Protecting Your Family
Term life, umbrella coverage, estate docs, and your Legacy Binder
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.
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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.