Radical Thoughts on Life Insurance
September is Life Insurance Awareness month, so I devoted today’s podcast to this important topic, and I am thankful to this podcast episode’s partner TermLifeInsurance.com TermLifeInsurance.com helps family’s save money on life insurance.
On today’s show, I am talking to Joshua Sheats from the podcast, Radical Personal Finance. As you will hear in the episode, Joshua is just about the best person I could talk to about life insurance since he started his financial planning career with an insurance company and has received extensive training specifically in this area. It’s a long show, but one that is filled with valuable information. If you want to check out other shows or posts I’ve written about life insurance, here are a few:
What are we drinking?
Joshua – Florida’s finest filtered tap water
Shannon – Vodka and Tonic
- Joshua gives his background in life insurance and why he is so passionate about it
- Joshua started his financial planning career at Northwestern Mutual which is a company that has a history rooted in whole life insurance
- We discussed the answer to the question “What type of life insurance is right for me?”
- Joshua discusses why whole life insurance gets a bad rap
- Joshua talks about the phases of need of life insurance
- Shannon and Joshua talk about Shannon’s client who was sold a whole life insurance policy as an investment
- If the need for insurance is temporary, you buy term life insurance, if the need is permanent, it should be met with whole life insurance.
- Joshua believes that all people need some portion of permanent life insurance
- In general, you solve death benefit needs with term life insurance because it’s your cheapest way to buy a large amount
- Shannon asks Joshua – How do you manage having the insurance coverage you want to fit within your limited budget?
- Joshua talks about how insurance agents are paid and what clients should expect when they work with one
- Shannon asks Joshua how people can find a good insurance agent if they want to work with one
- Joshua talks about whole life insurance as an investment option, when does it make sense and what part should it play in your financial picture
Random Three Questions
- What’s the best investment you’ve made?
- If you could only have one book with you on a deserted island, what would it be and why?
- When you relax, what do you do?