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Questions and Answers on Life Insurance: The Life Insurance Toolbook


Need help facing the constant barrage of information from competing life insurance companies? With twenty years of experience in the life insurance business, Tony Steuer delivers a practical, one-of-a-kind resource for choosing the best life insurance policy for you or your family. Using a simple question-and-answer format, Steuer covers the essential basics and the finer ...

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Need help facing the constant barrage of information from competing life insurance companies? With twenty years of experience in the life insurance business, Tony Steuer delivers a practical, one-of-a-kind resource for choosing the best life insurance policy for you or your family. Using a simple question-and-answer format, Steuer covers the essential basics and the finer points of life insurance, including how to:

Differentiate between types of policies

Find and evaluate a policy and company

Hire a trusted agent

Understand the practice of underwriting

Monitor a policy's performance

With all the advice to help you avoid unnecessary pitfalls and unpleasant surprises, Steuer's guide will help you make informed, confident decisions and gain the maximum benefit from life insurance companies.

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Product Details

  • ISBN-13: 9780984508105
  • Publisher: Life Insurance Sage Press
  • Publication date: 8/1/2010
  • Pages: 383
  • Sales rank: 433,935
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.10 (d)

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Life Insurance Sage Press

Copyright © 2010 Tony Steuer
All right reserved.

ISBN: 978-0-9845081-0-5

Chapter One

Introduction to Life Insurance

Q1 What Is Life Insurance, Where Did It Come From, and Why Should I Care?

Life insurance is a type of insurance that pays money when someone passes away. That's simple. However, to understand what life insurance is today you should look at how life insurance originated. Life insurance is one of the very oldest types of insurance/financial products in existence. It stems from the old principle that if a villager's house burned down, the other villagers would help to rebuild the house.

The first life insurance came from this concept. Then a concept known as the tontine annuity system was founded in Paris by the 17th century Italianborn banker Lorenzo Tonti. Although essentially a form of gambling, this system has been regarded as an early attempt to use the law of averages and the principle of life expectancies in establishing annuities. Under the tontine system, associations of individuals were formed without any reference to age, and a fund was created by equal contributions from each member. The sum was invested, and, at the end of each year, the interest was divided among the survivors. The last remaining survivor received both the year's interest and the entire amount of the principal.

However, as the amount of money that people wished to be insured for increased, and the risk potential for violent fluctuations for those involved increased as well. To minimize this effect, it was necessary that the law of large numbers be applied to this situation. This is where we see the first roots of the actuarial practice. An actuary is a mathematician employed by an insurance company to calculate premiums, reserves, dividends, and insurance, pension, and annuity rates, using risk factors obtained from experience tables. These tables are based on the company's history of insurance claims as well as other industry and general statistical data.

This is an example of the principle known as the Law of Large Numbers. This principle states that the greater the number of similar exposures (in this case—lives insured) to a peril (e.g. death), the less the observed loss experience will deviate from the expected loss experience. Basically, the more people that the risk is spread out over, the more money (premiums) will be coming in. So, when a person does die, it will not be as big of a burden to the rest of the insureds. Of course, in certain circumstances, there will not be much that can be done.

The function of insurance is to safeguard against misfortunes by having the losses of the unfortunate few paid for by the contributions of the many that are exposed to the same peril. This is the essence of insurance—the sharing of losses and, in the process, the substitution of a certain small "loss"(the premium payment) for an uncertain large loss. (Reference—Black, H. and Skipper, K. ; Life Insurance, Twelfth Edition, Prentice Hall (Englewood Cliffs, NJ), p. 18)

Life insurance, like any other financial product, is a tool to assist you in accomplishing a specific goal (or goals). As such, it will assist the beneficiary when there is an economic loss, due to the death of the insured that extends well beyond just funeral or final medical expenses. The loss of future income, due to the death of a breadwinner, can have a severe impact on the lifestyle of the surviving family members. Debt owed by the deceased may become due and payable as well as possible estate or inheritance taxes. Life insurance can create an immediate source of funds to enable the payment of these expenses and to provide a source of future income.

