Life Insurance- cover your basics

Tell me when you are going to die and I will tell you what to buy. Seriously, you need to be able to look at pricing versus how much insurance you need to cover your basics for a certain period of time. Don’t overbuy insurance.

Our thoughts around Life Insurance

• A Rule of Thumb is to buy coverage that is at least 7x your income
• Employer-provided coverage is solid but can have shortcomings (deeper dive)

• We believe in protection-based life insurance -life insurance and investments should not be combined for most people

• You are generally covering, your home, your children and your income

We usually recommend considering Life Insurance for 3 scenarios:

• Business planning
• To cover the basics of your financial plan
• You have a life event such as having a kid or having a mortgage (list of life events)

Deeper Dive

• Key Man

•Buy/Sell 
• Life Events there are 10 or 11
• What to do if you are leaving your job (elective, portability, fired, sick (life settlements))