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Buy term and invest difference?

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Moore, Byron 2015.jpg

Question: I just finished a very helpful course on personal finance at my church. The course recommended that I buy term insurance and take the difference between what I pay for term and what I would have paid for a so-called whole life policy and invest it. Is this a sound strategy?

Answer: As I wrote last week, I think this is the wrong place to start.

Rather than beginning with “what kind,” you need to decide “how much.” If you die prematurely, your loved ones will not care what kind of insurance you had, just how much.

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