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It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.
In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.
By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.
Jim discusses:
- The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
- Why insurance companies won’t allow someone to over-insure their property, income, or life
- How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
- Life Insurance coverage amounts for business owners vs non-business owners
- And a lot more!
Related: The Benefits of Employee Stock Ownership Plans for Business Owners