How Much Life Insurance Do I Need?
Death and taxes may be inevitable but understanding exactly how much life insurance you need doesn't have to be complicated. In this eye-opening episode, Senior Wealth Advisor Cody Stansell cuts through the confusion to reveal a refreshingly practical approach to life insurance.
Most people have been sold the idea they need permanent life insurance, but Cody challenges this conventional wisdom with a more strategic perspective: "We want life insurance to be a bridge until you are self-insured." This fundamental shift in thinking transforms how we approach coverage decisions.
Cody walks through the four most common scenarios where life insurance becomes essential. Beyond the obvious case of income earners with dependent families, he explains why stay-at-home parents need coverage despite not earning traditional income. Using personal examples, he illustrates how the passing of his stay-at-home wife would create significant financial pressures through childcare costs and potential income reduction during the grieving period. He also explores scenarios for those supporting aging parents and business owners needing succession planning.
The episode dismantles popular misconceptions, particularly the "insurance for life" approach that permanent policies promote. For the vast majority of people, term life insurance provides appropriate coverage during wealth-building years until their accumulated assets can sustain their family's lifestyle without insurance. For single individuals without dependents, Cody offers the liberating advice that they likely don't need coverage at all – contradicting what commission-based insurance agents typically recommend.
Whether you're just starting your financial journey or reassessing your current coverage, this episode provides the clarity needed to make confident decisions about protecting what matters most. Take control of your family's financial security by understanding exactly how much coverage you need – and for how long.
To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040
