May 23, 2022 • 16 mins
Hello! and welcome to Everyday Finance and Economics with the Siglers! The podcast where we discuss what you need to know about personal finance and economics and give you practical advice on how to get started and be smart with your money.
This episode is a short insurance primer, covering topics like what is insurance, why and how much should you have of it and more! Tune in next episode for guidance on how insurance is protected and typical warning signs for scams.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:07):
Hello, and welcome to everyday finance and economics
with the sticklers, the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
Speaker 2 (00:19):
We're your host, Glen
Speaker 1 (00:21):
And Christina
Speaker 2 (00:22):
Siegler.
So Christina, what's going on inthe economy this week.
Speaker 1 (00:25):
There's so much to talk about this week.
This month, this year, you mayhave noticed things are getting
more expensive, uh, groceries,gas, baby formula,
transportation in general pricesare in fact rising, not in a
transitory or passing way, butas a result of continuing supply
chain issues, Russia's invasionof Ukraine and the lingering
(00:45):
boost of the government stimulusgave the economy.
Inflation is here to stay at8.1%, according to April's
numbers, which is actually adecrease from marches.
You can expect prices to sayhigh for some time as wages rise
to meet worker standards.
And as long as Russia preventsUkraine from its very vital role
of providing things like grainto a significant portion of the
world, Russia and Ukrainetogether actually make up a
(01:07):
quarter of the world's wheatsupply.
The markets are not liking thisat all.
So today's economic term is bearmarket, which is when a stock
index or individual stock fallsmore than 20% from recent high.
The S and P 500 has been dippingin and out of bear market
recently, which shows thatinvestors are uneasy to say the
least about recent events.
All right, dad, I think it'stime to get into this week's
(01:29):
topic.
What are we talking about today?
Speaker 2 (01:31):
Today?
We're talking about a very broadtopic.
Mm-hmm, we're justgonna do some introductory stuff
and we're gonna talk aboutinsurance.
Speaker 1 (01:38):
Wow.
I don't even know what that is.
I just know that I have it.
Um, so a quick definitioninsurance is a practice or
arrangement by which a companyor government agency provides a
guarantee of compensation forspecified loss damage or death
and return for payment of apremium.
So I'm pretty sure everyone'sheard of car insurance, life
(02:00):
insurance, health insurance.
So you pay a little bit in tothe system, right?
And then if something happens toyour health, to your car, to
your house under certaincircumstances, the insurance
company will cover for thatdamage.
Is that correct?
Speaker 2 (02:14):
That is correct.
And, and there, there isinsurance for a whole host of
things.
There's
Speaker 1 (02:20):
So many types
Speaker 2 (02:21):
And so many different types.
And
Speaker 1 (02:22):
For this episode, I haven't even heard of the things
that they have insurance for.
Speaker 2 (02:27):
That is true.
And there's one insurancecompany that will, you know,
even, uh, ensure I think it'scalled it's Lloyds of London
that, you know, okay, you're youplayed a piano, they'll ensure
your hands from damages.
your late.
So,
Speaker 1 (02:41):
I mean, actually that's kind of smart.
Yeah.
Speaker 2 (02:43):
Yeah.
So, yeah, but, but, you know,insurance has been around for a
long time.
Mm-hmm uh, there,uh, there, uh, is evidence that
insurance was around, uh, inancient maritime, uh, economies,
uh, uh, ancient FIA mm-hmm uh, um, in, in, in
ancient middle Easterncountries.
Yeah.
And it dealt a lot with trade,uh, especially sea trade where
(03:07):
people would, uh, would, wouldtry to, you know, offset the
risk of transporting the goodsor losing the goods.
Speaker 1 (03:14):
Yeah.
Cause if your boat goes down,you're done for that's it
Speaker 2 (03:17):
AB absolutely.
Speaker 1 (03:18):
Absolutely.
Yeah.
No, it makes sense.
Because if you have somethingthat's like really valuable or
that costs a lot of money, noteverybody has the cash on hand
at that moment to pay for like areally big
Speaker 2 (03:30):
Surgery for, to really pay for that entire loss.
Mm-hmm.
And so the basic principle isthat you get a lot of people
who, you know, who are insimilar business or have
similar, similar characteristicsmm-hmm um, and they
all pay mm-hmm, alittle bit of money and, uh, say
you have a hundred people.
(03:52):
And so they'll all pay a fewdollars in, but you're not
expecting everyone to have thebad thing happen to them.
Yeah.
Maybe one or two will have the
Speaker 1 (04:01):
Best, not at the same time, at
Speaker 2 (04:02):
Least at the same time.
Mm-hmm.
And so the, the pool of moneyfrom the 100 can pay for the,
the bad thing happening for theone or two yeah.
Each year.
Okay.
And, and, and so, and then theadministrative, uh, expenses can
be paid for and, and, and, uh,and, and things can keep going.
So that's the basic principle ofit.
(04:24):
Uh, but to make that happen, uh,the insurance companies
themselves, um, have to evaluatewhether you had all have the
same kind of risk.
Mm.
And that's part of theunderwriting process.
So they're gonna they're
Speaker 1 (04:39):
Oh, wait, wait, wait, pause, pause, pause,
underwriting.
What is that?
Speaker 2 (04:42):
Explain that.
Okay.
UN underwriting is theevaluation of, of your riskiness
for this type of insurancecontract.
Speaker 1 (04:53):
Oh.
So that's why when sometimes yousign up for life insurance or
health insurance, they have, youtake a medical exam first.
Yeah.
That's part of the underwriting
Speaker 2 (05:00):
And part of the underwriting they're gonna,
they're gonna see, you know, doyou fit the profile yeah.
For this risk, because if youare more risky mm-hmm
then they're gonnacharge you more.
They're either gonna charge youmore premium.
Yeah.
Or they might not even allow youto be in that insurance
Speaker 1 (05:15):
Pool.
Oh, wow.
Right.
That's kind of cutthroat,
Speaker 2 (05:18):
Uh, it, it, it, it can be mm-hmm, uh,
but you know, they're in,they're in a business to make
money too.
They're not, they're not therejust to give away money
Speaker 1 (05:27):
and yeah.
I mean, okay.
But that makes sense.
But then we get into thequestion of, do I have to have
it cuz if you do, then thatseems kind of wrong, doesn't it?