Benjamin Franklin helped found the insurance industry in the United States, in 1752, with the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. The current state insurance regulatory framework has its roots in the 19th century, with New Hampshire appointing the first insurance commissioner in 1851. Insurance regulators' responsibilities grew in scope and complexity as the industry evolved. Congress adopted the McCarran-Ferguson Act in 1945 to declare that states should regulate the business of insurance, and to affirm that the continued regulation of the insurance industry by the states was in the public's best interest.

The purchasing of life insurance is an uncomfortable task for many people, and the image of most life insurance advisors leave something to be desired with examples such as Bill Murray in Groundhog Day and Mel Brooks in High Anxiety. Typically, there is recognition of an obligation to protect one's dependents from the financial hardship of an untimely death, but no one likes to think about the fact that they will die someday. This is another reason—aside from the potential discomfort of dealing with a life insurance advisor—that can make it easy to delay and put off the decision to purchase life insurance.

Keep in mind as you go through this process that life insurance is not for you, it is for your survivors. Therefore, you typically will only have a need for life insurance when you are leaving behind someone or some entity that is dependent on your income.

"Any road will get you there as long as you don't know where you're going." —Socrates

Q2 Why Do I Need Life Insurance?

Times have changed, and the reasons people buy life insurance have grown from the original purpose. The following is a list of some of the more common reasons:

• Income Replacement—Protect the premature death of a spouse or parent so that the loss of income is not devastating to the family.

• Payment of Outstanding Debts—Such as mortgages, car payments, and credit cards.

• Final Expenses—Funeral and other administrative expenses.

• Education Funding—The death of a parent may mean that the quality of education, intended for a child, may be out of reach.

• Emergency Fund—Any adjustment expenses, such as time off work and medical and counseling expenses.

• Special Needs Child—Life insurance provides a guarantee that the funds will be there to care for those special needs.

Business Continuation—To provide funding to assist in orderly transfer of business ownership in the case of an owner's death—life insurance guarantees that the business is transferred as intended.

• Business Insurance—Key Person, Executive Bonus, Split Dollar, and Deferred Compensation funded with life insurance.

• Estate Taxes—Under current tax law, life insurance can provide liquidity at death to pre-fund the estate tax liability. This may not be necessary if the Estate Tax is permanently repealed.

• Charitable Giving—A charitable-minded client may leave a gift to a favorite organization, without significantly reducing the size of the estate, by using the death benefit to replace the value of the property gifted to heirs.

• Equalizing Inheritance—Provides additional liquidity to assist in providing each child with equal shares of their parents' assets.

• Income In Respect of a Decedent—People die owning assets that have not yet been taxed; these taxes then become the obligation of the beneficiary. Life insurance provides liquidity to assist in the payment of these taxes.

• Second Marriages—There can be conflict when a parent with children remarries. Life insurance on the parent provides the new spouse financial security from the insurance coverage. At the same time it allows the children to receive the parent's estate immediately. This can avoid unwanted animosity between the children and the new spouse and allow them to live in harmony.

Please note that that life insurance is commonly used for business reasons. Further information is in Question 129.

Is proper planning for everyone?

As the famous saying goes, only two things in life are certain: death and taxes. This table looks at the fact that no matter how rich and famous you are, you should always expect the unexpected.

Q3 How Much Life Insurance Do I Need?

This is an excellent question to which there are as many answers as there are people to ask. Every advisor, financial columnist, and relative has a formula that they consider the best. This section is designed to present the various methods used, as well as the pros and cons of each method ranging from the simple to the extremely complex. As these issues deal with how to value a life, it is indeed a very complex proposition.

The method that makes the most sense to you is probably the one that may work the best for you. No method is perfect, as you are trying to hit a moving target. Life brings many changes and your needs will change with them. The more assumptions you make, the more complex you'll make your planning, and the more chances there are that something will not work as planned. This does not mean that you should only use the simplest methods&mdashit is to give you a concept of why it is important to actively participate in all of your planning, fully understand it, and constantly monitor it. After all, it is your money. Remarkably, the simplest formulas can often be the best.

All of the issues discussed in this question will have an impact on the amount of life insurance and other assets needed. Often the desired goals may not be financially feasible. These issues are not only financially based; they can also be extremely emotional.

Another thought to keep in mind is that as your other assets grow, such as retirement plans and investments, your need for life insurance will decrease.

These are some of the more commonly used approaches.


