Life Insurance Basics

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martinis and your money

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.

Podcast Notes:

  • 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.

Do you have life insurance? Do you understand life insurance?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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