Skip to site content
The Show

Objective Term Life Insurance Advice…No, really.

Term Life Insurance is appropriate for people who want life insurance only for a limited term, such as until your children are grown or you reach retirement age.

Term life insurance has become much more affordable in recent years due in part to the fact that people are living longer. A $500,000 term-life policy can now cost as little as $350 a year for 20 years, which is considerably cheaper in comparison to the more than $1,000 a year that it would have cost you in the early 1990s.

Shopping for Insurance

Be sure to stick to companies that get high ratings for financial strength from firms such as A.M. Best Co. Don’t drop your existing policy before you get approval for the new one; the initial premium you are quoted isn’t necessarily the price you’ll be charged once your health is evaluated. Increase your odds of getting a realistic quote by giving the insurance company some of your recent health readings, i.e. blood-pressure, cholesterol, height and weight.

If you bought level-premium term life insurance years ago, you may be able to switch to a new policy with a lower annual cost-and possibly also extend the time period for which the rate is guaranteed.

If you want to extend your coverage and aren’t in good health, you might do better to convert your term policy to a cash-value policy at the same insurer.

How Much is Enough?

If you have young children or own a business, you could need substantial protection. A family is likely to need to replace 10 to 15 years of income if the breadwinner dies. A good rule of thumb is eight to ten times your earnings.
My Trip to LA

This Edition of The Wealth Report Contains:

*Should You Be Investing in the New ROTH 401K?

*An Explanation of Investing in Exotic Investments With Your IRA

*Tips for Teaching Children about Money

*Keeping Financial News in Perspective

*Free 411 Service

Enjoy the Show?

Categories

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Car Buying Checklist

Here’s how to buy a dependable car that won’t break the bank.

View Resource

Articles

Can This Annuity DESTROY Your Retirement?

, ,

Read More

The IRS Just Changed the Rules About 401(k)s (What You Need to Know)

, ,

Read More

Wealth Multiplier Revealed: The Magic of Compound Interest!

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

top 10 mind blowing money stats 2024

Top 10 Mind-Blowing Money Stats (2024)

Watch Now
10 8 WhereDoYouRank2

Are You Doing Better Than the Average American?

Watch Now
REACT YTpt2 1

Financial Advisors React to Money Advice on YouTube (Part 2)

Watch Now