Robert Brokamp

speaker

4,580 appearances 41 recordings 3 series first heard Oct 2025 last heard yesterday

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 41 in all, peaking in Sep 2026 with 5.

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Motley Fool Hidden Gems Investing · Insurance-palooza! All You Need to Know to Protect Your Income and Wealth · 1 Aug 2026 podcast

So Amanda, who needs it and how much do they need? matched

Yeah, I totally agree that it's best to do some sort of an analysis to determine how much life insurance you need. matched

You'll find plenty of calculators out there on the internet. matched

And you know, heck, why not let AI have a go at determining how much you need? matched

And I found that each tool will come up with a different number. matched

So I would recommend that you use a few. matched

And if you can afford it, default to the highest amount. matched

The costs of term insurance will depend on your age and your health conditions. matched

But for most people, having an extra $100,000, $200,000 of insurance really won't be that expensive. matched

So it's probably better to play it safe that way. matched

And by using that tool, you can incorporate the insurance that you may already have, which might include Social Security, since your dependents may be eligible for benefits. matched

So download your Social Security statement at ssa.gov to see what those benefits could look like. matched

You might also have life insurance through your employer, though I would think about how long you expect to be there, right? matched

So if you don't expect to be with that employer for much longer, I would ignore that when evaluating how much more you need to buy, since you don't know how much coverage you'll get at your next job. matched

And finally, I'm just going to point out that life insurance payouts are usually tax-free, which I think is an underappreciated benefit of life insurance. matched

All right, so you need life insurance to replace the income of someone who passes away, but there's actually a greater chance that you'll become disabled and be unable to work before age 65, which brings us to our next form of insurance, disability insurance. matched

Now, fortunately, most of us have some form of disability insurance through social security, though it could be problematic as you may point out. matched

And many of us get additional coverage from our employers, but that may not be enough. matched

So Amanda, what do people need to know about disability insurance? matched

Now, due to that higher likelihood of becoming disabled than dying before age 65, disability insurance is going to cost anywhere from two to four times more than life insurance, which will scare some people from buying it. matched

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