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There are many times in our experience in the life insurance and financial services industry where people do all or a majority of their planning with this idea that things will be different 10 years from now. More to the point–my financial picture will look much different than it does today.
In other words, that 10 year term policy will be probably be just fine because by the time the term is up I'll have most of my debts paid off, my kids will be out on their own, and I just won't have near the need that I have today.