Multiple of Income

This method (also known as the "human capitalization value") uses the approach of a multiple of your annual income—typically ranging from five to eight times your annual income. This is one of the oldest and best known methods to determine how much life insurance you need, as well as one of the easiest to use. It's also the most frequently mentioned by financial columnists in consumer publications.

While simple, this earnings-multiple method misses a range of important factors. For example, it ignores household demographics, past savings, Social Security offsets, housing expenses, taxes, etc. It also ignores expected life changes and individual preferences about sustaining the living standards of survivors. It is simply a "best guess."

Cover Your Debts

This entails buying only enough life insurance to cover debts such as your mortgage, student loan bills, or outstanding car notes. The issues are similar to the issues for the multiple of income approach discussed above in that it misses a whole range of factors, such as not considering any future debts or needs like child care or college education costs. This method is also too simplistic to provide any real value.

Human Life Value Concept

The human life value concept deals with human capital. Human capital is a person's income potential. We all have a human life value. In wrongful death litigation, human life value is measured daily in court (however, the litigation value tends to be significantly different). Insuring human life value is the primary purpose of life insurance. The human life value concept goes beyond numbers and considers the entire impact caused by the loss of a human life and the value to a person's loved ones. Here are some questions to give you a start:

• If you had been killed in a car accident last week, and someone else had been responsible for your death, how much money would your family sue the responsible party for?

• If you had been killed in a car accident last week, and you had been responsible, how much money would you want your family to receive?

• If you died of cancer last week, how much money would you have wanted your family to receive?

• How much are your tomorrows worth? What is your Potential Earning Power (PEP)?

Here are the steps to use the human value approach. The future expected earnings of the insured needs to be capitalized and the present value of income flow to the family (for the time frame needed) determined. This generally involves a multistep process:

How to Calculate

1. Estimate the insured's earnings for the period of time replacement would be needed. When estimating earnings, future increases in salary may be considered and an "average" annual salary used. Whether or not to include "growth" of earnings has a significant impact on the amount of coverage that will be needed.

2. Subtract from earnings a reasonable estimate of annual taxes and living expenses spent on the insured, in order to arrive at the actual salary needed to provide for family needs. Commonly, this is a percentage of salary. Rather than calculating a composite of each separate need, it is often suggested that the survivors will need about 70% of the pre-death income to carry on after the insured's death. A higher or lower percentage may be needed depending on a particular family's circumstances. The percentage of salary needed can be more accurately determined through a detailed examination of the family budget.

3. Determine the length of time the net earnings need to be replaced. This could be until the insured's dependents are assumed to be grown and no longer need the financial support of the insured, or until the assumed retirement age of the insured.

4. Select a rate of return with which to discount the future earnings. A conservative estimate on rate of return would be the return on U. S. Treasury bills or notes, or the rate of return paid for death proceeds left on deposit with the insurance company. A life insurance company will leave a death benefit in an interest bearing account. The rate paid on this type of account is the rate that should be used. A safe assumption would be the rate on a money market or certificate of deposit (CD) account.

5. Multiply the net salary needed by the length of time needed to determine the future earnings. Then calculate the present value of the future earnings using the assumed rate of return. This calculation can be performed using a spreadsheet, specialized software, a financial function calculator, or by using discount interest tables.


Let's assume you are age 40 and make $65,000 per year. By examining your family budget, it is determined that $48,500 per year is needed for family support. It is also determined that this income would need to be replaced until retirement at age 65 (25 years). If we assume a 5% discount rate, the present value of your future net salary would be $683,556. Stated another way, it would take this amount to pay $48,500 per year for 25 years based on a 5% rate of return. This assumes that the insurance proceeds will be liquidated over the needed period of income (the capital liquidation method). A more conservative approach would be to keep the principal intact and live off the income generated (the capital preservation method). See discussion under life needs analysis below.

The human value method is useful in situations where replacing the income lost due to the death of a breadwinner is the primary concern. However, this method only factors in the replacement of income and does not take into account any lump-sum needs at death. In addition, a client's financial situation may be more complex and additional analysis may be required. For example, the issues of funding a college education, integration with Social Security benefits, paying estate tax, and determining what other sources of income are available are not included in the human value approach. In situations where a more detailed calculation is needed, the life needs analysis method can be used.

