April 10, 2025 • 18 mins
In this insightful episode of Money Talk With Tiff, host Tiffany Grant is joined by Basiliso Moreno to tackle the often delicate topic of discussing life insurance with loved ones. They dive into the challenges faced in having these important conversations, especially within black and brown communities, where such discussions might be met with skepticism or anxiety.
Basiliso shares his personal experiences with life insurance and offers practical tips for initiating and navigating these discussions, including role-playing and addressing underlying anxieties or hesitations that family members might have.
Check out the full show notes: https://moneytalkwitht.com/podcast-show-notes/life-insurance-conversations/
Takeaways
- Life insurance can be a touchy topic, but it's crucial to discuss openly with loved ones.
- Initiating conversations about life insurance without making it feel ominous is key to family comfort.
- Understanding the true cost of death can motivate families to prioritize life insurance discussions.
- Role-playing conversations about life insurance can help ease anxiety and make the discussions smoother.
Connect with Basiliso Moreno
- Website: basmorenoconsulting.com
- Social Media: Instagram, Threads, TikTok at Bass Moreno Consulting
Tune in every Thursday for new episodes of Money Talk With Tiff, where Tiffany Grant shares her financial expertise and insightful conversations with guests.
Copyright 2025 Tiffany Grant
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You know what it is?
That's right.
It's time to talk money withyour money nerd and financial coach.
Now tighten those pursestrings and open those ears.
It's the Money Talk with Tiff podcast.
Hey, everyone.
I am so excited because I haveBasiliso Moreno on the line and he's
here to talk to us about life insurance.
(00:22):
Now, I know you're like, well,Tiffany, we have talked about life
insurance on this podcast toomany times, maybe.
However, we're talking abouthow to initiate the conversation
with loved ones without themthinking you trying to kill them.
So.
Hey, Besselisa, how are you?
Good.
How you doing?
I'm doing pretty good.
(00:42):
And I know.
Oh, go ahead.
But that is funny, but it's so real.
And that's a conversation thatneeds to be had.
That's a myth in our black andbrown communities of why we talking
about life insurance.
You trying to kill me or something?
And you got your familymembers all paranoid and like, no,
(01:03):
we're not trying to kill you.
But it is important to havethese conversations because, you
know, death is extremely expensive.
Unfortunately, I've had to uselife insurance policies on a couple
of occasions.
I lost my ex wife and mom ofmy kids in 2016, and then during
(01:27):
COVID in 20, I lost my mom asa result of COVID So even within
our black and browncommunities, you know, our parents,
our aunts and uncles, like,they might have an insurance, but
they might be paying apremium, a monthly premium, months
at a time.
And then unfortunately, whenthey pass and then you see how much
(01:49):
is the death benefit, it waslike, you paid all these months for
all these years and this isthe amount you got back, like, what
the heck?
So that which happened to mewith my mom.
So it's something that needsto be having.
We need to have these conversations.
Yeah, for sure.
And you hopping right in, youknow, which I appreciate because
(02:09):
it's like, like you said,these conversations are difficult
to have with people.
Like, as financialprofessionals, we can have these
conversations pretty easily,but with other people.
Like for instance, with my exhusband, I had bought up, oh, you
life insurance.
And his first thing was, areyou trying to kill me?
(02:29):
I'm like, no, I have lifeinsurance for myself.
You need it for yourself.
Even if we wasn't married, youwould still need life insurance.
So I feel like thoseconversations are just difficult
to have from a personal standpoint.
You know, you want your lovedones protected and you want your
love the best for them, butthey might not see it as that.
(02:52):
So with that being said, whatis one way we can kind of ease into
that conversation if we'regoing, you know, talking to someone
with that mindset?
Well, for me, what I do withmy clients, being a certified financial
social worker for people ofcolor in the sandwich generation
(03:14):
who are struggling with theirfinances while caregiving for their
loved ones.
Sometimes I do some role playing.
Like hey you, I'll pretendyou're, you're your mom and you want
to have a conversation likelet's do some role playing and kind
of see kind of where, where itgoes and how you want to talk about.
