will do this until you are 65. At age 65, the blue box will stop printing money, and the green box will start spitting money out instead, until the day you die.

  • Now, if you were offered a form of insurance for a few hundred dollars a month that would replace the blue box if it broke, would you buy it?

  • Would you continue paying for this insurance after age 65, when the box isn't working anyway?

  • Instead you would want to put insurance on the green box, right?

  • Okay, the blue box is the income you and your family will generate from your job. The insurance you put on it is is life insurance.

  • The green box is your retirement income which begins when you stop working at age 65. The insurance is a variable annuity.


Cash-Value vs Term Life Insurance


Watch AF MKOM 1691 - Term Life Insurance Presentation VIDEO


Types of Cash-Value Life Insurance

  • Whole life.
  • Paid-up life.
  • Universal life.
  • Variable/Adjustable life.


Features of Cash-Value

  • More expensive than term insurance.
  • Savings features of cash-value:
  • Lose all of your deposits in the first two year (or longer).
  • 1% - 5% return on your money.
  • Can't be integrated in a tax-shelter.
  • You pay 6% - 8% to borrow your own money.
  • If you borrow out all your cash, then the policies collapses.
  • If you die, your family doesn't get your savings.
  • High Upfront fees.
  • Low rate of return.
  • To access your cash value you must borrow and pay interest of 5%-8% to the insurance company.
  • Loans reduce the face amount of coverage.
  • Cash value does not qualify as a retirement plan.
  • Upon death you receive your face amount of coverage but not your cash value.
  • Full family coverage is cost prohibitive.
  • Doesn't qualify for IRA
  • Can't be used with a Variable Annuity Income Rider
  • If you die, your family doesn't get your savings!

Note: The easiest way to expose the flaws of cash-value insurance is by comparing it to mutual funds, as opposed to merely comparing it to term insurance. Destroy it primarily on its poor investment features; not just on the cost difference between cash-value and term.


Whole Life Insurance

A life insurance policy with a forced savings feature. Maturity is at age 100 at which the cash value amount equals the face amount.

“With 55 cents of each premium dollar going into what are essentially savings accounts, buyers and holders of whole-life insurance are losing billions of dollars a year. The savings element of such policies returned on average between one percent and two percent in 1977…” -FTC Report, July 10, 1977



A whole life insurance policy where the policy owner pays for the entire policy in a shorter period of time.


Universal Life Insurance

Watch Don't fall for 8% rate of return eternally VIDEO

A life insurance policy which allows the policy owner the options to adjust the face amount, premium, and length. It is annual renewable term + a savings (cash-value).


Competing against VUL

Read Nick's Indexed Universal Life Insurance “Benefits” Debunked ARTICLE

Read Nick's Don’t Mix Insurance and Investing ARTICLE

Two numbers to view: - Scheduled or initial premium - typically expressed monthly - Target premium - expressed annually (amount required for the assumptions to hold true & cover premiums)

When the scheduled is less than the target just point out the line that state that the 'PLANNED PREMIUM MAY NOT BE SUFFICIENT TO KEEP POLICY IN FORCE TO MATURITY DATE' then point out what they really should be paying for the coverage and they are yours. when the scheduled is higher than the target premium run a basic illustration and you will always have more insurance on the client and more money in the Roth IRA at all times.

VUL is a product that could be useful in estate planning for extremely wealthy clients, but for most of the people it is sold to BTID with a Roth IRA accomplishes the same thing without all the potential tax nightmares. Remember that the insurance in a VUL policy is ART (gets more expensive every year) so what appear to be cheaper term rates is very deceiving. Also, the insurance begins to increase under option B plans or when there is too much cash value accumulated too soon. ie cash value cannot equal face amount before age 95, therefore face amount has to increase to compensate and thus the premiums for the insurance.

They are sold with the concept of the "wash loan", that they can invest tax deferred, borrow money later to live on "tax free", and never have to pay it back. Of course, that's not true. If you have an insurance policy, you must pay for insurance! For the "investments" to remain tax deferred there must be a "corridor amount" of insurance. That means that as you get older, paying ART inside the policy, the insurance can become prohibitively expensive. Although the "investments" may do well, (I haven't seen what the money is in), when you borrow from the policy, an equal amount from the "investment" must go to a fixed account, getting about 2% less return than the loan interest you're paying. Therefore, your "investments" begin to shrink. Remember, the cost of insurance continues to increase because it is ART. Then, when you're older, your account value may be too low to support the cost of the insurance AND the loan interest, much less pay you enough to live on (through the "wash loan") Of course, they call it a "wash" because the interest on your loan is about the same as the return on the funds now in the fixed account. However, there are many people who wind up with insufficient policy values to continue paying the insurance and loan interest in later years. So what? Well, if the policy lapses, which it could if you have to start coming up with both loan interest and insurance costs out of pocket, the "wash loan" is now money GIVEN to you and is immediately fully taxable!! At the national convention in July the packet included an instance of just that in an article about an elderly lady.


Term Insurance + Mutual Fund (BT&ItD)

Concept: buy term insurance and invest elsewhere, preferably a mutual fund.

