Life & Disability Insurance Planning with Taylor West
April 16, 2026 •
In this episode of the Dollar Wise Podcast, Andrew Barnhart is joined again by Taylor West from LLIS to discuss the fundamentals of life insurance and disability insurance planning. They break down why insurance matters as part of a broader financial plan, when coverage is most important, and how to think about protecting your family and income throughout different life stages. Taylor also explains the differences between term and permanent life insurance, how disability coverage works, and why employer-provided benefits may not always be enough.
Tune into this episode to also learn:
● Why term life insurance is often the best fit for most families.
● How “term layering” can help match your insurance coverage to changing financial needs.
● What features to look for in a life insurance policy, including convertibility and accelerated death benefits.
● Why disability insurance is one of the most important forms of income protection.
What we discussed
● [00:02:30] Why insurance exists to protect against the unknown and help safeguard loved ones and financial goals.
● [00:03:42] The difference between term insurance and permanent life insurance, and why term is often the right solution for most people.
● [00:04:50] How term layering works by matching coverage amounts to life stages like raising children, paying off a mortgage, and nearing retirement.
● [00:07:42] Important term policy features including child riders, accelerated death benefits, and convertibility options.
● [00:10:50] Who may not need life insurance, and the situations where retirees or single individuals still might benefit from coverage.
● [00:12:52] What disability insurance is and how it protects your income if you cannot work due to illness or injury.
● [00:13:51] The difference between short-term and long-term disability insurance.
● [00:14:49] Why employer-sponsored disability coverage may leave gaps due to taxes, income caps, and exclusions for bonus or commission income.
● [00:17:10] How much disability insurance you can realistically qualify for and why coverage generally replaces only a portion of income.
● [00:18:33] Why almost anyone with years of income ahead of them can benefit from disability insurance, especially early-career professionals and high-income specialists.
3 Things To Remember
- Insurance is a key part of financial planning because it protects against risks that could otherwise derail long-term goals.
- Term life insurance is often the simplest and most cost-effective way to protect your family during your working years.
- Disability insurance protects your ability to earn income, and employer coverage alone may not fully cover your needs.
Memorable moments:
(00:02:30) “It’s to protect against the unknown.”
(00:05:43) “We have the most coverage when children are youngest.”
(00:12:52) “Disability insurance is simply put income protection for yourself.”
Useful Links
Connect with Andrew Barnhardt: abarnhardt@hfmadvisors.com | LinkedIn
Connect with Taylor West: https://www.linkedin.com/in/taylor-west-20b030ba/
Like what you’ve heard…
102 WEST HIGH STREET, SUITE 200
GLASSBORO, NJ 08028
HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
