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I have a similar situation, but with a longer time span before retirement. My insurance guy recently recommended a cash value policy instead of term to cover the difference between the single life benefit and the 100% spouse benefit. His pitch was that the insurance cash value will grow tax free at about 7-9% (historical return) and if necessary you can take up to the basis amount without paying taxes after retirement. You can also convert to an annuity. Any advice on this approach?
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