A lot of people assume you only need life insurance if you have kids at home. But did you know there are additional benefits to having life insurance that could impact both your life and your legacy?
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Almost everybody knows that life insurance can be a good and cheap way to supplement an income if the major breadwinner dies. But what about if the primary caretaker in a family dies? Having life insurance on both spouses is often overlooked, but that can be a costly mistake.
Outside of those child-raising years, some may wonder why they should have life insurance at all. But there’s more to consider. Have you thought about the taxes on the assets you plan to pass down to your heirs? Life insurance may be one way to provide a tax-free benefit to your grandchildren. Or what about how it could support you at the end of your life?
In this episode, David explains why life insurance could be more important to have than you think, regardless of the size of your nest egg. He will outline a few different key strategies and types of life insurance that may cause you to reconsider what role it should play in your financial plan, both now and in your future.
Life insurance may not be fun to talk about, but it’s important to think through the financial reasons that it might be worthwhile.
Listen to the entire episode for more or click on the timestamps below to skip to specific segments.
0:46 – Life insurance can be used as income replacement.
3:01 – Using life insurance to transfer family wealth.
4:00 – Creating tax-free income with life insurance, even if you can’t contribute to a Roth.
5:40 – How can life insurance help with long-term care coverage?