Life Insurance Basics
A few weeks back, I blogged about the unexpected death of someone we knew and my first thought (because he has small children) was that I hoped he had life insurance. Before I became a financial planner, I never saw the importance of life insurance, but now I see the value of making it an integral part of your overall financial plan. For this chat, I am bringing back my good friend and west coast alter ego, Shannon Ryan from The Heavy Purse who is a CFP and practicing financial planner for over 23 years.
What We’re Drinking – Cosmopolitan
Since we both love pink, and drank cosmos during our last podcast, we decided to do it again.
Here is the recipe:
- 2 ounces vodka (I prefer Citron if you have it)
- 1/2 ounce triple sec (or any other orange liquor)
- 3/4 ounce cranberry juice
- 1/2 ounce fresh lime juice
Combine all ingredients in a shaker with some ice. Shake and serve cold with a lemon peel if you like.
- Both Shannons share powerful true stories that they have witnessed through their work as financial planners around the value of life insurance
- We discuss who we think needs life insurance and Shannon Ryan breaks down the various categories of people with life insurance needs
- We discuss how much people need and how to calculate that figure
- Shannon shares her thoughts around laddering term life insurance policies to maximize your benefits while keeping costs low
- We explain the difference between Permanent or Whole Life Insurance and Temporary or Term Life
- Shannon discusses why she doesn’t like co-mingling insurance and retirement needs
- We share how cost expectations for insurance
Resources for life insurance
- Life Happens – Life Insurance Needs Calculator – this app is available for iPhone and Android phones
- Policy Genius – a great tool for comparing insurance options
- Haven Life – a great option for term life policies
*This post contains affiliate links. You can find more on affiliate links on my disclosure page.