This week we’re shifting our focus a bit. Today’s episode is all about life insurance. We cover how to determine how much life insurance you need, what types of insurance you should consider, and several other aspects of having a life insurance plan. Be sure to stay tuned until the end of the episode, where we review some options if you realize that you have an insurance policy that you no longer need.
[01:04] Financial Planning – Why it’s important to consider life insurance as an essential part of your financial planning.
[06:33] Business Environments – Grant reviews some of the circumstances where a business may need to have coverage for their important personnel.
[10:20] Life Insurance & Financial Independence – Grant explains how you can evaluate the benefits of having an insurance policy versus the cost of keeping it alive, once you reach financial independence.
[12:15] Determining How Much Insurance You Need – Two methods of analyzing and calculating how much you actually need.
[20:32] Insurance Policy Types – Grant reviews the most common types of insurance policies and key differences in the way they work.
[30:52] Laddering – A strategy of obtaining multiple policies to obtain maximum benefits with the bare minimum amount..
[34:26] Getting Rid of a Policy – How to determine whether you no longer need an insurance policy.
[37:18] 1035 Exchange – A mechanism to swap between financial products and how you can use it to your advantage.