Welcome to Money for the Rest of Us. This is a personal financial on money, how it works,

how to invest it and how to live without worrying about it. I'm your host, David Stein. Today,

we are here with my son's Camden and Brett. This is episode 415 and it is a Q&A episode to start

off the year. Thank you for all the listeners that submitted questions, excellent questions. We

reviewed every single one. We obviously won't be able to cover every question in this episode,

but a number of the questions will definitely address in future episodes. Well, welcome Camden

and Brett to the podcast. Thank you. Happy to be back. Excited to be here for the first time.

It's great to have you here. That way, I don't want to do this by myself. So, finally,

go ahead. Camden, lead off with our first question. All right. So, our first question comes in

from plus member Eric and says, David, you run advertising copy on your podcast for life insurance.

As part of the copy, you mentioned that you yourself have a life insurance policy,

and you may even have renewed or purchased a new policy recently. Given your age and portfolio,

I assume you can self-insure. I also believe your kids are grown adults. Broadly speaking,

and without getting too personal, can you speak to why someone in your position would choose

to carry life insurance instead of self-insuring? It seems like it doesn't make financial sense.

In most cases, it doesn't, and including in my case. So, I think I've talked about,

I bought a couple of life insurance policies 20 years ago when Camden and Brett and their

daughter were young. The whole idea was, as we talk about on the show, is to cover expenses in

case that die early, but it's a 20-year term with the idea that in 20 years, we would have sufficient

assets that we could self-insure. We do. I've just mentioned that when a 20-year policy comes up

for renewal, they send a renewal rate. The renewal rate has been over $3,000. Before I was paying

roughly $250 per year for a half-million-dollar policy. Definitely are not renewing.

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