And just using.
Sometimes you got to use likereal life experiences.
(03:36):
Oh so and so I know recently Isaw Somebody posted on LinkedIn that
they, they lost a loved oneand they're doing a GoFundMe.
And I was like, you know, we,we need, and there's no shade to
anyone who uses GoFundMe.
But you know, life insuranceis not that expensive.
It doesn't matter if it's termor whole life and we need to stop
(04:00):
the miss or is it's tooexpensive or no, no things of that
nature.
Like if you're, the earlieryou start, the better it is and the
less, less expensive it is.
But just even, just not donesome, some role playing or just even
like hey, like just how do youthink in your head, like just even
(04:21):
like talk to me.
Your, your anxiety of havingthese conversations.
Why?
Like what makes you anxious tohave this conversation?
What, what is it about theperson that you want to have the
conversation with?
Like makes you worried or anxious?
What do you think they'regoing to say?
Or just, just normalizing theperson's anxiety, their nervousness,
(04:42):
their fear.
They might be talking tosomeone, a family member who, you
know, just kind of stubbornand hard headed and just, you know.
But these conversations needto be had because anything can happen
at any single time at any partof the day the person's life.
(05:04):
And you know, we don't want toget that phone calls like so and
so passed away and thenthere's like nothing.
And now you're scrambling totry to find how I'm going to bury
this person.
Did the person even want to be buried?
Did they have any, any sort oflike investment investments or just
anything.
(05:24):
Did they have a will in placeor anything like that.
Especially after, you know, wejust went through a whole pandemic
going on five years ago and westill, and dealing with that aftermath
of that and you know, we needto be having these conversations.
Yeah.
And I love that tip.
Just having These open andhonest conversations, using role
(05:47):
playing, maybe with yourselfor with someone else other than the
loved one, just to get the.
The jitters out.
But I also love your tip aboutseeing what their hesitation is.
Like, is it that there was atraumatic experience having to deal
with life insurance?
Like, where is this anxietycoming from?
And I feel like that is keyright there.
(06:09):
Because, you know, as we bothknow, money is not really.
It's more emotional than anything.
So there may be a good reasonwhy they don't want to have the conversation.
And I think getting to thatreason may help with the conversation
that you need to have.
Now, what if we have someonethat they're like, you know, they're
(06:32):
not afraid to talk about it,but maybe they have hesitations like,
oh, it's too expensive, orwhat do I even need it for?
I don't have any kids, or, youknow, property, things like that.
What if that's part of theconversation or hesitation?
I mean, yeah, I, I see that.
The hesitation, you know,talking to different people, but
(06:55):
with myself, like, since Ifocus primarily on caregivers, sometimes
I see that had that hesitation.
Like, no, no, you need itabout, you know, you need it for
yourself, you need it for yourfamily members, you need for your
loved ones, you need for yourkids, even though they're young.
Like, you just have to have tohave it and then kind of go from,
(07:19):
you know, having to have it tojust kind of break it down.
Like, okay, like, if you wereto pass away, like, and you.
Whatever you have and know,who do you want want to have the.
If you have any valuables,like, who would you want to have
that property?
Or.
Or just in general, who do youwant to handle your.
(07:40):
Your affairs?
Like, how do you.
How do you, like, want towatch, you know, your.
Your funeral to how.
How do.
How you want it to look like,like even having those conversations
and be like, why are we havingthese type of conversations?
Like, no, because you want to,like, you want to pass away.
(08:01):
You want to pass away withdignity and not just like, all right,
whatever, you died, or we'removing on.
Like, no, like, we can't.
Every.
Everyone is entitled to havethe dignity that once they pass away
to properly, you know, do aproper burial, however they want
to be buried or even like,cremated and things like that.
(08:23):
I know for, like, for my exwife, like, she wanted to be.
Be cremated.
She just kind of.
Her health was deteriorating,so she knew, like, I ain't going
to be here much longer.
Please, whatever you do, like,I wanted to be Cremated.
So that's, that's what I,what, what I did when she passed
and just letting know hermother know, like, hey, she wanted
(08:45):
to be cremated.