Speaker 2 (05:36):
So there are certain insurances that you need mm-hmm
that you have tohave and you know, and, and have
Speaker 1 (05:43):
To have by what, like by law, you
Speaker 2 (05:45):
By by law.
So typically if you are going todrive on a public road,
Speaker 1 (05:50):
Which is every road,
Speaker 2 (05:51):
Which is every road.
Yeah.
Uh, and, and you're going toshare the road with other people
in the public.
Yep.
States you typically mandatethat you must have insurance
Speaker 1 (06:03):
Mm-hmm
car insurance,
Speaker 2 (06:04):
Car insurance.
Yeah.
If you buy a house and you havea mortgage mm-hmm,
which means you borrow moneyfrom somebody else, the, the
mortgage, lender's gonna say,Hey, uh, get some insurance
because if your house burnsdown, we want our money back
Speaker 1 (06:22):
yeah.
Yeah.
That makes sense.
Speaker 2 (06:24):
So there are certain situations where, um, depending
on, you know, who's, uh, who'staking the risk mm-hmm,
, they're going to,uh, mandate that there be some
guarantee mm-hmmfor them to get their money
back.
And, and at, at the end of theday, as you said, earlier,
(06:44):
insurance is a way to, uh,mitigate against risk.
Yeah.
And that, and that's what the,and, and, and the contract, the
insurance contract determinesthe terms of how much you pay
mm-hmm and, and,and under what conditions the
risk will be paid.
Okay.
The money will be paid forassuming that risk.
Speaker 1 (07:03):
Right.
So like not every disaster thathappens or not every bad thing
that either destroys my house orruins my car is gonna be covered
by
Speaker 2 (07:13):
Insurance.
Right.
And, and the more things thatyou get covered,
Speaker 1 (07:16):
Mm-hmm,
Speaker 2 (07:17):
probably the more you're gonna
pay.
Yeah.
Yeah.
And, and so, and so you talkedabout, Hey, this, this could be
very expensive.
And so you, as the consumer aregoing to shop for the terms and
conditions, mm-hmm,that best fit you and, and, and
insurance companies say, well,you can have a little more
(07:37):
insurance.
You can have a little lessinsurance, you will pay for
these features.
You don't pay for thosefeatures.
Mm-hmm, and, andyou're able to, uh, sort of
essentially customize the termsof what's gonna be covered and
what's not gonna be covered.
And therefore you can fitsomething into your budget.
Speaker 1 (07:53):
Mm.
Okay.
What about health insurancethough?
That's been a pretty hot topicrecently.
Speaker 2 (07:58):
Well, again, that that's pooled risk.
Yeah.
And so it, when you are,
Speaker 1 (08:03):
But do you have to do , do you have to have health
insurance?
Speaker 2 (08:05):
Well, so you don't have to have health insurance in
a lot of conditions.
Now there'll be some jobs.
Speaker 1 (08:13):
So that make it feel like they make it out to feel
Speaker 2 (08:15):
Like they do so well, that, that got changed with the,
the, the ACA
Speaker 1 (08:21):
Ah, the affordable care act also known as
Obamacare.
Speaker 2 (08:24):
And then some, some later adjustments to the ACA for
young people, they're usuallygenerally very healthy.
And so things aren't going to,you know, things aren't gonna
happen to them very often forthe, for the vast majority of,
of them.
And so, you know, in, in, inmany respects, those are the
(08:47):
people that could take the riskand not get health insurance.
Mm-hmm.
And so, again, by not havinghealth insurance, you are
bearing all the risk yourself.
Mm-hmm so if youget sick
Speaker 1 (09:00):
Yeah.
You gotta pay that costs
Speaker 2 (09:02):
Full costs.
All, all, all health costs costsgets paid by you.
Speaker 1 (09:05):
You gotta pay that full cost of the ER, visit.
Yeah.
Full cost of the urgent care,whatever.
Speaker 2 (09:10):
Right.
And so, yeah, that's expensive.
That is very expensive.
And so like that that'sinsurance as a, as a risk tool,
now you get the insurance and toprevent people from free writing
, say I've got great healthinsurance.
Yeah.
All right.
And so there'll be terms andconditions in your, in your
(09:31):
insurance and say, Hey, this isinsurance for everything you do,
except if you go skydiving.
Mm.
We don't, we, we are notensuring you for skydiving.
Right.
Or we're not gonna ensure youfor driving if you're driving
race cars.
Mm-hmm.
So they're gonna be things thatare off limits.
Yeah.
Speaker 1 (09:50):
Okay.
Speaker 2 (09:50):
And, and to help you realize your part in the risk
mm-hmm, there arethings called copays.
And besides your premiums, it'sit's, there are things that
you're gonna pay mm-hmm to bear some of
the financial burden mm-hmm of the actions
that you're you're takinginsurance is sometimes about
(10:13):
modifying your behavior.
Mm-hmm assumingless risky behavior.
So they're saying, Hey, no,skydiving, you don't skydive.
So in order to incentivize youto not engage in that risky
behavior, mm-hmm,,they're gonna make you pay for
some of that emergency roomvisit.
Speaker 1 (10:28):
Yeah.
Mm-hmm
Speaker 2 (10:30):
All right.
Or, or you'll get lowerpremiums.
Mm-hmm if you, ifyou, uh, have a healthier
lifestyle and your annual pHphysicals come back with better
numbers.
Speaker 1 (10:41):
Okay.
Speaker 2 (10:41):
Okay.
So those are some of the, someof the things that are, that can
be involved mm-hmmin, in some of the, the
arrangements for insurance.
Speaker 1 (10:51):
Okay.
Well, we just said a lot ofterms, so I think we should just
run through the real quick.
Okay.
Because, uh, so premium mm-hmm is what you pay to
have insurance to be insured,right?
Yes.
Yes.
And you pay that on a monthly
Speaker 2 (11:05):
Whatever.
Well, you can pay it on amonthly, annual, quarterly,
there are certain contractswhere you can pay the whole
premium front.
Speaker 1 (11:13):
Really.
Speaker 2 (11:14):
Yeah.
Interesting life insurance
Speaker 1 (11:16):
Type stuff.
Oh yeah.
That makes sense.
Speaker 2 (11:18):
You know, you, you work out the terms, you know,
and of course pay it annually.
You probably get cheaper terms.
Mm-hmm or if youhave it automatically direct
deposited, you get cheaperterms.
Mm-hmm therethere's all sorts of things like
Speaker 1 (11:30):
That.
