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No life insurance isn't something that's talked about as much. For some, it's even considered taboo.
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No life insurance isn't something that's talked about as much. For some, it's even considered taboo. But it's a critical part of financial planning, especially when it comes to risk management. Now that we talked about why life insurance is important, the next big question is what kind of life insurance should I be getting or look for?
Well, there's many types of life insurance out there. There's two main common ones. Whole life and term life insurance. Term life insurance gives you coverage for a set number of years. 10, 20, 30 are most common. and it's usually most affordable. For example, a healthy 30-year-old might get a 500,000 policy for $50 to $60 a month.
If you pass away during that period, the beneficiary gets the payout. If you outlive it, the policy ends. Another way of thinking about it was say with car insurance. Hopefully, many people out there have car insurance. You tend to have a contract for a set amount of time that you'll be covered for and you'll pay your premiums monthly, quarterly or bannually and hope that you never have to use it, but when you need it, the insurance is there.
This is the same concept with harm
This video is for general educational purposes only and is not personalized investment, tax, or legal advice. Every situation is different. Talk with a qualified professional about your circumstances before acting. PLC Wealth Partners is a registered investment adviser. See our disclosures.
