1 rich Libsyn https://www.libsyn.com 90 600 Sam interviews Michael Riney about insurance. Michael is a financial planner with Wealthquest. Prior to Wealthquest, he worked for a large insurance company. They begin with the basics of insurance from what it is to the different types available.&amp;nbsp; They also talk about the different insurance needs for people in different seasons of life. They talk about life insurance, long-term disability insurance, and long-term care insurance. Because needs in life change, planning is a continuous process. A fee only advisor can help find the best options for an individual or family’s needs. &amp;nbsp; Episode Highlights:&amp;nbsp; [01:56] Insurance differs depending on your stage of life. For young couples, it's about protecting income and protecting the family. Including life insurance. [02:22] Long-term disability insurance is a policy that continues to pay an income if you're unable to work due to disability or an illness. [03:19] Insurance 101. You pay a premium in order to protect something that's valuable to you. You can ensure almost anything. The three most common types of insurance are life insurance, long-term disability insurance, and long-term care. [03:42] There's also home insurance, auto insurance, business insurance, etc. [05:28] Most employers offer some type of life insurance and long-term disability insurance, but most people will need additional coverage. [06:50] Insurance transfers risk and provides peace of mind. [07:30] It's important to have a trusted advisor help you find the right type of insurance. A fee only advisor will provide advice without an added incentive of selling. [08:39] At Wealthquest, the team walks through a financial plan and recommends appropriate insurance coverage. [09:36] Insurance is the foundational piece of financial planning. It protects the clients from anything bad that could happen in their plan. [09:56] On the estate planning side, a lot of the planning revolves around life insurance. [10:32] Insurance and investments are more efficient when they're separate. Some type of insurance investment vehicle may make sense when your net worth is over 12 million dollars.&amp;nbsp; [11:15] Michael discusses insurance requirements in different seasons of life. [12:10] Life insurance becomes much more prevalent, once there's a family dynamic in play. Long-term disability insurance is always prevalent. [13:10] Once financial independence is reached, life insurance and long-term disability insurance is no longer needed. This is where long-term care insurance becomes a bigger conversation. &amp;nbsp; Resources &amp;amp; Links Related to this Episode Wealthquest Get Started Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth Michael Riney Michael Riney LinkedIn Invest In Your Life https://wqcorp.com/category/podcast/ <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/27558276/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/27558276