Inside Out Money 080. We’re all going to die, so let’s talk about life insurance
Oct 21, 2024
Dive into the essentials of life insurance and why it's crucial even if you feel invincible. Discover the gaps in workplace coverage and the importance of personalized plans. Learn about term versus whole life insurance, the financial value of caregiving, and why many women are woefully underinsured. Get savvy tips for choosing policies and getting the best rates, including the innovative laddering strategy. And enjoy a fun twist with rewritten lyrics that bring humor to this serious topic!
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Liz's Life Insurance Journey
- Liz initially misunderstood life insurance, thinking it paid out to the insured upon death.
- She later realized it benefits dependents and now feels confident in her understanding.
Life Insurance in Divorce
- Life insurance is often required in divorce decrees to protect children and ex-spouses.
- This highlights the importance of considering dependents' financial needs.
Choose Term Over Whole Life Insurance
- Avoid whole life insurance due to high fees, lack of investment control, and often poorer returns compared to term life insurance.
- Choose term life insurance for its affordability and simplicity.