Welcome to another episode of the Stay Wealthy Retirement Show. I'm your host Taylor Schulte,

and every week I tackle the most important financial topics to help you stay wealthy in retirement.

And now on to the episode. Despite making insurance decisions almost daily, many retirement savers

don't truly understand what they're buying or why they need it.

In today's episode, I'm breaking down life insurance into simple, actionable terms.

Specifically, I'm sharing the three essential steps to managing insurable risks, the key differences between term and permanent life insurance,

and four critical questions to ask yourself before buying any policy. I'm also sharing a few little known facts and tips to

help you properly evaluate options that you may be considering. Even if you think you know everything

about life insurance as it relates to your retirement plan, today's episode will provide

valuable and important reminders as you relates to your retirement plan. Today's episode will provide valuable

and important reminders as you continue managing your ongoing insurance needs. To view the

research and articles supporting this episode, just head over to you staywealthy.com forward

slash 252. At 22 years old, on my very first day as a financial advisor, a senior advisor in my office sat

me down and put me on the spot. He says, Taylor, pretend I'm a client for a moment. Can you tell me,

in plain English, the difference between a stock and a bond? I had just graduated from a highly

respected business school. I even owned a few

shares of stock that my grandfather had given me. But in that moment, I froze. I could not give him a

clear answer. And I was embarrassed that I couldn't clearly define the difference between a stock

and a bond on my first day as a financial advisor. That moment taught me an important lesson.

We often use financial terms every day and make very important decisions around them, sometimes without truly

understanding what they mean at their core. And if we don't understand the basics, it's easy to

make costly mistakes. Take insurance, for example, it's part of everyday life.

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