Michael Fliegelman of Swan Wealth and whywholelife.com explains the importance of life insurance and introduces a video.I want to introduce a video called the Basics of Life Insurance. Life insurance is kind of like the moat around your castle. It is an important part of a family’s financial foundation, yet a high percentage of people do not own life insurance, or only have life insurance through their employer. It is important to look at what would be the financial impact to your family if something were to happen to you.

Basically there are two types of life insurance:

  • Term Insurance, which is like renting.
  • Permanent or Whole Life Insurance, which is like owning.

The first thing everyone should do is determine the right amount of life insurance for their family. How much is the right amount? You will get lots of different opinions. Most people have homeowners or car insurance. I like to ask our clients what they expect from those policies. For example, car insurance – You come out of work and the car is gone. They would like to get a check for what the car was worth, which is what we call guaranteed replacement cost.

The same thing should be considered for a human being, but what is the guaranteed replacement cost of a human being? We can’t replace the emotional aspect provided by a mother or father, breadwinner, etc., but what we can do is theoretically replace the income that would be generated by the insured. Someone who is 40 years old, makes $100,000 a year, and works to age 65, would theoretically bring in $2.5 million dollars. That might be the right amount of life insurance to consider.

In any case, watch this short, 2-minute video and let’s discuss how we can implement and help you understand what might be the right life insurance for your family.

 

Your questions and feedback are very important to me.

Please email me at michael@swanwealth.com

 

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS.

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About Michael Fliegelman

Michael Fliegelman
CLU, ChFC, AEP, CLCT, RFC
Independent Insurance and Chartered Financial Consultant
Phone: 631-262-9254
email:
Michael@SWANWealth.com
Michael Fliegelman's LinkedIn profile