Okay.
Mm-hmm okay.
Okay.
And then a copay.
Speaker 2 (11:34):
All right.
So copay is, are, you've got acontract for, um, for, uh,
services, your doctor to govisit your doctor.
That's, that's something that's,uh, part of your health
insurance company, uh, visitmm-hmm, but to make
sure you understand your, yourpart, your financial interest in
(11:57):
this, that this is, this, isn'tjust a free item.
Mm-hmm that, um,negotiate it in, in, in, in a
lot of insurance, um, contractsthere'll be a copay or the part
that you pay, the insurancecompany pays part of it.
Mm-hmm and you paypart of it.
(12:17):
Okay.
To make the, the doctor or theservice provider whole
Speaker 1 (12:21):
Mm-hmm
okay.
That makes sense.
Yeah.
And then a claim.
Speaker 2 (12:26):
All right.
So, uh, a claim against yourpolicy is, Hey, I've had an
accident.
Mm-hmm I need toget paid mm-hmm so
I'm going to file a claim.
Mm-hmm against thepolicy to, to, to, to my
insurance company to get paid.
Speaker 1 (12:42):
What do you mean by, against the PO against the
policy?
As in like
Speaker 2 (12:46):
The policy says it will pay under certain
conditions.
And so the claim is the way todocument yeah.
That the conditions were met.
Okay.
And that, that you are justifiedto receiving that payment.
Okay.
And usually there's some, youknow, some investigations, Hey,
what happened?
Who was at fault mm-hmm depending on, you
know, what kind of charge
Speaker 1 (13:05):
You had, like for a car accident, if you were at
fault.
Right.
Right.
Might be
Speaker 2 (13:09):
Different if at fault, if the other person was
at fault and people, you know,fall asleep with cigarettes and
burn down houses and do allsorts of other stuff.
Speaker 1 (13:17):
Yeah.
So they won't pay for that.
Speaker 2 (13:19):
Well, they, they, they can, but you
Speaker 1 (13:22):
Will, they just pay less or,
Speaker 2 (13:24):
Um, no, but it, it's gonna be harder for you to get
Speaker 1 (13:29):
Insurance.
I see the next time.
Well, this seems a little, like,it doesn't cover every single
thing that happens wrong.
So what am I paying for then?
Speaker 2 (13:38):
Well, again, you're, you're trying again, you're
trying to cover mm-hmm, the things that
are probably most likely to
Speaker 1 (13:45):
Happen.
I see.
Okay.
Right.
Speaker 2 (13:47):
The, the accidents that most likely
Speaker 1 (13:49):
Happen because they can't cover everything.
Speaker 2 (13:51):
They can't, they can't cover every everything.
And so that, that's why you'vegotta full try to fully
understand mm-hmm,what's in that insurance
contract,
Speaker 1 (14:01):
What's in that insurance contract and what you
need to be covered.
Right.
Speaker 2 (14:05):
But, you know, fires usually covered in, in
homeowners insurance, but what'swhat may not be included in your
mm-hmm, uh,homeowner's insurance is flood.
Speaker 1 (14:16):
Oh yeah.
If you live in an area thatfloods or
Speaker 2 (14:18):
Hurricane.
Speaker 1 (14:19):
Yeah.
Speaker 2 (14:20):
And, and so, you know, those are, those would be,
uh, you know, additional mm-hmm coverages mm-hmm
outside the basic
Speaker 1 (14:30):
Home insurance.
Yeah.
Cause fire is pretty basic.
Okay.
Speaker 2 (14:33):
Yeah.
Right.
And, and so, you know, the, thethere's, there's an national
flood insurance program.
Mm-hmm that people,so that's not, that's, that's
one, that's not covered by theinsurance companies.
Oh, wow.
That's one where you have to getgovernment insurance.
Speaker 1 (14:48):
Oh,
Speaker 2 (14:48):
Okay.
To, to cover losses.
Uh, if you are, if you're, uh,if there's risk of flood mm-hmm
and, and thatwon't, that may not pay for a
complete loss.
Speaker 1 (15:00):
Oh,
Speaker 2 (15:01):
Oh.
So, you know, if your house isworth 250,000 mm-hmm
and the floodinsurance only pays a hundred
thousand and again, and you lostyour house and a flood, you're
only getting a hundred thousand
Speaker 1 (15:11):
You're only.
Oh, wow.
Man.
That's tough.
Yeah.
Okay.
So what constitutes goodinsurance out of like, just
generally out of all the typesof insurance,
Speaker 2 (15:23):
That is a very loaded question.
mm-hmm so
Speaker 1 (15:26):
It seems like it, cause there's a bunch of
different things you have toconsider.
Speaker 2 (15:30):
So, so things that, that I would look at, you know,
for good insurance, does itcover the things that I need it
to cover,
Speaker 1 (15:39):
Right.
Yeah.
That makes sense.
And
Speaker 2 (15:41):
That does that, am I getting, am I getting what I
want am and does it cost toomuch?
Mm-hmm are mypremium super high because, you
know, insur, if, if I can'tafford the insurances, you know,
it may not be worth it to mm-hmm mm-hmm
um, and, and thenthe other aspects of it are,
what are the claims payingability of the insurance company
(16:02):
that I'm, that I'm, uh, gettingthe contract
Speaker 1 (16:06):
With?
So the ability for them to payyou in a timely manner,
Speaker 2 (16:10):
That that's exactly right.
So there's a service aspect ofit.
There is a financial strengthand health aspect of it.
And, um, and, and then a, and asalluded to a service reputation,
part of that, mm-hmm now do they, how
do they treat you?
Well,
Speaker 1 (16:27):
Yeah.
Yeah.
All right, guys, that's it fornow, we are going to be covering
things like what to look for ininsurance policy and much more
in part two of this episode, butfor now, um, if you have any
questions, you can email us EFEES podcast, gmail.com and
follow our Instagram at EFSpodcast.
Thank you so much for listeningguys.
(23:09):
Okay.
So how much insurance do I need?
Speaker 2 (23:13):
Okay.
Can I tell so for assets mm-hmm, your house.
Yes.
Your car.
Speaker 1 (23:20):
Yes.
All right.
So, well for your car, it'sillegal to go without it.
Right.
Speaker 2 (23:23):
So
Speaker 1 (23:23):
They're gonna drive
Speaker 2 (23:24):
Anywhere that that's exactly right.
