Lou: Thinking about your own personal life insurance situation, have you made any changes since you’ve semi-retired? Changes about the way you think about your life insurance or even specific changes in your life insurance program?
Walt: Yes, that’s a great question, and the answer is yes I have. Maybe you and I are a little different in that we have worked in the industry and I’ve owned individual life insurance. Actually interesting many people don’t. About 60 percent of adults 50 and older (I believe the numbers are) don’t have any individually purchased life insurance. If anything they have it’s just what they have at work which is eventually going to expire. So, I was one of the fortunate ones in that I had some permanent life insurance but it was primarily term insurance. And as I talked with my planner a lot of it was going to be expiring within the next five to ten years. And I said boy, I’d really like to have some permanent insurance. I wish I had purchased some. So for me, what I did, I converted some of that to a permanent product. But for many older folks, they don’t have that option if they don’t have term insurance to begin with. But the good news for those folks is that life insurance is more affordable today than it’s ever been. So a lot of people can purchase an additional amount of life insurance even when they’re in their 50’s and 60’s.