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- #51
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Very true and the correct DB is at best an arbitrary figure. How much DOES my wife need if I died tomorrow? Well, my wife would need $40,000 after taxes to get the bills paid. I'm figuring on 6% invested with a 1 mill DB or $60,000 a year pre-tax income. Then she has social security bene's coming.
But it's arbitrary. Three life insurance agents would probably recommend three diffent plans and figures. All would be right - all would be wrong. It's too subjective.
I do know this though - a low DB would greatly harm my wife. Say someone came over and sold me $100,000 of perm and left. I die tomorrow and my wife's ass-out. That's useless. I really don't care what the structure is, what plan is sold, perm VS term....to me it all doesn't matter. The CORE function is life insurance is that it needs to perform is the insured died tomorrow.
Your correct and I don't know anyone that has suggested otherwise. Yet though if I were you I would have my wife get her license and learn the business. Your renewals on your book of business can then easily go straight to her. Now if she learns the business, if there is any desire I would think only concrete her future if the need arises, hopefully not but one never knows. My wife is still fighting me about getting her license but it so easy and I think she is ready too just to get me off her back. Of course in most states the spouse could get a temporary license easy enough but IMHO its easier now than waiting till the need arises.