A Financial Independent Minded Approach to Life Insurance Story

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When you’ve got the goal of early financial independence (FI), your finances dictate a different approach to life insurance than that of the average person. This is a good thing.

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The only life insurance that makes financial sense for most people is term life insurance, but there are occasional uses for cash value life insurance for a small percentage of individuals, and I’ll touch on those below.

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With a declining need for coverage, one can ladder multiple policies. Dropping the coverage altogether once FI has been achieved is another consideration for the FIRE crowd.

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The Purpose of Insurance

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Who Needs Life insurance?

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We’ve established that life insurance is important when others are dependent upon you and the income you provide. If you have a partner and/or offspring to which you provide financial support, insure yourself.

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The Limited Uses for Cash Value Life Insurance

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Whole, universal, and variable life insurance policies and the myriad variations on them are different forms of cash value life insurance. Most of them are expensive to own, lucrative (for the agent) to sell, complex to understand, and inappropriately marketed and sold to people who would be better off keeping insurance and investing separate.

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How to Determine Your Term Life Insurance Needs

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Assuming you have people dependent upon your income and you’re among the 95% to 99% of people who will be better off with term life insurance, we need to decide how much coverage you should have.

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