Life Insurance, Long Term Care, Annuities, and Ranting About Reddit - 173

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 12 June 2018

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

A Reddit thread about getting sold life insurance when going to a life insurance company for financial planning gets Joe Anderson, CFP® ranting! To make sure Joe’s insurance rant doesn’t apply to you, and to help you avoid buying insurance you don't need, Paul Lim CFP® talks about term life insurance, permanent life insurance, long-term care, and annuities: what they are, when you need them, and how they fit into your overall financial plan. Transcript and show notes at http://bit.ly/YMYW-173

Transcript

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0:00.0	Today on Your Money, Your Wealth, Joe Anderson's CFP is in rare form.
0:05.0	I showed him a Reddit thread in our personal finance about a young couple who got sold life insurance they didn't want when they went to a life insurance company for financial planning.
0:14.3	And Joe started ranting.
0:16.6	I do not sell life insurance, disability insurance, or any of the above.
0:20.2	I think the most important thing that I have is my disability insurance policy.
0:26.3	If you're in your 20s, 30s, and 40s, the biggest asset you have is not $17,000 that you
0:32.0	have in your savings account wanting to buy stocks.
0:34.5	It's your ability to earn an income.
0:36.3	If you look at a true rounded out
0:38.6	financial plan, you have to start there first. Hey, can I get some stocks and a rock? Why are you going
0:44.1	to Northwestern Mutual Life Insurance? Of course, they're going to start with the protection
0:47.9	site first. You know, I'm going to go to a Ford dealership and get pissed off because I
0:51.9	ain't going to shed it. And I'm going to go on Reddit.
0:55.5	Keep listening to make sure Joe's insurance rant doesn't apply to you, too.
1:00.0	And to help you avoid buying a Ford when you really wanted a Chevy, Paul Lim CFP joins Big
1:04.8	Al to provide some education about term life insurance, permanent life insurance, long-term
1:09.6	care, and annuities,
1:11.0	what they are when you need them, and how they fit into your overall financial plan.
1:15.7	Now, here are Joe Anderson, CFP, and Big Alclopine CPA.
1:20.5	You know what I really want to talk about it?
1:22.8	I got these email questions.
1:24.2	Okay.
	...

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