So they're gonna be, um,minimums for various types of
insurance for your car.
Mm-hmm uh, so like,you know, uninsured, motorists
and things of that nature.
They'll they'll have, oh,here's, here's what the
standard, so there'll beminimums there.
Um, and, and, and that leadsinto some of those issues.
(23:46):
We'll talk about it at anothertime.
Mm-hmm but forassets, you know, are you
looking to replace it?
Speaker 1 (23:53):
Mm-hmm
Speaker 2 (23:53):
so if
your car is 10,000 and you have
an accident and, and, and thecar is new mm-hmm
well, you don't wanna check for$2,000.
Mm-hmm no, that's, that's notgonna help.
That's not gonna help you.
If your house costs, you know,$200,000 a check for 10,000, if
your, as, as your house burnsdown with all your stuff and it
(24:15):
isn't gonna cut it.
So no, for those assets you'relooking for, um, you're, you're
going to get insurance to helpyou replace that asset.
Mm-hmm so you'relooking at something at, or
close to replacement value.
Speaker 1 (24:30):
Okay.
Speaker 2 (24:31):
All right.
Now what you're, what you'remostly talking about is life
insurance.
Mm-hmm how muchlife insurance do I need?
Mm-hmm.
And, and so,
Speaker 1 (24:43):
Hey, real quick, though.
What is, what is life insurancelike?
Speaker 2 (24:45):
What is life insurance is a contract in
essence to pay the beneficiarythat you designate.
Mm-hmm, a, acertain amount of money if you
all, if you die.
Speaker 1 (25:02):
Okay.
Okay.
Speaker 2 (25:04):
All right.
And, and so that is typicallysomething that someone with a
family would, do you have smallchildren, family, you have, you
know, you have spouse that, youknow, that works or doesn't
work.
Um, and, and, and you havefinancial obligations.
Like you wanna pay for college,you wanna pay for the house
mm-hmm um, you aregoing to, you know, you're going
(25:26):
to get enough insurance to payeither for all those things or,
or substantially contribute topaying for those items
Speaker 1 (25:39):
After, after you, after,
Speaker 2 (25:40):
After you're gone.
Okay.
And, and so how do people figurethat out?
Yeah.
And so there, there there'svarious calculators.
You can, you can either do itand say, oh, uh, um, I've gotta,
you know, pay for my kidscollege education.
Well, you can calculate whatthat, you know, my kid wants to
go to state university, youknow, and my child is 10 years
(26:02):
old now what's that gonna costwhen they're ready for college,
mm-hmm, you cancalculate what that is.
And they say, okay, I need a, Ineed, I need that much money.
Plus some living expenses in myinsurance policy, my, my child
wants to go to, you know, eliteschool U right.
That costs, you know, a zilliondollars a year.
Speaker 1 (26:25):
Yeah, yeah,
Speaker 2 (26:25):
Yeah.
Then you need a different levelof insurance.
Mm-hmm um, whatpeople often do is they, um,
figure that the insurance, uh,policy should be a multiple of
their income.
Speaker 1 (26:41):
Yeah.
Speaker 2 (26:42):
Okay.
And so makes sense.
The, the standards are in, inthe order, you know, 5, 10, 12
times income mm-hmmdepending on what stage you are
in life mm-hmm.
And, and, and, and, um, and,and, and, and the other aspects
of how expensive your life maybe, right.
Speaker 1 (27:03):
Uh, now, and how many people are dependent on,
Speaker 2 (27:05):
Or how many people now, okay.
Just because I want a$20 millionpolicy, right.
Doesn't doesn't mean the lifeinsurance is gonna get for a
company is gonna give me a lifeinsurance policy of 20 million,
Speaker 1 (27:17):
Or the, you will be able to afford cuz the premium
for that must be high.
Speaker 2 (27:20):
The, the, the, the premium could be high mm-hmm
, uh, you know, so,um, you know, those are all
things that go into thoseconsiderations.
Mm-hmm, if you'relooking at, you know, something
around the norm, uh, five to 10times salary, there's usually
some way to, to afford some ofit.
(27:41):
And, and even if you can'tafford 10 or 12 X right now,
mm-hmm, becauseyour, your salary is lower.
Um, you could afford five andthen get some more later on.
Now that's that that's, I'vetalked about, um, getting your
(28:01):
own private insurance mm-hmm versus getting
insurance at work.
And those are two differentthings, uh, insurance that you
pay for out of your own pocketthat you went to get, um, that
if, if you die, the, uh, the,the benefits out of that would
(28:23):
come to your, uh, beneficiariestax free, because you paid with
it, paid it for, with mm-hmm paid with after
tax money.
Mm-hmm if youparticipate in a group policy at
work mm-hmm, it isusually a benefit or perk at
work and they deduct, theytypically deduct money pre-tax
Speaker 1 (28:47):
Oh, yeah.
Speaker 2 (28:48):
From that.
And so therefore the benefitthat comes to you from a group
policy would have to be taxed.
Speaker 1 (28:56):
Yeah.
Speaker 2 (28:58):
Now the group policies are much cheaper.
Mm-hmm much, muchcheaper than an individual
Speaker 1 (29:05):
Policy.
You have to pay tax on it.
Speaker 2 (29:06):
Well, well, no, no, just, just in rate.
And so to get like a quartermillion dollars through work may
cost you I'm, I'm making, thismay cost you$10 a month.
Speaker 1 (29:17):
Really?
Okay.
Speaker 2 (29:18):
Yeah.
Whereas a quarter million dollarpolicy for you at insurance
company X that you went out andyou got, and they underwrite it
just, you under wrote just, youmay cost instead of that$10 a
month may cost 25 to$30 becauseit's specific to you instead of
(29:42):
the group, uh, of folks that areall work at company.
Y
Speaker 1 (29:50):
Ah, yes.
Okay.
I see.
Mm-hmm, we're gonnahave to Rob this up.
We are ready outta time.
Um, but for, um, can I, can Iever change my insurance really
quickly?
Speaker 2 (30:01):
And the answer is yes.
Mm-hmm, you know,look, life, life circumstances,
change over time, you changejobs, right?
You have kids, you get married,you get divorced.
You, you know, you get raises,you get new jobs, you move, you
can change your insurance.
As you go along that's carinsurance, car insurances,
(30:24):
every, you know, year to year,every six months, health
insurance, usually at work, yougo through that every year, life
insurance, you can, you can stopthe contract anytime,
essentially, anytime you wantand get a new contract or just
add more to it.
