Podcast: Life Insurance Basics: Who Says You Can’t Buy Love?

Josh Miller, CFP®
2018-09-04 16:53:00.0

Understanding how much and what type of life insurance to purchase—and the various ways you can use the proceeds—may help give you peace of mind that your loved ones will be supported, even in your absence.

Risk management is an important component of any financial plan and that includes having the right insurance to protect against potentially expensive and untimely events. Knowing when to purchase health, auto, or homeowner’s insurance is generally straightforward, but life insurance can be more ambiguous, especially for young adults just achieving financial independence.

With many types of life insurance policies available to serve a variety of purposes, policy premiums and expenses can easily fluctuate depending on your needs, which, for most, typically range from income replacement upon death to providing liquidity to pay estate taxes. In some cases, life insurance may even make sense as an alternative to traditional investments to accumulate additional cash reserves.

Before heading to your financial advisor or insurance agent to take out a life insurance policy, understanding how much and what type of life insurance to purchase—and the various ways you can use the proceeds—may help give you peace of mind that your loved ones will be supported, even in your absence.

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Josh Miller is a managing director and senior wealth strategist in CIBC Private Wealth Management's Boston office. Josh has 15 years of industry experience, counseling high net worth individuals, corporate executives, closely held business owners and multinationals on sophisticated estate plan designs and strategies. He works directly with clients and their advisors to create integrated estate plans, guide client families in evolving a healthy wealth culture and find solutions to develop the rising generation, all part of CIBC Private Wealth Management’s integrated wealth management process.