Episode 74: Do You Really Need Life Insurance?

Today’s Prep:

Do you actually need to have life insurance or is it just another expense? David talks through the importance of life insurance and how it might be worth having as a part of your financial plan.

(Click the featured times below to jump forward in the episode)

Equipping Points:

Have you considered getting life insurance but hesitated, not knowing if it’s for you? Or do you already have life insurance but wonder if it’s worth keeping?

Most families will never benefit from life insurance, so it might feel like an extra expense. That said, homeowner’s insurance and fire insurance are also common policies people own that you hope to never need, but can make a big difference if you do.

How do you know if life insurance is for you? David shares his one life insurance rule about who always needs life insurance. While you’ll hopefully never need it, it can be devastating if you do need it and don’t have it.

If you’ve decided to get life insurance, how much should you get? How do you determine the amount that makes sense for you and your family? Then, outside of the obvious needs, are there any strategic uses for life insurance that sometimes get overlooked?

David explains some of the possible ways people use life insurance outside of income replacement. If you don’t have life insurance as a part of your plan, reach out to your financial advisor to find out if it is a match for you.

Listen to the full episode or click on the timestamps below to hear more specifics about life insurance.

[0:22] – Why is “life insurance” a bit of a dirty word to some people?

[1:17] – How do you know if you actually need life insurance?

[3:05] – What is the right amount of life insurance to get?

[4:42] – What are some strategic uses of life insurance that might be less obvious?

[5:55] – How does this relate to your retirement savings? 

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The host: David Dickens

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