Read Michael's rebuttal to a newspaper article PDF

Watch Buy Term & Invest the Difference VIDEO


Types of Term Insurance

  • Annual renewable term (ART). Level face amount, premiums increase every year.
  • Decreasing term. Decreasing amount, premiums are level and guaranteed.
  • Scheduled Level term (5, 10, 15, 25, 30, 35). Premiums can go up.
  • Guaranteed Level term (5, 10, 15, 20, 30, 35). Premiums cannot change.
  • Level term-to-age-100 (or longer). A number of insurers have this product. It is just what it sounds like. It is for client who just have to have insurance until they die. It's not cheap, but better than whole life. Guaranteed rates, of course.
  • Return-of-Premium Term Life (ROP). Return of premium plays off that low risk but increases the cost. A common return-of-premium policy might cost about 25 percent to 50 percent more a year than regular term. It's the extra amount, which the insurer then invests, that provides the cash for the returned premiums. Though we have it on our insurance platform we don't recommended it, at all. It is better to buy pure term and invest the difference.
  • Term UL. A life insurance policy that contains all the benefits of term life insurance including low, guaranteed and level premiums plus some of the benefits of permanent life insurance at, apparently, no cost. Term/UL smells, looks, feels, tastes and most importantly behaves like pure term, so why not? The client pays a level premium for a level face amount and if it's less expensive than "pure" why not? The only caveat is that the client can't change the face amount (as mentioned in the article above). "Be tied to the outcome, not the method".


Features of Term Life Insurance

  • Less expensive than CV.
  • Savings features of a mutual fund:
  • Your money is credited to you immediately.
  • 7%+ potential return on your money.
  • Can be set-up as all types of IRAs.
  • No fee or penalty to withdraw your money.
  • If you withdraw all your cash, it doesn't affect your life insurance.
  • Your family inherits your savings when you die.
  • Term is simple: You buy, you die, we pay.
  • Inexpensive because you are only paying for the mortality cost and operating expenses.
  • You can afford the proper amount of coverage.
  • You only pay for it as long as you need it (ToDR).
  • Your savings is done elsewhere, preferably a mutual fund.
  • No “borrowing.”
  • If you withdraw your money it has no effect on your face amount because your insurance is separate
  • You get a “real” rate of return.
  • Qualifies as a tax-sheltered account.
  • If you die your family gets both.


Bottom Line: Only Buy Guaranteed Term

  • Never buy any kind of life insurance as an investment.
  • Never buy any kind of cash-value insurance (unless, abused as a term-to-age-100).
  • Only buy guaranteed level term. Avoid:
  • annual renewable term
  • decreasing term
  • scheduled term (such as Primerica Life)


Refrigerator A vs B Napkin Presentation

Use this to compare cash-value vs term.

If you were buying a refrigerator and had $2,000 to spend, and were offered two payment plans, which would you choose?


Payment Plan A

  • $2,000 Price
  • Get your $2,000 back after 25 years


Payment Plan B

  • $1,000 Price
  • No money back. The $1,000 is "lost".


At first glance many consumers would select Plan A because they will get their $2,000 back after 25 years, effectively making the refrigerator "free".

However, the better answer is Plan B. Forget the “$2,000-money-back”. Instead, spend the $1,000 on the ‘fridge and invest the other $1,000 in a long-term mutual fund. For example, \(1,000 invested in the American Funds Investment Company of America A-share mutual at a 11.73% ROR (average of all 25-year rolling periods since 1934), would grow to **\)16,005** at the end of 25 years!


Life Insurance Riders & Options

Watch Overview of Life Insurance Riders VIDEO


The "Okay" Term Riders

Most life insurance riders/add-ons are "gimmicks". With the possible exceptions:

  • Child Riders.
  • Waiver of Premium.


Riders or "features" to Avoid

  • Accidental Death
  • Paid-up
  • Participating
  • Dismemberment
  • Increasing Benefit Rider


Accidental Death

  • Definition: if the client dies by accident the beneficiary receives more than policy face amount, usually double.
  • Less than 5% of people aged over 25 die from accidents.
  • Do your family's needs change based upon how you die? No!
  • It's like playing lottery with your insurance.

Solution: determine the exact amount of coverage you need, then get that amount of “real” insurance that pays regardless of how you die.

  • If you need $200,000 don't get $100,000 with a accidental death rider, because if you don't die accidentally then you family only gets half of what they need.
  • If you get $200,000 and get a accidental death rider, then you are overpaying for coverage you don't need.


Dividends & “Participating” Polices

We know that potential policy dividends as defined by the insurance manual is the REFUND OF OVERPAYMENT OF PREMIUMS (should be called REBATES rather than dividends) and of course, not guarantee.


What Do The Experts Say?

"With 55 cents of each premium dollar going into what are essentially savings accounts, buyers and holders of whole-life insurance are losing billions of dollars a year. The savings element of such policies returned on average between one percent and two percent in 1977…” -FTC Report, July 10, 1977

"Financial planning for the average person can be very simple. If there is a need for life insurance, buy term (the cheapest) and invest the difference. ...mutual funds, well managed, are generally the best way to invest in a growing America while taking advantage of the “pooled” investment money of mutual funds to reduce the risk factor." -Arthur Milton, How Life Insurance Policies Rob You

"I, like most competent financial planners, recommend the purchase of low-cost level term insurance for ten to twenty years, and then invest the difference. I have reviewed many life policies, and I have never seen one that would beat buying term and investing the premium savings in an IRA in a 12 percent average annual return mutual fund.” -Dave Ramsey, Financial Peace

"In the next ten seconds, I'm going to tell you how you can save hours of time and thousands of dollars. Ready? Buy term life insurance.

...maybe you've heard (and have already fallen prey to) the sales pitches from life insurance salespeople, most of whom love selling cash value life insurance because of the huge commissions it pays. Cash value life insurance is the most oversold insurance *and financial product in the history of the industry." -Eric Tyson, Personal Finance for Dummie$

"The industry has a hidden agenda. It would rather sell you whole-life or universal life policies. It would rather sell you those policies even if they leave you underinsured. For nearly 50 years, Consumer Reports has been recommending that most buyers choose term insurance.” -Consumer Reports, June 1985