Let's, let's, let's kind of dothat and honor her wishes.
So it was important to evenlike having those conversations about
what are your, your, your w.
Yeah, you know, nobody wantsto talk about death and, but just
kind of like break it downeven like from a financial aspect
of like, you know, death is expensive.
(09:08):
Like, you know, funeral homes,like, even like the worst one on
the block is going to stillgoing to cost you $7,8000 to know
caskets and everything andjust the time to have your body at
a funeral home.
So like, what do you want to do?
And you know what, you broughtup a really good point at the beginning
(09:31):
that I kind of want to circleback around to too, where you said,
you know, they've been payingon it for years, and then maybe they
lapse payment or maybe theytook loans out on it, so, you know,
the amount is not as much asit should be.
How often do you think weshould bring up these conversations?
Because what if we bring it upone year and it's like, oh yeah,
(09:52):
I got life insurance, I'mpaying on it then like three years
down the line, you know, loand behold, because we ran into that
with my grandma when shepassed away, she had took out some
loans and stuff on herpolicies that we had no idea.
And so, you know, we'rethinking, okay, we can use this to,
you know, round up herexpenses and things like that.
(10:14):
And then we're like, oh, it'snot as much as we thought.
So how often should we behaving these conversations with our
loved ones?
At the bare minimum, I wouldsay like once a year.
Best case scenario, you coulddo like maybe eight every six months.
Just kind of see where things are.
(10:35):
Things are at if somethingdrastically changes, like you're
moving out of state, got a newhome, or any major finances have
changed, obviously you wouldhave those type of conversations
then.
I know for myself with my momis just, you know, unfortunately
(10:56):
these, like some lifeinsurance companies, they like, you
know, take advantage ofpeople's lack of financial educations.
Like somebody thinks they justhave a life insurance policy.
All right, at least I, I got something.
As far as I know, my momdidn't take out a loan or anything.
She just didn't.
(11:17):
She knew enough financialeducation to have a life insurance
policy and she took one outon, on me.
But like, really like, didn'tget more bang for, for her buck.
And maybe she just did.
Did it didn't know of like,hey, like, the math ain't really
mathing.
When, When I pass away, thisis all, like, this is all my son's
(11:40):
gonna get.
It's like, this is not goingto cover like, like.
And those things happen too.
So it's, it's a lot that involves.
With life insurance.
I'm still, you know, learningabout life insurance myself and you
know, knowing that I'm stillkind of like, underinsured myself,
(12:01):
even though I'm a lot betteroff today than I was like, no.
Four or five years ago oreven, even a couple of years ago,
but still not, not enough that.
No, no life changes.
Like, I just bought a house orall right, maybe I need to get a.
Some type of insurance thatGod forbid something happens to me.
At least the mortgage payments.
(12:22):
There's enough.
There's enough money for themortgage payments to, to take place
or just pay off the house.
And so it all depends.
Like, each person's situationis different, which is why we call
it personal finance.
Right, Exactly.
And so I'm glad you brought upkids and parents because another
difficult conversation I justthought about is if it's the person
(12:47):
that has the life insurancepolicy, maybe they need to.
Well, not.
Maybe they need to tellwhoever is the beneficiary that they're
on it and who's not abeneficiary that they're not on it.
So that could be a difficultconversation as well.
Do you have any tips around that?
So let me rephrase.
(13:10):
You know, I have a lifeinsurance policy now I need to tell
my kids, okay, you're the onethat's going to be the primary, you're
the secondary, so on and so forth.
How do we have those conversations?
What are some tips around that?
Wow.
That's a good question.
And I say wow becausefortunately, I've had to have tough
(13:34):
conversations with my own kids.
Telling your kids that yourmom passed away, it's probably like,
as worse, probably thetoughest conversation you have.
And then, you know, then Ifound it more difficult.
Like, no side note, talkingabout, you know, sex education for
(13:56):
both of them, I found thatmuch harder to have than telling
their mom they passed.