This method will provide only a rough sense of your human life value, which can be a factor in determining the amount of insurance you should have in your financial portfolio. It is most useful in situations where replacing the income lost due to the death of a breadwinner is the primary concern. Typically, the amount of life insurance indicated under this method is less than the actual need, as it does not take into account any lump sum needs at death as well as college-education funding, estate taxes, integration with social security, existing life insurance, and so forth. See the next section where we will discuss a needs analysis approach.


Excerpted from QUESTIONS and ANSWERS on LIFE INSURANCE by TONY STEUER Copyright © 2010 by Tony Steuer. Excerpted by permission of Life Insurance Sage Press. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Table of Contents

Introduction 1

Chapter 1 Introduction to Life Insurance

Q1 What Is Life Insurance, Where Did It Come From, and Why Should I Care? 3

Q2 Why Do I Need Life Insurance? 5

Q3 How Much Life Insurance Do I Need? 7

Chapter 2 Types of Life Insurance

Q4 What Are the Basic Types of Life Insurance Products Out There? 32

Q5 How Do I Tell the Basic Differences Between Term and Permanent Life Insurance? 33

Q6 The $64,000 Question-Should I Buy Term Life Insurance or Permanent Life Insurance and Invest the Difference? 34

Q7 What Are the Different Types of Term Life Insurance? 36

Q8 How Do I Recognize the Advantages and Disadvantages of Term Life Insurance? 37

Q9 What Are Some of the Characteristics of Permanent (Cash Value) Life Insurance? 38

Q10 What Are the Types of Permanent (Cash Value) Life Insurance? 39

Q11 What Are Endowment Life insurance Policies? 39

Q12 How Can I Tell the Difference between the Many Types of Whole Life Insurance? 40

Q13 What Is Universal Life Insurance? 44

Q14 What Are Variable Life and Variable Universal Life and Why Are They Different? 48

Q15 What Are No-Load/Low-Load Life Insurance Products? 50

Q16 What Are Some Advantages and Disadvantages of Permanent (Cash Value) Life Insurance? 52

Q17 What Is a Policy Rider? 53

Q18 Are There Any Other Types of Life Insurance? 54

Q19 How Do I Make a Cost Comparison between Life Insurance Policies? 56

Chapter 3 Choosing and Evaluating a Life Insurance Policy

Q20 How Do I Choose a Term Life Insurance Policy? 57

Q21 What Are Life Insurance Illustrations and How Can They Help? 59

Q22 How Do I Read a Typical Term Life Insurance Illustration? 59

Q23 What Should I Look for in a Term Life Insurance Illustration? 62

Q24 What Should I Consider in Choosing and Evaluating a Permanent (Cash Value) Life Insurance Illustration and Prospective Policy? 65

Q25 What Are the Four Basic Components That Compose and Dictate the Performance of a Life Insurance Policy? 66

Q26 What Is Really Important in an Illustration/ Product Analysis? 66

Q27 What Type of Earnings Are There on a Life Insurance Policy? 68

Q28 What Are Dividends? 68

Q29 What Are Interest Rates and How Are Interest Earnings Credited? 71

Q30 What Is the Difference Between Gross and Net Interest Rates? 72

Q31 On What Are the Interest Rate Assumptions in an Illustration Typically Based? 72

Q32 What Other Questions Should I Consider Regarding Interest Rates and Dividends? 73

Q33 How Is a Mortality Charge Determined? 74

Q34 What Are Overhead and Administrative Expense Charges? 75

Q35 What Are Persistency and Lapses? 77

Q36 What Is Lapse Support? 77

Q37 Why Should I Watch out for Lapse-Supported Products? 78

Q38 How Do These Factors Affect the Performance of a Permanent Life Insurance Policy? 79

Q39 What Are Some Other Considerations and Situations? 80

Q40 What Is a Universal Life Insurance Policy Illustration? 81

Q41 Is There Any Way to Guarantee the Death Benefit on My Cash Value Life Insurance Policy? 81

Q42 Is There Any Oversight of Policy Illustrations? 83

Chatter 4 How to Choose a Life Insurance Company

Q43 Where Do I Start in Choosing a Life Insurance Company? 86

Q44 What Is a Rating? 87

Q45 Who Are the Rating Agencies? 88

Q46 How Do I Find Out More about Each Rating Service? 90

Q47 How Do I Compare the Ratings from Each of the Five Major Rating Services on a Relative Basis? 93

