Buying insurance can be confusing, but it’s an important process to help protect yourself and your loved ones. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Andy Smith discuss how to determine how much life insurance you may need using a simple formula. They also dive into disability insurance and the types of policies and costs associated with it. Later, Robert Bain, the insurance senior manager at Edelman Financial Engines, joins the podcast to explain the ins and outs of long-term care insurance and why it’s so important to have, given that more than 55 million Americans are expected to require long-term care in the next 30 years.

This show is pre-recorded, and any callers are prescreened.

Ms. Chatzky receives cash compensation for acting as host of the Everyday Wealth radio show and podcast and for related activities and therefore has an incentive to endorse Edelman Financial Engines and its planners. That compensation is a fixed sum paid on an annual basis; and reimbursement for certain expenses. The amount paid each year does not vary, is not based on show content or any results-dependent factors (e.g., popularity of the show).

The information being provided is for informational and educational purposes only and should not be construed as investment advice. You should consult with a financial advisor to help determine the best options for your particular circumstances.

This presentation contains mentions of third-party insurance companies, which are unaffiliated with EFE and its affiliates.

For more information about insurance options, or to order a copy of the National Association of Insurance Commissioners' free booklet, "A Shopper's Guide to Long-Term Care Insurance," visit InsureUOnline.org or call (866) 470-NAIC.

Neither Financial Engines Advisors L.L.C. nor any of its advisors sell insurance products. Edelman Financial Engines affiliates may receive insurance-related compensation for the referral of insurance opportunities to third parties if individuals elect to purchase insurance through those third parties. You are encouraged to review this information with your insurance agent or broker to determine the best options for your particular circumstances.

Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Although the information has been gathered from sources believed to be reliable, we do not guarantee its accuracy or completeness. Interested parties are strongly encouraged to include your qualified tax and/or legal professionals in these discussions and decisions to help determine the best options for your particular circumstances.

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