The Setup:

We kick off our five-part series about financial myths with a product that Ben has worked with in his career: life insurance. Many people feel life insurance isn’t needed after retirement, but that’s not the case. We’ll explain life insurance options, why it can be needed after retiring, and how it can become an income source.

Click the timestamps below to skip to a specific topic in the episode.

The Combination:

There’s no shortage of information available to investors today but that doesn’t mean that it’s all correct and beneficial. Often times we’re misled by advice that isn’t actually true.

That’s why we wanted to tackle some of the biggest financial myths around, and we’ll begin with this first episode of Unlocking Your Financial Future. Part 1 of this five-part series will address the myth that life insurance is no longer needed after you’ve decided to retire. Obviously, everyone’s situation is different, but this is an assumption you shouldn’t make.

We’ll use this show to tell you why that’s the case. Let’s start by first explaining what life insurance policies are available to you. Then Ben will provide some scenarios where having a policy is still beneficial in retirement. He’ll also share a new strategy where people are using insurance as a source of retirement income.

Don’t worry if you aren’t sure where you fit in. We’ll let you know what process we typically take with people and which questions we ask to find out what’s best. That can give you a sense of what you’ll need to know when you work with an advisor to prepare for retirement.

Before the main discussion gets started, we’ll get to know Ben a little better by finding out what hobby he’d take up if time and money weren’t an issue.

Key Points:

[1:43] – Part 1 of the series focuses on the myth: ‘I don’t need life insurance after I retire.’

[1:58] – Getting to Know Ben: What hobby would you take up if money and time weren’t an issue?

[3:28] – Introducing the series ‘Busting the Biggest Financial Myths’

[4:04] – Ben has experience in life insurance.

[4:57] – Explaining the different types of life insurance.

[6:08] – What would cause someone to need life insurance after retiring?

[7:38] – How do you determine whether life insurance is needed for you personally?

[9:14] – Life insurance can be a way to take income in retirement.

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