But, you know, going back tothe topic of life insurance, you
know, the importance ofbeneficiaries, you know, when you
first said that, I thoughtabout, okay, what if you get divorced
and like, now you got.
You remarried, you gotta like,and your first wife or husband was
an initial beneficiary.
(14:17):
You don't want that person tohave the money anymore.
And I gotta, I gotta go changethe beneficiary.
So.
But yeah, just, you know, yougotta start, you know, teaching your
kids as, as young as they can.
And obviously there's a fineline which, how much they, they can
handle, how much you, you cantell the truth.
(14:37):
And like, for me personally,I'm like, if I tell you your mom
passed away, I could prettymuch tell you anything moving forward.
And when I've had toughconversations and I start off, I
know we've had toughconversations before, but we need
to have another toughconversation and kind of speak to
(15:01):
their age and their understanding.
Nobody knows your kids betterthan you as the parent or guardian.
How if they can handle it, it,you know, have these conversations,
you feel like, you know theycan handle it.
You know, kind of wait, but,but still kind of let them know,
like, hey, like I'm doing thisand, and this is why do you have
(15:23):
it.
Any questions and kind of belike, no, like, all right, I'm just
letting you know, like this is happening.
Or tell them like if you haveyour important papers, like tell
them where it is, likeanything, like just in case even,
like even there's a fire orany other emergency in the house,
like make sure you grab thesepapers and get to safety.
(15:45):
So yeah, just like literally,have you got to start from, from
somewhere and have theseconversations and make sure that
they, that their names andtheir legal names are on these, these
documents when, when you dothese beneficiaries.
And I think that's moreimportant or just as important than
(16:06):
actually having theconversation of being a beneficiary.
Right, Right.
Because you cannot put Ray,Ray and Pookie on the paperwork.
It got to be full governmentname so that way the company can
issue the payments to theright people.
So I'm glad you brought thatup as well.
(16:26):
Now you've dropped a ton ofgems on this episode.
Where can people find you ifthey're interested in learning more
about life insurance orthey're part of the sandwich generation
and want to connect.
Yes.
For, for those who are in thatsandwich generation and are struggling
with caregiving.
And I know there's been a lotin the news with the last six months
(16:49):
of what the former vicepresident had wanted to do if she,
she became president and whatthe current administration talked
about wanting to do in termsof careg, just the day to day struggles
if you're struggling and justknow people really need just the
acknowledgement, like, hey,I'm struggling with this.
(17:11):
You could reach me.
My website is bass morenoconsulting.com you can find me on
Instagram threads, TikTok,Bass Moreno Consulting.
That is all one word.
And yeah, let's connect andlet's talk.
(17:31):
I'm currently offering a 25minute free consultation on just
what your current strugglesare and how we could, you know, try
to address your needs that youhave on a day to day basis in terms
of care, caregiving and your finances.
Perfect.
Perfect.
And if you didn't catch all ofthat, I'll make sure I have it in
(17:52):
the show notes.
So definitely check those out.
Thank you so much Bass forcoming on the show today.
This was a great episode andI'm sure it'll help a lot of people.
Thank you so much for having me.
Bye.
Thank you for listening,joining and being a part of the Money
Talk with Tip podcast this week.
You can check Tip out everyThursday for a new Money Talk podcast,
(18:14):
but if you just can't waituntil next week, you can listen to
previous podcastepisodes@moneytalkwithtee.com or
follow TIFF on all socialmedia platforms at Money Talk with
T until next time.
Spend wise by spending lessthan you make.
A word to the money wise isalways sufficient.
You know what it is?
That's right.
It's time to talk money withyour money nerd and financial coach.
Now tighten those pursestrings and open those ears.
It's the Money Talk with Tiff podcast.
Hey, everyone.
I am so excited because I haveBasiliso Moreno on the line and he's
here to talk to us about life insurance.
(00:22):
Now, I know you're like, well,Tiffany, we have talked about life
insurance on this podcast toomany times, maybe.
However, we're talking abouthow to initiate the conversation
with loved ones without themthinking you trying to kill them.
So.
Hey, Besselisa, how are you?
