Life Insurance
The most important questions regarding life insurance are 1) Do you need it? and 2) If you do need it, how much do you need?
As discussed in the videos, if you love someone, some thing or some cause, and that person, thing or cause would be adversely impacted financially by your demise, then the chances are good that you need life insurance. The question of how much is discussed in the article How Much Life Insurance Is Enough? After an amount is determined, you then can decide which type best suits your needs and objectives.
There are several different types of life insurance, and it is important that you understand the differences so that you can make an appropriate choice regarding your unique set of circumstances. Notice I said appropriate choice and not correct choice. I did this for a reason, as I believe there is no “correct” choice, as so much depends not only on your circumstances, but also on your risk tolerance and your personal preferences.
Term, whole life, universal, variable, and survivorship are the basic types of life insurance available. I often hear the questions “What about mortgage insurance?” and “What about burial insurance?” Those are not types of life insurance per se, but rather uses of life insurance.
Also discussed in this section are available riders, and which ones I feel are appropriate in different circumstances. I also address life insurance on a non-working spouse as well as insurance on children and young non-married adults.
The discussion of life insurance inevitably includes legal and tax considerations. I am neither an attorney nor a practicing accountant, and accordingly, do not offer legal or accounting advice. I strongly urge you to consult with your appropriate legal and/or accounting advisors for final guidance in these areas.
