Life Insurance in Your 50s: Do You Have the Right Kind?

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Life insurance isn’t one-size-fits-all- and for many people in their 50s, it raises more questions than answers. In this episode, Phil breaks down the key differences between term, whole, and universal life insurance, and how each fits into a broader retirement plan. More importantly, he explains how to determine if you even need coverage at this stage.
Here’s some of what we discuss in this episode:
🛡️ Purpose First: Insurance should solve a specific financial problem
⏳ Term Coverage: Best for temporary, defined needs
💼 Permanent Policies: Offer cash value but come with trade-offs
⚠️ Flexibility Risk: Universal life requires active monitoring
📊 Plan Before Product: Decisions should follow a modeled plan
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