Mm-hmm and, and,and same with homeowners
insurance.
So there, there you can, you canchange those things, um, as your
(30:48):
situations change
Speaker 1 (30:49):
Changes.
Mm-hmm, surelythere are a lot more things we
could discuss with insurance.
Uh, but that is all the timethat we have for today.
Speaker 2 (30:58):
Okay.
Speaker 1 (30:59):
Yeah.
Speaker 2 (31:01):
Well, I wanna thank everybody for, uh, listening to
us this week.
Mm-hmm and staytuned for next week.
Uh, when we will continue ourdiscussions on insurance.
And I think we might have asurprise guest who actually
knows a whole lot more aboutinsurance than we.
Speaker 1 (31:17):
Yeah.
Yeah, he sure does.
All right.
Yes.
And you ha, if you have anyquestions for us, you can email
us EFS podcast, gmail.com andfollow our Instagram EES
podcast.
Thank you so much for listening.
Speaker 2 (31:29):
Take care, everybody.
Speaker 1 (31:31):
All right.
Hello, and welcome to everyday finance and economics
with the sticklers, the podcastwhere we discuss what you need
to know about personal financeand economics, and give you
practical advice on how to getstarted and be smart with your
money.
Speaker 2 (00:19):
We're your host, Glen
Speaker 1 (00:21):
And Christina
Speaker 2 (00:22):
Siegler.
So Christina, what's going on inthe economy this week.
Speaker 1 (00:25):
There's so much to talk about this week.
This month, this year, you mayhave noticed things are getting
more expensive, uh, groceries,gas, baby formula,
transportation in general pricesare in fact rising, not in a
transitory or passing way, butas a result of continuing supply
chain issues, Russia's invasionof Ukraine and the lingering
(00:45):
boost of the government stimulusgave the economy.
Inflation is here to stay at8.1%, according to April's
numbers, which is actually adecrease from marches.
You can expect prices to sayhigh for some time as wages rise
to meet worker standards.
And as long as Russia preventsUkraine from its very vital role
of providing things like grainto a significant portion of the
world, Russia and Ukrainetogether actually make up a
(01:07):
quarter of the world's wheatsupply.
The markets are not liking thisat all.
So today's economic term is bearmarket, which is when a stock
index or individual stock fallsmore than 20% from recent high.
The S and P 500 has been dippingin and out of bear market
recently, which shows thatinvestors are uneasy to say the
least about recent events.
All right, dad, I think it'stime to get into this week's
(01:29):
topic.
What are we talking about today?
Speaker 2 (01:31):
Today?
We're talking about a very broadtopic.
Mm-hmm
and we're gonna talk aboutinsurance.
Speaker 1 (01:38):
Wow.
I don't even know what that is.
I just know that I have it.
Um,
arrangement by which a companyor government agency provides a
guarantee of compensation forspecified loss damage or death
and return for payment of apremium.
So I'm pretty sure everyone'sheard of car insurance, life
(02:00):
insurance, health insurance.
So you pay a little bit in tothe system, right?
And then if something happens toyour health, to your car, to
your house under certaincircumstances, the insurance
company will cover for thatdamage.
Is that correct?
Speaker 2 (02:14):
That is correct.
And, and there, there isinsurance for a whole host of
things.
There's
Speaker 1 (02:20):
So many types
Speaker 2 (02:21):
And so many different types.
And
Speaker 1 (02:22):
For this episode, I haven't even heard of the things
that they have insurance for.
Speaker 2 (02:27):
That is true.
And there's one insurancecompany that will, you know,
even, uh, ensure I think it'scalled it's Lloyds of London
that, you know, okay, you're youplayed a piano, they'll ensure
your hands from damages.
So,
Speaker 1 (02:41):
I mean, actually that's kind of smart.
Yeah.
Speaker 2 (02:43):
Yeah.
So, yeah, but, but, you know,insurance has been around for a
long time.
Mm-hmm
insurance was around, uh, inancient maritime, uh, economies,
uh, uh, ancient FIA mm-hmm
ancient middle Easterncountries.
Yeah.
And it dealt a lot with trade,uh, especially sea trade where
(03:07):
people would, uh, would, wouldtry to, you know, offset the
risk of transporting the goodsor losing the goods.
Speaker 1 (03:14):
Yeah.
Cause if your boat goes down,you're done for that's it
Speaker 2 (03:17):
AB absolutely.
Speaker 1 (03:18):
Absolutely.
Yeah.
No, it makes sense.
Because if you have somethingthat's like really valuable or
that costs a lot of money, noteverybody has the cash on hand
at that moment to pay for like areally big
Speaker 2 (03:30):
Surgery for, to really pay for that entire loss.
Mm-hmm
And so the basic principle isthat you get a lot of people
who, you know, who are insimilar business or have
similar, similar characteristicsmm-hmm
all pay mm-hmm,
you have a hundred people.
(03:52):
And so they'll all pay a fewdollars in, but you're not
expecting everyone to have thebad thing happen to them.
Yeah.
Maybe one or two will have the
Speaker 1 (04:01):
Best, not at the same time, at
Speaker 2 (04:02):
Least at the same time.
Mm-hmm
And so the, the pool of moneyfrom the 100 can pay for the,
the bad thing happening for theone or two yeah.
Each year.
Okay.
And, and, and so, and then theadministrative, uh, expenses can
be paid for and, and, and, uh,and, and things can keep going.
So that's the basic principle ofit.
(04:24):
Uh, but to make that happen, uh,the insurance companies
themselves, um, have to evaluatewhether you had all have the
same kind of risk.
Mm.
And that's part of theunderwriting process.
So they're gonna they're
Speaker 1 (04:39):
Oh, wait, wait, wait, pause, pause, pause,
underwriting.
What is that?
Speaker 2 (04:42):
Explain that.
Okay.
UN underwriting is theevaluation of, of your riskiness
for this type of insurancecontract.
Speaker 1 (04:53):
Oh.
So that's why when sometimes yousign up for life insurance or
health insurance, they have, youtake a medical exam first.
Yeah.
That's part of the underwriting
Speaker 2 (05:00):
And part of the underwriting they're gonna,
they're gonna see, you know, doyou fit the profile yeah.
For this risk, because if youare more risky mm-hmm
They're either gonna charge youmore premium.
Yeah.
