Waiting on THIS Could Cost You More Than You Think - E16
Most young professionals think they’re invincible. They’re healthy, thriving, and focused on building their careers and wealth. The idea of life insurance? It often gets dismissed as an unnecessary expense—something to "deal with later." But what if later never comes? In this episode of Financial Fortitude, hosts Michael Acosta and Brady Hemerly break down one of the most overlooked yet essential financial tools: term life insurance. It’s not just about covering funeral costs; it’s about ensuring financial security for your loved ones, keeping them from scrambling to survive on GoFundMe donations in the face of an unexpected loss. Micheal and Brady also tackle common misconceptions, debunk the "just invest the difference" argument, and show you why life insurance isn’t just for the old or unhealthy—it’s a strategic wealth-building tool that could safeguard everything you’ve worked so hard for. If you think you don’t need life insurance, this conversation might change your perspective—and potentially, your legacy.
Key Takeaways:
• Why is term life insurance often overlooked by young, healthy professionals, and how can it serve as a strategic financial tool?
• How does term life insurance provide financial stability and peace of mind in the event of an untimely death?
• What are the key factors to consider when determining the appropriate amount and type of life insurance coverage you need?
Key Timestamps:
(00:00) - Breaking Myths About Term Life Insurance
(03:00) - The Debate: 'Why Not Just Invest Instead?'
(05:00) - Case Study: Young Medical Professional at a Crossroad
(07:00) - The Perceived Waste: 'Why Pay If I Won't Use It?'
(10:00) - The Math: What You Actually Pay vs. What You Get
(12:00) - Accumulation vs. Deaccumulation
(13:00) - Worst-Case Scenario: Death in Year 5
(18:00) - The Power of a $1M Tax-Free Death Benefit
(22:00) - Risk Over Time: Why Coverage Decreases as You Age
(27:00) - Death in Year 15 vs. Year 30: What’s the Difference?
(29:00) - Unrealistic Growth Rates for Self-Insuring
(31:00) - Life Insurance for Different Life Stages
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, term life insurance, young professionals, financial future, retirement goals, tax free death benefit, financial stability, life insurance premiums, investing, savings, financial advisors, wealth building, financial immune system, GoFundMe, retirement, financial flexibility, peace of mind, tax free, death benefit, extraordinary wealth building rate, medical professionals.
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Genesis Wealth Planning and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Genesis Wealth Planning is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7237198.3. Expiration 2-27.