Q48 What Are the Definitions for Each Rating? 94

Q49 What Would Be of Assistance in a Financial Analysis? 101

Q50 Who is IRIS (Insurance Regulatory Information Reports)? 105

Q51 What Is the Risk Based Capital System? 106

Q52 Are the Carriers Held to any Ethical Standard? 108

Q53 How Do I Find Out About Any Complaints Filed Against My Insurance Company or File My Own Complaint? 110

Q54 So, What is the Best Way to Select An Insurance Company? 111

Chapter 5 Finding a Life Insurance Agent

Q55 How Do I Find a Life Insurance Advisor? 112

Q56 What Are the Regulatory Resources for Researching a Life Insurance Advisor? 113

Q57 What Else Do I Need to Know About My Insurance Advisor? 114

Q58 How Is the Agent Compensated and How Will That Affect the Advice You're Given? 116

Q59 How Is the Current Compensation System Harmful to Agents and Consumers? 117

Q60 Can an Advisor Accept Both a Fee and a Commission? 119

Q61 Is There a Code of Ethics for Life Insurance Agents? 121

Q62 What Is the History, Purpose, and Structure of State Insurance Regulation? 135

Q63 Why Do States Currently Regulate Insurance? 139

Chapter 6 Other Issues before Buying A Policy

Q64 Okay, I'm ready to Buy Some Life Insurance. What Should I Expect? 144

Q65 How Will I Know That This Is the Right Policy for Me; In Other Words, Is it Suitable? 145

Q66 Is There a Difference in How Often I Pay My Premium? 149

Q67 What Is Insurable Interest? 151

Q68 What Should I Consider in Choosing a Beneficiary? 155

Q69 Who Should I Name as the Policy Owner? 157

Q70 What Are Life Insurance Survivor Options? 157

Chapter 7 Understanding Underwriting

Q71 What Is Underwriting and Why is it Important to Me? 159

Q72 How Do I Begin to Understand the Underwriting Process? 159

Q73 How Does the Underwriting Process Work? 160

Q74 What Are Some Tips for My Life Insurance Examination? 161

Q75 Who Is the Medical Information Bureau (MIB)? 162

Q76 What Is a Rated Premium (and/or Do I Have a Known or Unknown Medical Condition)? 164

Q77 How Will My Build Affect My Insurance Premium? 167

Q78 What Are Some Sample Guidelines to Qualify for Preferred Rates? 168

Q79 How Will Tobacco Usage Affect My Premiums? 168

Q80 How Do I Find Out Why My Life Insurance Application Was Not Approved or Modified? 170

Q81 What Is Financial Underwriting? 171

Q82 How Does the Conditional Receipt Work? 172

Q83 Why is Honesty the Best Policy and/or Can What the Insurance Company Doesn't Know Hurt You? 173

Q84 Is There Anything Else That I Need to Know About Underwriting? 174

Chapter 8 Monitoring Your In-Force Life Insurance Policy

Q85 How Do I Monitor and Evaluate an In-force Policy? 175

Q86 What Areas Should I Review for Potential Changes? 175

Q87 Is My Current Permanent Life Insurance Policy in Good Health? 177

Q88 What Is an In-force Illustration? 182

Q89 How Do I Order an In-force Illustration? 182

Q90 What Will the In-force Illustration Tell Me? 182

Q91 Are There Other Issues If I Purchased a Limited Premium-Payment Policy? 195

Q92 How Do I Measure a Life Insurance Policy's Internal Performance and Compare It with Another Policy? 197

Chapter 9 What Should I Know About Life Insurance Replacements?

