How Much Life Insurance Do I Need?

I’m about to tell you the truth about life insurance. In our experience, many people own the wrong kinds of life insurance, have the wrong amounts, and often pay far more than the going rate for the insurance they have.  Except for people with unavoidable estate tax – and that is close to no one given where the estate tax limits are these days – Camarda does not believe anyone should use cash value life insurance like whole life, universal life, and variable life.  This kind of insurance is very expensive compared to cheap modern term life, and can divert large chunks of assets from more important goals like retirement. As an investment, there is always the drag of the actual death benefit insurance cost, plus insurance company profits and usually agent commissions.  While there can be some tax benefits, the loan shenanigans and costs you have to go through to get them usually mean less real wealth to you, which is what counts. At its core, life insurance really should only be used to replace income, like from your job or from a pension that will stop or be reduced if you die.  Cheap term is best for this. If you or your spouse is in this category, it make sense to shop and see if you can take advantage of today’s very low term rates to save some money. And if you have the wrong kind of insurance or the wrong amount, this should be analyzed as well. Click on the link for more info now, it’s free!

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