March 25, 2020
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Almost every article published about life insurance in Trusts & Estates is focused on the ultra-high-net-worth (UHNW) individuals whose net worth exceeds $30 million. Those aren’t the majority of clients most of us see every day. It’s important to understand the uses of insurance for that majority. Some of these uses may also apply to UHNW clients, depending on their circumstances and concerns.
Personal Decision
Whenever I meet someone for the first time and he asks me, “Why do I need life insurance?” I answer, “I don’t know if you do. Let’s talk.”1 (The real question is whether he wants life insurance.) Selfish people usually don’t buy life insurance. They don’t want to spend money on anything that doesn’t directly benefit themselves. Ot...
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