Good.
How you doing?
I'm doing pretty good.
(00:42):
And I know.
Oh, go ahead.
But that is funny, but it's so real.
And that's a conversation thatneeds to be had.
That's a myth in our black andbrown communities of why we talking
about life insurance.
You trying to kill me or something?
And you got your familymembers all paranoid and like, no,
(01:03):
we're not trying to kill you.
But it is important to havethese conversations because, you
know, death is extremely expensive.
Unfortunately, I've had to uselife insurance policies on a couple
of occasions.
I lost my ex wife and mom ofmy kids in 2016, and then during
(01:27):
COVID in 20, I lost my mom asa result of COVID So even within
our black and browncommunities, you know, our parents,
our aunts and uncles, like,they might have an insurance, but
they might be paying apremium, a monthly premium, months
at a time.
And then unfortunately, whenthey pass and then you see how much
(01:49):
is the death benefit, it waslike, you paid all these months for
all these years and this isthe amount you got back, like, what
the heck?
So that which happened to mewith my mom.
So it's something that needsto be having.
We need to have these conversations.
Yeah, for sure.
And you hopping right in, youknow, which I appreciate because
(02:09):
it's like, like you said,these conversations are difficult
to have with people.
Like, as financialprofessionals, we can have these
conversations pretty easily,but with other people.
Like for instance, with my exhusband, I had bought up, oh, you
life insurance.
And his first thing was, areyou trying to kill me?
(02:29):
I'm like, no, I have lifeinsurance for myself.
You need it for yourself.
Even if we wasn't married, youwould still need life insurance.
So I feel like thoseconversations are just difficult
to have from a personal standpoint.
You know, you want your lovedones protected and you want your
love the best for them, butthey might not see it as that.
(02:52):
So with that being said, whatis one way we can kind of ease into
that conversation if we'regoing, you know, talking to someone
with that mindset?
Well, for me, what I do withmy clients, being a certified financial
social worker for people ofcolor in the sandwich generation
(03:14):
who are struggling with theirfinances while caregiving for their
loved ones.
Sometimes I do some role playing.
Like hey you, I'll pretendyou're, you're your mom and you want
to have a conversation likelet's do some role playing and kind
of see kind of where, where itgoes and how you want to talk about.
And just using.
Sometimes you got to use likereal life experiences.
(03:36):
Oh so and so I know recently Isaw Somebody posted on LinkedIn that
they, they lost a loved oneand they're doing a GoFundMe.
And I was like, you know, we,we need, and there's no shade to
anyone who uses GoFundMe.
But you know, life insuranceis not that expensive.
It doesn't matter if it's termor whole life and we need to stop
(04:00):
the miss or is it's tooexpensive or no, no things of that
nature.
Like if you're, the earlieryou start, the better it is and the
less, less expensive it is.
But just even, just not donesome, some role playing or just even
like hey, like just how do youthink in your head, like just even
(04:21):
like talk to me.
Your, your anxiety of havingthese conversations.
Why?
Like what makes you anxious tohave this conversation?
What, what is it about theperson that you want to have the
conversation with?
Like makes you worried or anxious?
What do you think they'regoing to say?
Or just, just normalizing theperson's anxiety, their nervousness,
(04:42):
their fear.
They might be talking tosomeone, a family member who, you
know, just kind of stubbornand hard headed and just, you know.
But these conversations needto be had because anything can happen
at any single time at any partof the day the person's life.
(05:04):
And you know, we don't want toget that phone calls like so and
so passed away and thenthere's like nothing.
And now you're scrambling totry to find how I'm going to bury
this person.
Did the person even want to be buried?
Did they have any, any sort oflike investment investments or just
anything.
(05:24):
Did they have a will in placeor anything like that.
Especially after, you know, wejust went through a whole pandemic
going on five years ago and westill, and dealing with that aftermath
of that and you know, we needto be having these conversations.
Yeah.
And I love that tip.
Just having These open andhonest conversations, using role
(05:47):
playing, maybe with yourselfor with someone else other than the
loved one, just to get the.
