In our financial planning firm, we come across many people who are raising the question of whether or not their old insurance policies are worth maintaining. However, it is important to know that there are certain ramifications and complexities are associated with getting rid of an insurance policy. In this episode, Grant dives deep into important considerations related to choosing, maintaining, or terminating insurance policies.
Show Notes
[02:28] Purpose of Insurance – Grant discusses the purpose of insurance policies and how they create a safety net for you and your loved ones.
[05:50] Do You Really Need Insurance? – Grant explains how to determine whether you really need life insurance, given the nature of your existing insurance policies, your financial status, and income streams.
[09:08] Types of Insurance – Grant describes the two main types of life insurance and how to determine which is the right type of policy for you.
[13:00] Cost Breakdown – Grant explains the cost breakdown of insurance policies.
[17:01] What to do With a Permanent Policy – Grant shares some options for people who no longer need their permanent policy.
[28:33] The Right Option – Grant explains how he helps clients decide which option is best depending on their financial status and goals.
[31:59] Insurance Products That Actually Make Sense – Grant shares his take on some of the legitimate use cases for some common insurance products.
Resources
How to Find Out if an Old Life Insurance Policy is Worth Anything
www.harborlifesettlements.com/old-life-insurance-policy-worth-anything
What to Do with an Old Life Insurance Policy
kiplinger.com/article/insurance/t064-c032-s014-what-to-do-with-an-old-life-insurance-policy.html
What to Do About That Old Life Insurance Policy
investinganswers.com/articles/what-do-about-old-life-insurance-policy