Are you being pitched a permanent life insurance policy? Perhaps your insurance agent is encouraging you to buy a small disability policy and combine it with a whole or universal life insurance policy. As a fee only, fiduciary CERTIFIED FINANCIAL PLANNER TM I don’t sell insurance or annuities.
However, I do advise my clients on how much and what types of insurance they need to carry. Do you have the right insurance coverage? Are the premiums competitive? Is it time to update a policy to make sure you are managing risk appropriately?
I know that no one really likes talking about life insurance. (Except your insurance agent). The truth is, if you have a family, you may need some life insurance. However, you need to be careful in selecting the right kind of life insurance for your needs. As a high income earner, you may be able to afford the premiums on a permanent life insurance policy, but is that the best use fo your money? If you go the route of permanent insurance, can you afford the coverage you need? Why are you buying life insurance in the first place? What are your. goals for this product?
In this video I go over some of the reasons why I’m not a fan of permanent life (whole, variable, universal, etc.) policies for many high-income earners.
Give it a quick watch and let me know what you think in the comments below!
Questions for Lauren?
Financial planner and advisor, Lauren Zangardi Haynes, CIMA®, CFP®, CEPA works with business owners and leaders in Richmond and Williamsburg, VA. She also works virtually with clients nationwide.
As a fiduciary, she offers comprehensive Fee-Only financial planning and investment advisory services so you can live your dreams with confidence.