How to Buy Life Insurance the Smart Way
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
4.7 • 678 Ratings
🗓️ 28 August 2018
⏱️ 40 minutes
🧾️ Download transcript
Summary
Life insurance is wildly misunderstood and often oversold.
In today's episode, we take a deep dive into the world of life insurance to show you how to buy it the right way, saving you money, time, and future headaches.
We discuss:
- Why we buy life insurance to begin with
- How to know when you need it
- What types of life insurance you should consider
- Where to buy it to make sure you're getting a good deal.
- Plus, why you might not want to buy life insurance through your employer.
As a bonus, we also share some resources for finding insurance money out there that you are entitled to.
We also tackle a listener question about 529 college savings plans and the proper way to get one set up for kids and grandkids.
Links, show notes, and resources for this episode: www.youstaywealthy.com/29
DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.
Transcript
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| 0:00.0 | If you disappear off the earth in an untimely manner, then your family, they need your salary |
| 0:07.1 | replaced in your absence, and that's what life insurance is for. |
| 0:11.7 | Welcome to Stay Wealthy, San Diego, a show for successful professionals doing all the right |
| 0:17.4 | things with their money and are ready to take their financial plan to the next level. |
| 0:22.1 | I'm certified financial planner Taylor Schulte, and I'm here to teach you advanced financial |
| 0:26.6 | planning strategies in plain English. |
| 0:30.7 | This podcast is for informational and entertainment purposes only and should not be relied upon |
| 0:35.4 | as a basis for investment decisions. |
| 0:37.4 | This podcast is not engaged in rendering legal, financial, or other professional services. |
| 0:45.4 | Welcome to the Stay Wealthy San Diego podcast. John, what's our topic today? Our topic today is 529 plans, college savings plans. Actually, it's not. I do not know what |
| 0:58.6 | today's topic is. Today, we are actually talking about life insurance. I like it. We're going to |
| 1:05.9 | tackle a few things. We're going to tackle one, why we buy life insurance to begin with, and then how you know when you need it. |
| 1:14.4 | And then two, discuss the different types of insurance. |
| 1:17.3 | Specifically, we're going to zone in on term life insurance and whole life insurance, since those are kind of the two most popular. |
| 1:24.5 | And then three, we're going to talk about how you can make sure you get a good deal |
| 1:28.1 | when you're buying insurance, how to shop for it, what to look for, some resources that are out |
| 1:32.2 | there for you. I love getting a good deal. And then make sure you stay until the end, because we're |
| 1:36.2 | going to share with you why you might not want to buy life insurance through your employer. |
| 1:41.4 | And then also how you can locate a lost insurance policy. |
| 1:46.5 | Wow. |
| 1:47.3 | Free money. |
| 1:48.1 | I like that. |
... |
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