Q93 Why Would I Consider a Life Insurance Replacement? 215

Q94 How Is Replacement Defined? 216

Q95 What Issues Favor Replacement? 217

Q96 What Issues Favor Retention of an Old Policy? 217

Q97 What Are Some Questions to Consider Before Replacing? 219

Q98 What Type of Worksheet Can I Use With a Proposed Term Life Insurance Replacement? 220

Q99 What Type of Worksheet Can I Use With a Proposed Permanent Life Insurance Replacement? 222

Q100 Are There Any Special Situations to Consider? 224

Q101 Are There Any Tax Issues to Consider with a Replacement, and What Is Internal Revenue Code Section 1035? 227

Q102 What Are Some Myths about Replacement? 228

Q103 What Are Some Reasons for Replacing? 229

Q104 What are Some Areas to Use Caution in Making a Replacement? 230

Q105 How Have the Replacement Regulations Evolved to Provide More Protections For Consumer? 230

Chapter 10 What You Need to Know About Policy Loans

Q106 What Is a Policy Loan, and Why Might I Not Want One? 233

Q107 Are Policy Loans Tax-Free? 234

Q108 How Does a Policy Loan Become Harmful? 236

Q109 How Can a Policy Loan Be a Pitfall? 237

Chapter 11 Life Insurance and Qualified Retirement Plans

Q110 Should I Have a Life Insurance Policy Inside of a Qualified Retirement Plan? 240

Q111 Why Can It Be a Good Idea to Have Life Insurance Inside of a Qualified Retirement Program? 241

Q112 Why Is Having Life Insurance Inside a Qualified Retirement Program Not a Good Idea? 242

Q113 What Else Do I Need to Know About Life Insurance Inside a Qualified Plan? 243

Q114 Are There Any Government Regulation Issues and Concerns (Insurance Industry As Well) Regarding Life Insurance in a Qualified Plan? 244

Chapter 12 Taxes and Life Insurance

Q115 Does the Cash Value of My Permanent Life Insurance Policy Grow on a Tax-Deferred Basis? 247

Q116 How Are Withdrawals from a Permanent Life Insurance Policy Typically Taxed? 248

Q117 Are Policy Loans Income Tax Free? 248

Q118 What Are the Income-Tax Consequences of the Inside Interest During the Policy's Lifetime and at Surrender/Termination? 248

Q119 Are There Any Taxes on a Life Insurance Death Benefit? 249

Q120 How Could the Estate Tax Affect My Estate? 251

Q121 How Is a Monetary Settlement Received from an Insurance Company Class Action Settlement Taxed? 251

Chapter 13 Life Insurance Trusts

Q122 What Is an Irrevocable Life Insurance Trust, and Why Should I Consider It? 254

Q123 How Does an Irrevocable Life Insurance Trust Work? 256

Q124 What Is My Basic Role If I'm Named Trustee? 256

Q125 What Are Some Tools to Assist Me as a Trustee and Fiduciary? 257

Chapter 14 Miscellaneous Issues

Q126 What Happens When It Is Time for a Claim to Be Paid? 258

Q127 What Happens When You Need to Track down a Missing and/or Unknown Life Insurance Policy? 260

Q128 What If a Life Insurance Company Goes Bankrupt? 263

Q129 As a Business Owner, Are There Any Special Planning Concepts? 266

Q130 Can I Donate My Life Insurance Policy to a Non-Profit/Charitable Organization? 277

Q131 What Are Some Tips on Understanding Viatical and Life Settlements to Sell a Life Insurance Policy? 280

Q132 What Is Stranger-Owned Life Insurance (STOLI)? 289

Q133 What Is Premium Financing and How Does It Work? 296

Q134 What Is Private Placement Life Insurance? 301

Conclusion: What Should I Make of All of This? 304

Appendix A Contact Information for All State Insurance Departments 306

Appendix B Additional Factors That May Impact Underwriting and What You Need to Know 316

Glossary: Key Life Insurance Terms 325

Index 363

Services Offered 377

Professional Biography 381

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  • Posted December 17, 2013

    more from this reviewer

    It makes insurance easy to understand. I think everyone should h

    It makes insurance easy to understand. I think everyone should have a copy of this book or, at least, should reference it when having insurance questions. It makes everything so much easier!

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  • Posted January 25, 2011

    Highly Recommended

    I started a small business with my husband and needed to understand life insurance for the first time in my life. Reading Questions and Answers on Life Insurance has helped prepare me for this decision, and the format has made it easy for me to refer to it as more questions come up.

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  • Posted November 15, 2010

    Great for Professionals and Consumers

    I am a financial advisor specializing in estate planning. I am always looking for resources to better educate myself and my clients. This book provides some of the easiest to understand explanations on difficult topics. Life insurance is a confusing field with many different voices and Mr. Steuer does an excellent job of getting rid of the noise.

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