The advice the original author gives fits most people most of the time. I would certainly encourage anyone to get individual investment and legal advice.

Thanks for reading,
Eric

___________________________________
Eric L. Johnson
Ziff, Weiermiller, Hayden & Mustico, LLP
303 William St., Elmira, NY 14902
Tel: (607) 733-8866
Fax: (607) 732-6062
Toll Free: 1-800-943-3529
Email: ejohnson@zifflaw.com
Web: http://www.zifflaw.com

There is no need for someone to be insurance poor and for temporary needs term insurance is appropriate. one can now obtain term insurance in New York with as much as a level 30 year premium.

I can however tell you from years of personal experience in varied situations that the author of the original piece may not have that I’ve dealt with 50 60 anf 70 year old term-ites who have large estates, not enough donees to give it all away and must use insurance in their estate planning. Because they were termites their entire lives the cost for such insurance was staggering.

Today it’s not just a case of term v whole life. For example-There is no lapse guarantee universal life which is a cost effective way to provide permanent life insurance with less emphasis on cash value.

On the subject, the first priority is to secure the right amount of life insurance coverage. Concurrent protection of the income stream through disabilty insurance is essential. Even if you buy term, having a disability waiver of premium with convertibility features with the right life insurance company will permit conversion to whole life or other form of permanent insurance, cash value growth and premiums paid. Where else can one have, in effect, a continuation of savings in the event of disability when things are getting tight financially?

Making ANY financial product recommendations without a review of a person’s needs and goals is irresponsible.

Picking someone to work with just because of how they are paid is also uninformed. Inappropriate recommendations are not tied to the method of compensation. By that flawed “no commission theory” many of my fine friends who earn a 1/3 contingency (“commission”) would be relegated below the per hour lawyers. Work with someone who is experienced, knowledgeable, with good business ethics, who you feel comfortable with.