Sunbeam Tip #1: Choose the proper financial “Tool” for your situation.

Sunbeam Tip #1: Choose the proper financial “Tool” for your situation.

While there are many professionals in our industry, who has an opinion on term vs. whole life insurance, they are two very different financial instruments and used in different ways to accomplish your goals.  A master carpenter would not recommend using a saw to put a nail in a board.  If he does, find a new carpenter!  Any insurance broker worth his salt, would not recommend using a whole life product to pay off your six figure mortgage, should the untimely occur.  Nor would the same agent rest your desire to cover your final expenses (funeral & burial costs) in a term life policy.

Lesson Learned:

Sit with your agent/broker and discuss, in detail, what you have going on and what your wishes are for your family, when the time comes.  If they are good at what they do, they will marry the right “tool” to the situation.  Make certain that you meet with your broker every so often, because your family needs will change as they go through the different stages of life.

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