08/11/2026
“Life insurance is a waste of money.”
I hear that more often than you might think.
And usually, it comes from one big misconception: people think life insurance only matters after you die.
But life insurance isn’t one-size-fits-all.
Term insurance is designed to provide protection for a specific period of time. It generally offers a larger death benefit for a lower initial cost, which can make it a great tool for things like protecting income, covering a mortgage, or providing protection while your children are growing up.
Whole life insurance is different.
It’s designed to provide permanent protection and can build cash value over time. That cash value grows tax-deferred and, subject to the policy’s terms, can be accessed during your lifetime through loans or withdrawals.
That means the conversation shouldn’t be:
“Is term better than whole life?”
The better question is:
“What am I trying to accomplish?”
Temporary protection?
Long-term protection?
Protecting your family?
Creating a legacy?
Building financial flexibility?
Protecting a business?
Different goals can require different tools.
And here's another question worth asking:
If all of your life insurance comes through your employer, how much coverage do you actually have—and what happens to it if you change jobs?
For the parents reading this, financial planning for the next generation doesn't have to begin when your children become adults.
There are strategies families can explore while their children are young that can provide protection and potentially create financial value that lasts well into their future.
Life insurance isn't the answer to every financial problem.
But it can do considerably more than simply leave a check behind when someone dies.
Challenge what you think you know. Ask questions. Understand the options. Then decide what actually fits your situation.
Generational wealth is a process.
Does that process start with you—or end with you?