Protecting Your Family
Term life, umbrella coverage, estate docs, and your Legacy Binder
Protecting Your Family
Video coming soon
Scroll down to complete Trailmix Wealth community polls and activities related to this lesson!
Activity 1: Term Life Coverage
Most breadwinners need 10–12x their annual income in term life insurance. Enter your annual income and the coverage range to aim for.
- A lump sum of 10–12x your income, invested conservatively at ~4%, replaces your salary indefinitely for the people depending on it.
- Lock in a 20–30 year term while you're young and healthy. The premium stays fixed for the whole term.
- Skip whole life, universal life, and indexed universal life — they bundle insurance with low-return investments at high fees.
Activity 2: Liability & Protection Checklist
Walk through the protection layers. Note where you're covered and where you have gaps.
- Don't skimp on insurance. It's the cheapest form of asset protection.
- Everyone over 18 needs a will, healthcare directive, and power of attorney — regardless of net worth.
Michael's book pick for this topic is on the way. In the meantime, browse the full bookshelf.
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Related Tools & Resources
Platforms Michael uses that are relevant to this lesson. These are affiliate links to support our work bringing free, advanced wealth-building education to all.
Sequence
The money-routing app that automatically splits every paycheck across your bills, savings, and investments.
Trust & Will
Set up your will, trust, and estate plan online in minutes — the simple way to protect your family and your assets.
Chase Sapphire
The travel rewards card I use to turn everyday spending into points, with a big welcome bonus on the Sapphire Preferred.