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
Podcast Notes:
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?