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Old 15th April 2008, 03:53 AM   #10

Join Date: Feb 2007
Location: Hong Kong
Posts: 81

Wow what a bunch of sharks. I would never buy from anyone who suggests 5 times income or 10 times income. Its outrageous.
Term life should be fine, and you don't need to buy from an agent. There are plenty of online brokers who will sell you a term policy.
As long as you are investing alongside the term policy then you willnot have a problem when you reach 80, as you will have sufficient funds to take care of your funeral, family etc.
I can't comment on the tax efficiency side as I am non US resident, but it seems as though there are some good points made here.

I have worked in insurance for the last 8 years and am a Director with a big firm. I have 3 times my salary from work, 200K that I took out as additional cover (term) when I got married and also have a permanent health plan so that I am covered if I can't work (living benefits). Anything above that will have to come out our savings, property and other investments.

Hope this helps to clarify from someone on the inside.

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