The second lesson in The Wealthy Barber is to protect your estate with an appropriate will and the correct quantity and type of life insurance. It covers this issue in two parts.
It explains the need for a will in an easy to understand no-nonsense format. It explaisn that with no will, the outcome of what happens with your estate may not be in your loved one’s best interest, and you probably know better than the court what should happen with your money. It explains why you should get one TODAY (no, I still haven’t).
The best part of this chapter deals with life insurance. In my experience, this has been the best explanation of how to decide how much life insurance anyone will need. It tells you who you need insured. It tells you if you have no need for life insurance. I never expected to find this in this book, but I’m really glad I picked it up. I didn’t expect to enjoy the chapter even, but the lesson has been very valuable.