This is your periodic reminder that, if you have people who depend on you or causes that you support, 10 year term-life insurance is a product which is easy to buy when you are young and healthy and very inexpensive. Got married? Had a kid? Add a new policy on top of old one.
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Permanent life insurance policies (generally called "whole life", at least in the US) include one very useful thing (term life insurance) and one very not-useful thing (a synthetic overpriced underperforming savings product). Most techies should just buy term life directly.
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Thank you. That helps clarify. I hadn't thought of permanent insurance as a bundle of term insurance plus savings product. What are some examples of circumstances that might change the tradeoffs? Assumptions made that might not hold true? I would like to get my head around this.
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