Hey everyone! I hope you're enjoying the community. I want to take a moment and talk to you all about something that is very important. Life Insurance. You don't understand how important it is until you need it...or until your gone and someone in your family needs it! I got my first life insurance when I was 31. I went to work for Dave Ramsey and was required to go through his Financial Peace University class. One of the unique things about his money course is that it actually addressed insurance. Most financial educators weren't talking about life insurance back then. I believe my first insurance policy was $500,000. 10x my income. I got a life insurance policy on my wife for $300,000. Later, ended up with several million in insurance as our income went up, we needed more coverage. What you should know: There are two primary forms of life insurance. 1) Term Life - is much cheaper but expires after a certain time period. You can by 10 year, 20 year, and 30 year life insurance as your primary options. It's really cheap when you're younger, but gets more expensive as you get older, AND if you're over a certain age, you generally can't even buy it because the risk on the insurance company is too high and so are your premiums! 2) Whole Life - is the more expensive option, but it never expires. It's designed to pay out when you die, whenever you die. It's calculated on an age 100 time table. You can set it up to have it fully funded within a certain time period which is generally 10, 20, or 30 years. Spreading out the time period generally lowers your premiums, but it also affects the funding of the policy. One of the benefits of a Whole Life Policy vs. a Term Life Policy is that you can actually borrow against your life insurance if you need it. Say for example you have a fully funded life insurance policy of $1 million, then you could use it as a loan to buy a car, pay a bill, or even buy a house. No more banks. No more loan agents. This is referred to in the market as "Infinite Banking." We'll be talking more about that later.