Life Insurance - help interpreting recommendations
I have some questions about the Life Insurance Recommendations. I have read the User Manual and other posts about Life Insurance so I believe that I understand the systems' approach but am still a bit unclear about the recommendations and how to properly interpret it.
In the Report, for 2015 Recommended Amount Life Insurance, the system recommends $650,000 for me in 2015.
Then in Annual Suggestions report, for life insurance, it shows numbers through 2021 although I expect to live much longer past 2021.
With my rounding, it shows 2015 ($650,000), 2016 ($560,000), 2017 ($460,000), 2018 ($355,000), 2019 ($260,000), 2020 ($150,000) and 2021 ($44,000)....then Life Insurance goes to $0 ongoing for many years.
Can you help me interpret this data properly ?
For example, does it mean that according to the system, I only need Life Insurance coverage for 7 years and that each year during that period, I would only need a smaller Face Value from the previous year. Therefore, is the system recommending that after 7 years, even if I lived another 20 or 30 years, that I would NO longer need any life insurance.
Thanks for your help!