Today's Hack

The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.

The beauty of financial planning is that you can come up with countless ways to reach the same outcome for individuals thanks to a wide range of tools at the advisor’s disposal.

One of those tools that you’re pretty familiar with is life insurance. It might not be the most exciting product or one that you feel like you need in retirement, but it’s a tool that can be very beneficial when applied with the correct purpose.

On this episode of the podcast, we’re going to give you some reasons why you SHOULD get life insurance. There’s enough negativity in the world right now so let’s put a positive spin on the discussion today. Each of these reasons might not work for you, but hopefully by the end of the discussion, you see why life insurance is something that you should at least consider.

We’ll dive into each of the reasons on the podcast, so give it a watch or listen to hear all of the details. Everyone thinks about income replacement as the sole reason for life insurance, but it can help on things like estate planning, long-term care coverage, and creating tax-free money.

If you have any questions or want to see how life insurance might fit into your portfolio, give us a call and we’ll set up a time to discuss.

Listen to the entire episode or skip ahead using the timestamps below. 

[0:58] Income Replacement

[3:55] Estate Liquidity

[5:11] Transferring family wealth

[7:28] Business succession

[9:01] Tax-free benefits

[12:39] Long-term care coverage

[14:23] Using all the tools at your disposal

A Quotable Moment:

“Let’s run the math and make sure everything works. Let’s stress test it and now we know is there a need for it. If there’s a need, then let’s get a product that works.”

-Phil Putney

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