In part 4 of his video series, Nick Daugherty briefly discusses the topic of life insurance. He discusses how term life insurance is important for those with families to support. Regular term life insurance is relatively cheap and a great tool to protect our families should there be an unexpected death. This is important to keep in mind, as the variety of insurance policies can be confusing. It is rarely a good idea to mix insurance with investments, which some of the more expensive policies do. As Nick Daugherty says, “We want our savings to be savings, our investments to be investments, and our insurance to be insurance.” While this advice is common, if you are unsure, be sure to speak with your trusted insurance company to find the option that works best for you.
If you would like to discuss your personal situation, please contact the Employee Wellness Unit. We would love to offer you some resources, help teach you how to set a budget, and develop a plan for reducing debt. We all will retire before we know it, and by getting our personal finances in order soon, we can focus on living the retirement dream that we all have earned and deserve.
The Employee Wellness Unit has several copies of Dave Ramsey’s Total Money Makever, which covers many of the issues discussed by Nick Daugherty. If you’d like to borrow a copy, please contact us.
Check out this quick video of part 4 for more information:
See the other parts of this series at the below links:
Part 1: Intro and Budgeting
Part 2: Will and Estate Planning
Part 3: Debt
Nick Daugherty is a retired Sergeant from the Grand Prairie, Texas PD and has taught thousands of officers how to build financial strength by living a debt-free lifestyle and building wealth through proper savings and retirement planning. He’s also coached hundreds of families on how to get out of debt and navigate financial crises. He additionally manages retirement assets for numerous first responders, from line police and fire personnel all the way up to numerous police and fire chiefs. Contact Nick Daugherty or follow him on Facebook and Twitter. www.buildingfinancialstrength.com