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Jun 2, 2022

There are various debates out there around life insurance. But this investment tool can be invaluable to yourself and your family. On today’s episode, we’ll break down some good reasons you should think about getting life insurance and the benefits it could provide you and your family. 

We most often think of life insurance as income replacement. When we are raising a family or have someone dependent on us, this is especially important. But, how is this different for a retired person? If you pass away, can your plan support your spouse? Life insurance is a way to ensure a surviving spouse is cared for. 

Another reason to consider life insurance is the tax benefit. Your children, spouse, or other beneficiaries will be limited on the money they can take from your 401(k) or IRA. But when it comes to life insurance, those payouts are tax-free. This can also help them pay the taxes on the taxable parts of the estate they inherit.

The younger you start putting away into life insurance, the cheaper those premiums will be. Inflation will increase prices as well as your health. The older you get, the more likely you are to develop certain health conditions that raise your premium.

If you own a small business, your approach to life insurance may be a bit different. But this tool can play a big part in a succession plan. Life insurance can be a tool for a surviving business partner, allowing them to buy out the interest of the surviving family members.

Lastly, life insurance can be a way to fund long-term care. Many policies are being built today with living benefits. If you fell ill or were injured and needed long-term care, your insurance could help you pay those bills. This protects you and your family’s estate in the long run.

Join us today as we discuss various reasons to consider life insurance as a crucial part of your retirement plan.


Check out the full episode or use the timestamps below to hear a specific segment.

1:55 – Memorial Day

3:01 - Life insurance

4:40 - Income replacement

8:09 – Tax free income

9:11 – Life insurance premiums

11:08 – Small business owners

13:21 – Long-term care

14:48 – These benefits are tax-free!


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