MoneyWise Live | April 12, 2019

Life Insurance Check Up

Show Notes

If there’s one thing we purchase and then never want to think about again— it’s life insurance. The details of various types of policies can be confusing. And frankly, the whole subject matter is … just a bit unpleasant.  But most of us need it so let’s make sure you spend your money on a policy that fits your needs. 

  • Rob discusses these questions and topics about life insurance:
  • How do you approach life insurance?
  • Is life insurance Biblical? 
  • Life insurance is one of those things that we like to “set it and forget it” but every few years you need to review it because your circumstances may have changed:
    • Families grow and that may mean your death benefit has to be increased.
    • In later years— your children will be on their own and you can move to less expensive coverage.
    • Stay-at-home spouses need life insurance too because replacing their childcare duties would be expensive.
    • Make sure your primary and contingent beneficiary designations are up to date and reflect your wishes.
  • Why would you want to establish a trust to receive your life insurance benefit?
  • Where would someone go to get more information about establishing a trust?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at

  • If you're saving for retirement and would like work less before age 59 1/2, should you be investing in something else that will be more accessible then?
  • Doesn't a term life insurance policy end at some age?
  • If you've just received $500,000 and want to buy a house, should you pay it in full or is there any reason to make use of a mortgage?
  • Are there certain life insurance companies that are more likely to provide a policy for someone with seizures or other pre-existing conditions?
  • If you get matching for both Roth IRA and traditional IRA 401(k)s which should you prefer?
  • If you just sold your home of many years for $300,000, what can you make without paying capital gains tax on the sale?
  • If you have a 26 year old son who has about $70,000 in savings, what should you suggest for him to earn interest?
  • Where is the best place to find a life insurance broker?
  • If you have a car on which you owe about $6,000 and a life insurance policy with a cash value of $5,000, should you consider taking the value from the policy and pay on the car?
  • What are the circumstances you should consider selling your home to pay off debt?

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