Gary Taffet Cautions Against Common Life Insurance Errors
Life insurance is an important consideration, but some individuals invest in the wrong kind of policy; Gary Taffet weighs in on this issue.
PRINCETON, N.J., Feb. 11, 2013 /PRNewswire-iReach/ -- Many individuals regard life insurance as an important aspect of any long-term financial plan, as well as a primary way to protect and provide for a spouse and dependent children. While the virtues of life insurance are widely recognized, however, there is no real consensus on what kind of insurance coverage an individual needs to invest in. Many life insurance agents will contend that the best policy depends on the specific needs and goals of the customer; meanwhile, some agents argue passionately, either for term or for whole life insurance. A recent editorial in U.S. News and World Report, for example, takes the position that term life insurance typically offers the best value. The article has won a comment from Gary Taffet.
Gary Taffet is a veteran of the insurance business, currently working with Reliance Insurance Group in New Jersey. Reliance Insurance Group offers a wide range of insurance products and services, including not just life insurance but property and casualty policies, as well. Additionally, the company offers its services in employee benefits administration. Gary Taffet has responded to the U.S. News editorial with a statement to the press.
"There is no single answer to the ongoing insurance debate of term vs. whole life," remarks Gary Taffet, in his press statement. He continues by offering some context for this ongoing discussion. "It's a nuanced decision, based upon the specific needs of the consumer seeking to be insured and their desired purpose for coverage."
Gary Taffet goes on to highlight the importance of having a good, reputable insurance agent. "Having the proper insurance advisor is therefore critical in making a decision when considering the merits of term life insurance in comparison to a whole life policy," he explains. "And the fact that these different options exist is ultimately to the benefit of the insured."
The editorial in U.S. News and World Report takes a more aggressive stance. The article claims that, for those who wish to protect family members against the unexpected financial consequences of a sudden death, term life is "usually" the best option. The editorial goes on to suggest that term life coverage offers the most protection at the most affordable cost.
The article affirms that many life insurance agents do not agree with this stance; some, like Gary Taffet, believe both kinds of policy have their place, while others champion whole life. According to the article, whole life insurance returns usually do not justify the heavy financial investment.
The editorial continues by illuminating some common life insurance errors—specifically, bad reasoning that is used to justify the purchase of a whole life policy. The article concludes by claiming that many whole life insurance agents make poor arguments to sell their products and services.
Gary Taffet is a staunch believer in the importance of matching the coverage to the specific needs of the client.
Gary Taffet is a veteran of the insurance brokerage and employee benefits administration industries. He currently serves with the New Jersey-based Reliance Insurance Group, a national leader in all manner of employee benefits and insurance services.
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