Term vs. Whole Life Insurance: Finding the Right Balance for Your Financial Plan

In this episode of the FIN LYT by EWA Podcast, Matt Blocki and Ben Ruttenberg tackle the timeless debate of term life insurance versus whole life insurance. They discuss into the pros and cons of each approach, helping listeners navigate the complex decision of choosing between term policies and permanent insurance products. The discussion provides a framework for determining life insurance needs using the LIFE acronym: Liabilities, Income replacement, Final expenses, and Education.
Matt and Ben discuss how to calculate the appropriate coverage and evaluate whether to invest the difference saved from buying term insurance. They emphasize the importance of discipline in investing the difference and the benefits of layering term policies to match changing insurance needs over time. The episode also explores the role of whole life insurance for high-net-worth individuals, highlighting its advantages in providing asset protection, tax-free growth, and stability during market downturns.
Listeners will gain a deeper understanding of how to balance their insurance needs with their financial goals, whether starting out or looking to optimize an existing plan and is recommended for anyone considering their life insurance options and wanting to make informed decisions about their financial future.
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