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SFB083 Basics of Life Insurance, Part 3 - How Much Should You Own, What Should You Apply For?

| October 17, 2017
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Episode Summary

In part 3 of this seven part series on the Basics of Life Insurance, Paul sits down with Cory Shepherd, President of Sound Financial Group and author of Cape Not Required, to discuss how to buy life insurance, what amount you should apply for and tips on what you should do before applying for coverage.

What Was Covered

  • 02:05 - Why the amount of life insurance you purchase matters.
  • 04:19 - Learn this financial mechanic before considering owning an amount of life insurance.
  • 06:39 - How much do your household bills change if you were to die?
  • 09:07 - The amount of life insurance you can own in your 20’s, 30’s, 40’s, 50’s, and 60+.
  • 11:57 - Applying for life insurance? Find out if you’re healthy first.
  • 14:44 - What you can do to help your health rating.
  • 19:04 - Cory explains the meaning of binding your coverage.

Tweetables

"The amount of life insurance is far more important than type."

"Rules of thumb are likely only to produce mediocre outcomes."

"The insurance companies will not let you insure 100% of your income."

"Bottom line is, you can’t own enough life insurance to leave your family rich."

"Recreational marijuana use with most of these insurance companies is looked at more favorably than cigarette smoking."

"We are all one doctor’s note away from never being able to acquire life or disability insurance."

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