Or they might not even allow youto be in that insurance
Speaker 1 (05:15):
Pool.
Oh, wow.
Right.
That's kind of cutthroat,
Speaker 2 (05:18):
Uh, it, it, it, it can be mm-hmm
but you know, they're in,they're in a business to make
money too.
They're not, they're not therejust to give away money
Speaker 1 (05:27):
I mean, okay.
But that makes sense.
But then we get into thequestion of, do I have to have
it cuz if you do, then thatseems kind of wrong, doesn't it?
Speaker 2 (05:36):
So there are certain insurances that you need mm-hmm
Speaker 1 (05:43):
To have by what, like by law, you
Speaker 2 (05:45):
By by law.
So typically if you are going todrive on a public road,
Speaker 1 (05:50):
Which is every road,
Speaker 2 (05:51):
Which is every road.
Yeah.
Uh, and, and you're going toshare the road with other people
in the public.
Yep.
States you typically mandatethat you must have insurance
Speaker 1 (06:03):
Mm-hmm
Speaker 2 (06:04):
Car insurance.
Yeah.
If you buy a house and you havea mortgage mm-hmm
which means you borrow moneyfrom somebody else, the, the
mortgage, lender's gonna say,Hey, uh, get some insurance
because if your house burnsdown, we want our money back
Speaker 1 (06:22):
Yeah.
That makes sense.
Speaker 2 (06:24):
So there are certain situations where, um, depending
on, you know, who's, uh, who'staking the risk mm-hmm,
guarantee mm-hmm
back.
And, and at, at the end of theday, as you said, earlier,
(06:44):
insurance is a way to, uh,mitigate against risk.
Yeah.
And that, and that's what the,and, and, and the contract, the
insurance contract determinesthe terms of how much you pay
mm-hmm
risk will be paid.
Okay.
The money will be paid forassuming that risk.
Speaker 1 (07:03):
Right.
So like not every disaster thathappens or not every bad thing
that either destroys my house orruins my car is gonna be covered
by
Speaker 2 (07:13):
Insurance.
Right.
And, and the more things thatyou get covered,
Speaker 1 (07:16):
Mm-hmm,
Speaker 2 (07:17):
pay.
Yeah.
Yeah.
And, and so, and so you talkedabout, Hey, this, this could be
very expensive.
And so you, as the consumer aregoing to shop for the terms and
conditions, mm-hmm,
insurance companies say, well,you can have a little more
(07:37):
insurance.
You can have a little lessinsurance, you will pay for
these features.
You don't pay for thosefeatures.
Mm-hmm
essentially customize the termsof what's gonna be covered and
what's not gonna be covered.
And therefore you can fitsomething into your budget.
Speaker 1 (07:53):
Mm.
Okay.
What about health insurancethough?
That's been a pretty hot topicrecently.
Speaker 2 (07:58):
Well, again, that that's pooled risk.
Yeah.
And so it, when you are,
Speaker 1 (08:03):
But do you have to do , do you have to have health
insurance?
Speaker 2 (08:05):
Well, so you don't have to have health insurance in
a lot of conditions.
Now there'll be some jobs.
Speaker 1 (08:13):
So that make it feel like they make it out to feel
Speaker 2 (08:15):
Like they do so well, that, that got changed with the,
the, the ACA
Speaker 1 (08:21):
Ah, the affordable care act also known as
Obamacare.
Speaker 2 (08:24):
And then some, some later adjustments to the ACA for
young people, they're usuallygenerally very healthy.
And so things aren't going to,you know, things aren't gonna
happen to them very often forthe, for the vast majority of,
of them.
And so, you know, in, in, inmany respects, those are the
(08:47):
people that could take the riskand not get health insurance.
Mm-hmm
And so, again, by not havinghealth insurance, you are
bearing all the risk yourself.
Mm-hmm
Speaker 1 (09:00):
Yeah.
You gotta pay that costs
Speaker 2 (09:02):
Full costs.
All, all, all health costs costsgets paid by you.
Speaker 1 (09:05):
You gotta pay that full cost of the ER, visit.
Yeah.
Full cost of the urgent care,whatever.
Speaker 2 (09:10):
Right.
And so, yeah, that's expensive.
That is very expensive.
And so like that that'sinsurance as a, as a risk tool,
now you get the insurance and toprevent people from free writing
, say I've got great healthinsurance.
Yeah.
All right.
And so there'll be terms andconditions in your, in your
(09:31):
insurance and say, Hey, this isinsurance for everything you do,
except if you go skydiving.
Mm.
We don't, we, we are notensuring you for skydiving.
Right.
Or we're not gonna ensure youfor driving if you're driving
race cars.
Mm-hmm
So they're gonna be things thatare off limits.
Yeah.
Speaker 1 (09:50):
Okay.
Speaker 2 (09:50):
And, and to help you realize your part in the risk
mm-hmm
And besides your premiums, it'sit's, there are things that
you're gonna pay mm-hmm
the financial burden mm-hmm
that you're you're takinginsurance is sometimes about
(10:13):
modifying your behavior.
Mm-hmm
So they're saying, Hey, no,skydiving, you don't skydive.
So in order to incentivize youto not engage in that risky
behavior, mm-hmm,
some of that emergency roomvisit.
Speaker 1 (10:28):
Yeah.
Mm-hmm
Speaker 2 (10:30):
All right.
Or, or you'll get lowerpremiums.
Mm-hmm
lifestyle and your annual pHphysicals come back with better
numbers.
Speaker 1 (10:41):
Okay.
Speaker 2 (10:41):
Okay.
So those are some of the, someof the things that are, that can
be involved mm-hmm
arrangements for insurance.
Speaker 1 (10:51):
Okay.
Well, we just said a lot ofterms, so I think we should just
run through the real quick.
Okay.
Because, uh, so premium mm-hmm
have insurance to be insured,right?
Yes.
Yes.
And you pay that on a monthly
Speaker 2 (11:05):
Whatever.
Well, you can pay it on amonthly, annual, quarterly,
there are certain contractswhere you can pay the whole
premium front.
Speaker 1 (11:13):
Really.
Speaker 2 (11:14):
Yeah.
Interesting life insurance
Speaker 1 (11:16):
Type stuff.
Oh yeah.
That makes sense.
Speaker 2 (11:18):
You know, you, you work out the terms, you know,
and of course pay it annually.
You probably get cheaper terms.
