Ep.010: Is Life Insurance a Need or a Preference?
Guillaume Girard & Sam Lichtman explore life insurance options, personalized planning & the differences between term & permanent insurance for every life stage.
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the complexities of life insurance, discussing the various types of insurance products available, the importance of understanding individual needs, and the different approaches to determining how much insurance one might require. They explore scenarios based on life stages, from young adults to retirees, emphasizing the need for personalized financial planning and the distinction between term and permanent life insurance. The conversation highlights the significance of objective advice and the potential pitfalls of insurance as an investment substitute.
Topics Covered in this Episode:
00:00 Introduction to Insurance Needs
10:49 Understanding Life Insurance Products
18:35 Term vs Permanent Life Insurance
23:26 Understanding Cash Value in Permanent Life Insurance
28:07 The Nuances of Universal Life Insurance
32:41 Evaluating the Need for Permanent Insurance
35:57 Analyzing Life Insurance Needs: The Frameworks
47:15 Scenario Analysis: Life Insurance Needs at Different Life Stages
53:06 Understanding Insurance Needs for Families
56:49 Insurance Needs for Stay-at-Home Parents vs. Working Parents
01:02:31 Insurance Considerations in Retirement Planning
01:08:32 The Role of Insurance in Tax Planning and Estate Management
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Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Instagram: https://www.instagram.com/financialplannergui/
Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/
Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Keywords
Life insurance, financial planning, term insurance, permanent insurance, insurance needs analysis, retirement planning, financial literacy, insurance products, wealth management, family protection
Podcast Transcript
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Ep.023: Costly Tax and Investment Planning Mistakes Made By Business Owners
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Ep.022: Investment vs Insurance with Graham Bergsma
Guillaume Girard & Graham Bergsma discuss whole life insurance, client-focused planning, estate strategies,and using insurance for financial control and growth.
Ep.021: The Swiss Army Knife of Retirement Planning for High-Income Earners
Guillaume, Sam & Tatenda Mawoyo break down RCAs—how they work, who they benefit, tax perks, CRA scrutiny & how RCAs fit into wealth plans.
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Sam Lichtman & cybersecurity expert Brennen Schmidt break down today’s digital threats—plus how businesses can protect their data & defend against cyber risks.
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