On The Agenda:

People often have questions about life insurance. It’s not a sexy topic, but it is an important one. We’ll explain why.

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Episode Show Notes:

On this episode of How Money Works, Craig and Jennifer Moser explain why life insurance is so important and how you can use it.

The perception among many people is that your need for life insurance dramatically decreases and perhaps becomes completely unnecessary as you age. Is that really the case? On this episode, we’ll explore some ins and outs of life insurance and its various uses.

Income replacement

If you have a family and something happens to you, how will they be taken care of? Life insurance can be that completer for you. If you properly design your death benefit, you can replace the money you were going to save for college, for retirement, for your mortgage, etc. That’s why you would buy it.

Estate liquidity

If you have a lot of real estate and it’s big enough to incur estate taxes. Where do the money come from? Life insurance is the cheapest way to get those funds. Rather than saving that money, that money will be paid at the end of your life.

More coverage at cheaper price?

Life insurance has changed so much over the years. People might not know that you can get more coverage at a cheaper price. Premiums will increase as you get older, but some of the newer policies are competitively priced.

Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.

Important Points:

0:48 – Income replacement

2:06 – Estate liquidity

3:15 – More coverage at cheaper price?

4:20 – Estate equalizer

5:07 – Distribution

6:28 – Long-term care insurance

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