WEBVTT NOTE This file was exported by MacCaption version 8.1.01 to
comply with the WebVTT specification dated March 27, 2017. 00:00:00.534
--> 00:00:02.736 line:80% Do you understand how your life insurance
needs 00:00:02.803 --> 00:00:04.271 line:80% change over the years?
00:00:04.972 --> 00:00:07.674 line:80% It's called the Theory of
Decreasing Responsibility, 00:00:07.741 --> 00:00:09.309 line:80% and
here's how it works. 00:00:09.943 --> 00:00:11.411 line:80% When your
children are young, 00:00:11.478 --> 00:00:13.914 line:80% you probably
have a lot of financial responsibilities, 00:00:13.981 --> 00:00:16.316
line:80% such as a house mortgage and other debts. 00:00:16.383 -->
00:00:17.618 line:80% During this time, 00:00:17.651 --> 00:00:19.653
line:80% the death of a breadwinner or caretaker 00:00:19.720 -->
00:00:22.155 line:80% would be financially devastating to your family.
00:00:22.222 --> 00:00:24.391 line:80% This is when you need coverage
the most. 00:00:24.691 --> 00:00:27.661 line:80% In the later years, you
have fewer financial obligations. 00:00:27.895 --> 00:00:30.764 line:80%
The children are grown, the mortgage is paid or reduced 00:00:31.031 -->
00:00:33.367 line:80% and you've had years to accumulate savings.
00:00:34.301 --> 00:00:36.370 line:80% Your need for insurance is
reduced 00:00:36.436 --> 00:00:38.772 line:80% because you are now in
effect self-insured. 00:00:39.206 --> 00:00:41.842 line:80% This is the
theory of decreasing responsibility. 00:00:42.142 --> 00:00:44.912
line:80% It means having life insurance to protect your family
00:00:44.978 --> 00:00:47.648 line:80% during the most financially
vulnerable years.