Mm-hmm
deposited, you get cheaperterms.
Mm-hmm
Speaker 1 (11:30):
That.
Okay.
Mm-hmm
Okay.
And then a copay.
Speaker 2 (11:34):
All right.
So copay is, are, you've got acontract for, um, for, uh,
services, your doctor to govisit your doctor.
That's, that's something that's,uh, part of your health
insurance company, uh, visitmm-hmm
sure you understand your, yourpart, your financial interest in
(11:57):
this, that this is, this, isn'tjust a free item.
Mm-hmm
lot of insurance, um, contractsthere'll be a copay or the part
that you pay, the insurancecompany pays part of it.
Mm-hmm
(12:17):
Okay.
To make the, the doctor or theservice provider whole
Speaker 1 (12:21):
Mm-hmm
That makes sense.
Yeah.
And then a claim.
Speaker 2 (12:26):
All right.
So, uh, a claim against yourpolicy is, Hey, I've had an
accident.
Mm-hmm
I'm going to file a claim.
Mm-hmm
insurance company to get paid.
Speaker 1 (12:42):
What do you mean by, against the PO against the
policy?
As in like
Speaker 2 (12:46):
The policy says it will pay under certain
conditions.
And so the claim is the way todocument yeah.
That the conditions were met.
Okay.
And that, that you are justifiedto receiving that payment.
Okay.
And usually there's some, youknow, some investigations, Hey,
what happened?
Who was at fault mm-hmm
know, what kind of charge
Speaker 1 (13:05):
You had, like for a car accident, if you were at
fault.
Right.
Right.
Might be
Speaker 2 (13:09):
Different if at fault, if the other person was
at fault and people, you know,fall asleep with cigarettes and
burn down houses and do allsorts of other stuff.
Speaker 1 (13:17):
Yeah.
So they won't pay for that.
Speaker 2 (13:19):
Well, they, they, they can, but you
Speaker 1 (13:22):
Will, they just pay less or,
Speaker 2 (13:24):
Um, no, but it, it's gonna be harder for you to get
Speaker 1 (13:29):
Insurance.
I see the next time.
Well, this seems a little, like,it doesn't cover every single
thing that happens wrong.
So what am I paying for then?
Speaker 2 (13:38):
Well, again, you're, you're trying again, you're
trying to cover mm-hmm,
are probably most likely to
Speaker 1 (13:45):
Happen.
I see.
Okay.
Right.
Speaker 2 (13:47):
The, the accidents that most likely
Speaker 1 (13:49):
Happen because they can't cover everything.
Speaker 2 (13:51):
They can't, they can't cover every everything.
And so that, that's why you'vegotta full try to fully
understand mm-hmm
contract,
Speaker 1 (14:01):
What's in that insurance contract and what you
need to be covered.
Right.
Speaker 2 (14:05):
But, you know, fires usually covered in, in
homeowners insurance, but what'swhat may not be included in your
mm-hmm
Speaker 1 (14:16):
Oh yeah.
If you live in an area thatfloods or
Speaker 2 (14:18):
Hurricane.
Speaker 1 (14:19):
Yeah.
Speaker 2 (14:20):
And, and so, you know, those are, those would be,
uh, you know, additional mm-hmm
Speaker 1 (14:30):
Home insurance.
Yeah.
Cause fire is pretty basic.
Okay.
Speaker 2 (14:33):
Yeah.
Right.
And, and so, you know, the, thethere's, there's an national
flood insurance program.
Mm-hmm
one, that's not covered by theinsurance companies.
Oh, wow.
That's one where you have to getgovernment insurance.
Speaker 1 (14:48):
Oh,
Speaker 2 (14:48):
Okay.
To, to cover losses.
Uh, if you are, if you're, uh,if there's risk of flood mm-hmm
complete loss.
Speaker 1 (15:00):
Oh,
Speaker 2 (15:01):
Oh.
So, you know, if your house isworth 250,000 mm-hmm
thousand and again, and you lostyour house and a flood, you're
only getting a hundred thousand
Speaker 1 (15:11):
You're only.
Oh, wow.
Man.
That's tough.
Yeah.
Okay.
So what constitutes goodinsurance out of like, just
generally out of all the typesof insurance,
Speaker 2 (15:23):
That is a very loaded question.
Speaker 1 (15:26):
It seems like it, cause there's a bunch of
different things you have toconsider.
Speaker 2 (15:30):
So, so things that, that I would look at, you know,
for good insurance, does itcover the things that I need it
to cover,
Speaker 1 (15:39):
Right.
Yeah.
That makes sense.
And
Speaker 2 (15:41):
That does that, am I getting, am I getting what I
want am and does it cost toomuch?
Mm-hmm
know, insur, if, if I can'tafford the insurances, you know,
it may not be worth it to mm-hmm
what are the claims payingability of the insurance company
(16:02):
that I'm, that I'm, uh, gettingthe contract
Speaker 1 (16:06):
With?
So the ability for them to payyou in a timely manner,
Speaker 2 (16:10):
That that's exactly right.
So there's a service aspect ofit.
There is a financial strengthand health aspect of it.
And, um, and, and then a, and asalluded to a service reputation,
part of that, mm-hmm
do they treat you?
Well,
Speaker 1 (16:27):
Yeah.
Yeah.
All right, guys, that's it fornow, we are going to be covering
things like what to look for ininsurance policy and much more
in part two of this episode, butfor now, um, if you have any
questions, you can email us EFEES podcast, gmail.com and
follow our Instagram at EFSpodcast.
Thank you so much for listeningguys.
(23:09):
Okay.
So how much insurance do I need?
Speaker 2 (23:13):
Okay.
Can I tell so for assets mm-hmm,
Yes.
Your car.
Speaker 1 (23:20):
Yes.
All right.
So, well for your car, it'sillegal to go without it.
Right.
Speaker 2 (23:23):
So
Speaker 1 (23:23):
They're gonna drive
Speaker 2 (23:24):
Anywhere that that's exactly right.
So they're gonna be, um,minimums for various types of
insurance for your car.
Mm-hmm
and things of that nature.
They'll they'll have, oh,here's, here's what the
standard, so there'll beminimums there.
Um, and, and, and that leadsinto some of those issues.
(23:46):
We'll talk about it at anothertime.
Mm-hmm
looking to replace it?
Speaker 1 (23:53):
Mm-hmm
Speaker 2 (23:53):
an accident and, and, and thecar is new mm-hmm
well, you don't wanna check for$2,000.
