Chae Law's Podcast

Life insurance is a very important tool to have as part of your overall estate plan.  It is relatively inexpensive compared to the payout your beneficiaries will receive.  Your beneficiaries can also receive the money quickly compared to the slow arduous process of probate.  So life insurance bypasses the will.   In choosing Life insurance, carefully consider your short and long term needs against resources you already have such as savings, pensions and other benefits.  The difference will be the estimated amount of life insurance you would need.   Term insurance is also available.  Term insurance covers a specified number of years instead of your entire life.  This is beneficial for young people looking to start a business and trying to secure a loan with a bank.  Often times a bank will require you to get term insurance before they advance capital to you.   Consider the the following major areas when estimating life insurance: 1) costs of death 2) lost income 3)grief fund 4)educational expense 5)mortgage ca