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Do children really need life insurance?

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Do children really need life insurance?

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Children don’t need life insurance, unless they are supporting you. There are better options for saving and investing—such as regular automatic deposits to your savings account, money market funds, mutual funds or stocks and bonds. Q. Are whole life policies more suitable for some people than for others? Whole life may be a good choice only for people starting families in their 40s and 50s, or people who are concerned about their heirs being responsible for significant estate taxes. Whole life policies are not the best way to save for the future. (Most insurers greatly exaggerate their “projected earnings” charts and indexes.) If you borrow against your policy and do not pay the insurer back, it will reduce the cash benefit paid when you die. Before you buy a whole life policy for investment purposes, look into other options for saving and investing—certificates of deposit (CDs), money market funds or conservative mutual funds. Q. My agent says term insurance is just “temporary” and a

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