Nov 24, 2018
We need to look after our family after we die, and one way to do this is to provide them with financial security, which can come in the form of life insurance.
While it is easy to decide in your younger years to sign up for life insurance while you are still supporting children and paying the mortgage, it is easy to believe that you do not need this coverage in retirement. Hans sees people that believe this every day.
What people don't consider is the cost of a funeral as well as the money needed to pay the bills that are probably not going to stop for at least the next 6 months, especially if you are leaving a spouse behind. Just because you are gone, does not mean the phone bill or the water bill doesn't need to be paid.
Hans has many examples in his books of the costs of policies. Many people falsely believe that you can't get life insurance after a certain age. Hans talks about how he can sell policies to people up to age 89.
In all these examples in the book, Hans uses the death benefit of $25,000. This will cover the funeral, estate settlement, executor, and income replacement for 6 months to a year for most people. Men are going to cost a little bit more than women, as that is how life insurance prices normally are.
These are all permanent policies, meaning they will be in force when you die. They are also guaranteed to have premiums that will not increase.
Lastly, Hans and Robby discuss making sure that the person you go to to get help with life insurance is a fiduciary and why that is.
Don't forget to get your copy of "The Complete Cardinal Guide to Planning for and Living in Retirement" on Amazon or on CardinalGuide.com for free!
You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.