Insurance: What You Actually Need (and What You Don’t)

Insurance is one of the most misunderstood parts of a financial plan. How much coverage do you actually need? Should you buy term life or whole life? Is disability insurance worth the cost? What about long-term care insurance, health insurance before Medicare, and planning for unexpected expenses? In this episode of Balance Your Wealth, Ryan Mannen is joined by Tyler Purcell, Nora Lamendola, Adam Fitch, Bob Gavlak, and Shaun Carney to break down the role insurance plays in a comprehensive financial plan. The team discusses how insurance can help protect your income, your family, your retirement plan, and your long-term financial flexibility. They also explain why the right coverage depends on your stage of life, family situation, income, health history, and overall financial goals. In This Episode ● Term vs. Whole Life Insurance : Why term life insurance is often the right fit for many families, and when permanent life insurance may have a role in more complex planning. ● Employer Coverage Isn’t Always Enough : Why group life and disability coverage through work may leave gaps, especially for high earners or families relying on one income. ● Disability Insurance and Income Protection : How disability insurance can help protect your income if an illness or injury prevents you from working. ● Long-Term Care Planning : Why long-term care is becoming a bigger planning conversation as people live longer and care costs continue to rise. ● Health Insurance Before Medicare : How retiring before age 65 can create a major health insurance gap, and why planning for that cost matters. ● How Much Life Insurance Do You Need? A practical way to think about coverage, including debts, income replacement, children’s education, and the value of a stay-at-home spouse. Insurance is not about buying every policy available. It is about identifying the risks that could seriously disrupt your financial plan and making thoughtful decisions about which risks to protect against. The right insurance strategy should fit into your overall financial plan, not sit outside of it. #InsurancePlanning #FinancialPlanning #RetirementPlanning #LifeInsurance #DisabilityInsurance #LongTermCare #BalanceYourWealth — 📺 Watch now and take control of your financial future: Subscribe for more balanced conversations around wealth and life. We drop new episodes the 2nd and 4th Wednesday every month, so make sure to tune in! Also, don't forget to leave a comment with your mid-year financial goals --- This material is purely intended to be general and educational in nature, and should not be construed as specifically-tailored investment, financial planning, tax, legal, or other professional advice. Information and data contained herein is as-of the date of publication, and may be subject to change in the future without notice. Any investment performance referenced is purely past performance, which is no guarantee of any future performance. Nothing contained herein should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or other financial product or investment strategy. All investment, tax, and financial planning strategies involve risk that you should be prepared to bear. You are highly encouraged to consult with professionals of your choosing before taking any action based on this material.