Welcome to the Stay Walthy podcast.

I'm your host, Taylor Schulte, and today I'm tackling part two of our life insurance in retirement series.

To help friend and fellow financial planner Stephanie McCullough stops by, and together we cover three main things.

Number one, the academic use case for permanent life insurance

as a retirement income tool. Number two, how to properly analyze an existing policy. And number three,

tips and resources for getting conflict-free help. We also break down 1035 exchanges and how you can

help family members with old insurance

policies who may not have a financial professional in their life.

So if you're ready to get into the technical weeds with us today and cover everything

you need to know about permanent life insurance, today's episode is for you.

For all the links and resources mentioned, head over to you stay wealthy.com forward

slash 141.

Okay, today the main focus is permanent insurance because as mentioned last week in part one,

this is where things get more complex. And to make sure that we have a constructive

conversation today,

let's just quickly recap the purpose that insurance serves and what specifically permanent

life insurance is. Insurance is a means of protection from financial loss. It's also a form of

risk management. And when it comes to managing risks effectively, there's a simple

three-step process that you can follow. Step number one, identify the risk, i.e., what is it that you

fear might happen? Step number two, determine how much of that risk you can bear. And then step

number three, if applicable, ensure the remainder. One of the most

popular risks that we insure against is death and permanent life insurance provides coverage

...