Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the complexities of life insurance, discussing the various types of insurance products available, the importance of understanding individual needs, and the different approaches to determining how much insurance one might require. They explore scenarios based on life stages, from young adults to retirees, emphasizing the need for personalized financial planning and the distinction between term and permanent life insurance. The conversation highlights the significance of objective advice and the potential pitfalls of insurance as an investment substitute.   Topics Covered in this Episode: 00:00 Introduction to Insurance Needs 10:49 Understanding Life Insurance Products 18:35 Term vs Permanent Life Insurance 23:26 Understanding Cash Value in Permanent Life Insurance 28:07 The Nuances of Universal Life Insurance 32:41 Evaluating the Need for Permanent Insurance 35:57 Analyzing Life Insurance Needs: The Frameworks 47:15 Scenario Analysis: Life Insurance Needs at Different Life Stages 53:06 Understanding Insurance Needs for Families 56:49 Insurance Needs for Stay-at-Home Parents vs. Working Parents 01:02:31 Insurance Considerations in Retirement Planning 01:08:32 The Role of Insurance in Tax Planning and Estate Management 🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice 🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Keywords Life insurance, financial planning, term insurance, permanent insurance, insurance needs analysis, retirement planning, financial literacy, insurance products, wealth management, family protection