There are A LOT of insurance options out there! Universal life insurance, whole life insurance, variable life insurance, term life insurance, group life insurance... I digress. So which one is the right one to go with?
We only recommend term life insurance. This is because term life insurance are the most affordable life insurance and it allows you to focus on more important financial issues like paying off debt and building wealth. Plus term life insurance is just that: life insurance for a limited term of time, typically 15-20 years. The insurance industry has convinced the public that you have to have life insurance for your whole life – but that’s simply not true! You only need life insurance when your death would cause your family financial hardship. By the time a 15-20 year policy is up, it is likely that you will no longer have a need for life insurance since you have been building wealth through the Baby Steps!