Mm-hmm no, that's, that's notgonna help.
That's not gonna help you.
If your house costs, you know,$200,000 a check for 10,000, if
your, as, as your house burnsdown with all your stuff and it
(24:15):
isn't gonna cut it.
So no, for those assets you'relooking for, um, you're, you're
going to get insurance to helpyou replace that asset.
Mm-hmm
close to replacement value.
Speaker 1 (24:30):
Okay.
Speaker 2 (24:31):
All right.
Now what you're, what you'remostly talking about is life
insurance.
Mm-hmm
Mm-hmm
And, and so,
Speaker 1 (24:43):
Hey, real quick, though.
What is, what is life insurancelike?
Speaker 2 (24:45):
What is life insurance is a contract in
essence to pay the beneficiarythat you designate.
Mm-hmm,
all, if you die.
Speaker 1 (25:02):
Okay.
Okay.
Speaker 2 (25:04):
All right.
And, and so that is typicallysomething that someone with a
family would, do you have smallchildren, family, you have, you
know, you have spouse that, youknow, that works or doesn't
work.
Um, and, and, and you havefinancial obligations.
Like you wanna pay for college,you wanna pay for the house
mm-hmm
(25:26):
to get enough insurance to payeither for all those things or,
or substantially contribute topaying for those items
Speaker 1 (25:39):
After, after you, after,
Speaker 2 (25:40):
After you're gone.
Okay.
And, and so how do people figurethat out?
Yeah.
And so there, there there'svarious calculators.
You can, you can either do itand say, oh, uh, um, I've gotta,
you know, pay for my kidscollege education.
Well, you can calculate whatthat, you know, my kid wants to
go to state university, youknow, and my child is 10 years
(26:02):
old now what's that gonna costwhen they're ready for college,
mm-hmm
And they say, okay, I need a, Ineed, I need that much money.
Plus some living expenses in myinsurance policy, my, my child
wants to go to, you know, eliteschool U right.
That costs, you know, a zilliondollars a year.
Speaker 1 (26:25):
Yeah, yeah,
Speaker 2 (26:25):
Yeah.
Then you need a different levelof insurance.
Mm-hmm
figure that the insurance, uh,policy should be a multiple of
their income.
Speaker 1 (26:41):
Yeah.
Speaker 2 (26:42):
Okay.
And so makes sense.
The, the standards are in, inthe order, you know, 5, 10, 12
times income mm-hmm
in life mm-hmm
And, and, and, and, um, and,and, and, and the other aspects
of how expensive your life maybe, right.
Speaker 1 (27:03):
Uh, now, and how many people are dependent on,
Speaker 2 (27:05):
Or how many people now, okay.
Just because I want a$20 millionpolicy, right.
Doesn't doesn't mean the lifeinsurance is gonna get for a
company is gonna give me a lifeinsurance policy of 20 million,
Speaker 1 (27:17):
Or the, you will be able to afford cuz the premium
for that must be high.
Speaker 2 (27:20):
The, the, the, the premium could be high mm-hmm
things that go into thoseconsiderations.
Mm-hmm
around the norm, uh, five to 10times salary, there's usually
some way to, to afford some ofit.
(27:41):
And, and even if you can'tafford 10 or 12 X right now,
mm-hmm,
Um, you could afford five andthen get some more later on.
Now that's that that's, I'vetalked about, um, getting your
(28:01):
own private insurance mm-hmm
insurance at work.
And those are two differentthings, uh, insurance that you
pay for out of your own pocketthat you went to get, um, that
if, if you die, the, uh, the,the benefits out of that would
(28:23):
come to your, uh, beneficiariestax free, because you paid with
it, paid it for, with mm-hmm
tax money.
Mm-hmm
work mm-hmm
work and they deduct, theytypically deduct money pre-tax
Speaker 1 (28:47):
Oh, yeah.
Speaker 2 (28:48):
From that.
And so therefore the benefitthat comes to you from a group
policy would have to be taxed.
Speaker 1 (28:56):
Yeah.
Speaker 2 (28:58):
Now the group policies are much cheaper.
Mm-hmm
Speaker 1 (29:05):
Policy.
You have to pay tax on it.
Speaker 2 (29:06):
Well, well, no, no, just, just in rate.
And so to get like a quartermillion dollars through work may
cost you I'm, I'm making, thismay cost you$10 a month.
Speaker 1 (29:17):
Really?
Okay.
Speaker 2 (29:18):
Yeah.
Whereas a quarter million dollarpolicy for you at insurance
company X that you went out andyou got, and they underwrite it
just, you under wrote just, youmay cost instead of that$10 a
month may cost 25 to$30 becauseit's specific to you instead of
(29:42):
the group, uh, of folks that areall work at company.
Y
Speaker 1 (29:50):
Ah, yes.
Okay.
I see.
Mm-hmm
We are ready outta time.
Um, but for, um, can I, can Iever change my insurance really
quickly?
Speaker 2 (30:01):
And the answer is yes.
Mm-hmm
change over time, you changejobs, right?
You have kids, you get married,you get divorced.
You, you know, you get raises,you get new jobs, you move, you
can change your insurance.
As you go along that's carinsurance, car insurances,
(30:24):
every, you know, year to year,every six months, health
insurance, usually at work, yougo through that every year, life
insurance, you can, you can stopthe contract anytime,
essentially, anytime you wantand get a new contract or just
add more to it.
Mm-hmm
insurance.
So there, there you can, you canchange those things, um, as your
(30:48):
situations change
Speaker 1 (30:49):
Changes.
Mm-hmm,
could discuss with insurance.
Uh, but that is all the timethat we have for today.
Speaker 2 (30:58):
Okay.
Speaker 1 (30:59):
Yeah.
Speaker 2 (31:01):
Well, I wanna thank everybody for, uh, listening to
us this week.
Mm-hmm
Uh, when we will continue ourdiscussions on insurance.
And I think we might have asurprise guest who actually
knows a whole lot more aboutinsurance than we.
Speaker 1 (31:17):
Yeah.
Yeah, he sure does.
All right.
Yes.
And you ha, if you have anyquestions for us, you can email
us EFS podcast, gmail.com andfollow our Instagram EES
podcast.
Thank you so much for listening.
Speaker 2 (31:29):
Take care, everybody.
Speaker 1 (31:31):
All right.
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