Taxation Strategies

Term vs. permanent life insurance - should you convert?

Mar 03, 2021
By Kim Stevens, CFP®, CLU®, CHS

When picking or converting life insurance, one needs to consider not only the coverage necessary to support their family, but also the timeframe they expect to need the coverage for. While term insurance appears to be a smart solution in the short-term, the premiums can skyrocket after the first or second term (in some cases increasing by over 700%), urging many to drop it before passing away.

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