The jitters out.
But I also love your tip aboutseeing what their hesitation is.
Like, is it that there was atraumatic experience having to deal
with life insurance?
Like, where is this anxietycoming from?
And I feel like that is keyright there.
(06:09):
Because, you know, as we bothknow, money is not really.
It's more emotional than anything.
So there may be a good reasonwhy they don't want to have the conversation.
And I think getting to thatreason may help with the conversation
that you need to have.
Now, what if we have someonethat they're like, you know, they're
(06:32):
not afraid to talk about it,but maybe they have hesitations like,
oh, it's too expensive, orwhat do I even need it for?
I don't have any kids, or, youknow, property, things like that.
What if that's part of theconversation or hesitation?
I mean, yeah, I, I see that.
The hesitation, you know,talking to different people, but
(06:55):
with myself, like, since Ifocus primarily on caregivers, sometimes
I see that had that hesitation.
Like, no, no, you need itabout, you know, you need it for
yourself, you need it for yourfamily members, you need for your
loved ones, you need for yourkids, even though they're young.
Like, you just have to have tohave it and then kind of go from,
(07:19):
you know, having to have it tojust kind of break it down.
Like, okay, like, if you wereto pass away, like, and you.
Whatever you have and know,who do you want want to have the.
If you have any valuables,like, who would you want to have
that property?
Or.
Or just in general, who do youwant to handle your.
(07:40):
Your affairs?
Like, how do you.
How do you, like, want towatch, you know, your.
Your funeral to how.
How do.
How you want it to look like,like even having those conversations
and be like, why are we havingthese type of conversations?
Like, no, because you want to,like, you want to pass away.
(08:01):
You want to pass away withdignity and not just like, all right,
whatever, you died, or we'removing on.
Like, no, like, we can't.
Every.
Everyone is entitled to havethe dignity that once they pass away
to properly, you know, do aproper burial, however they want
to be buried or even like,cremated and things like that.
(08:23):
I know for, like, for my exwife, like, she wanted to be.
Be cremated.
She just kind of.
Her health was deteriorating,so she knew, like, I ain't going
to be here much longer.
Please, whatever you do, like,I wanted to be Cremated.
So that's, that's what I,what, what I did when she passed
and just letting know hermother know, like, hey, she wanted
(08:45):
to be cremated.
Let's, let's, let's kind of dothat and honor her wishes.
So it was important to evenlike having those conversations about
what are your, your, your w.
Yeah, you know, nobody wantsto talk about death and, but just
kind of like break it downeven like from a financial aspect
of like, you know, death is expensive.
(09:08):
Like, you know, funeral homes,like, even like the worst one on
the block is going to stillgoing to cost you $7,8000 to know
caskets and everything andjust the time to have your body at
a funeral home.
So like, what do you want to do?
And you know what, you broughtup a really good point at the beginning
(09:31):
that I kind of want to circleback around to too, where you said,
you know, they've been payingon it for years, and then maybe they
lapse payment or maybe theytook loans out on it, so, you know,
the amount is not as much asit should be.
How often do you think weshould bring up these conversations?
Because what if we bring it upone year and it's like, oh yeah,
(09:52):
I got life insurance, I'mpaying on it then like three years
down the line, you know, loand behold, because we ran into that
with my grandma when shepassed away, she had took out some
loans and stuff on herpolicies that we had no idea.
And so, you know, we'rethinking, okay, we can use this to,
you know, round up herexpenses and things like that.
(10:14):
And then we're like, oh, it'snot as much as we thought.
So how often should we behaving these conversations with our
loved ones?
At the bare minimum, I wouldsay like once a year.
Best case scenario, you coulddo like maybe eight every six months.
Just kind of see where things are.
(10:35):
Things are at if somethingdrastically changes, like you're
moving out of state, got a newhome, or any major finances have
changed, obviously you wouldhave those type of conversations
then.
I know for myself with my momis just, you know, unfortunately
(10:56):
these, like some lifeinsurance companies, they like, you
know, take advantage ofpeople's lack of financial educations.
Like somebody thinks they justhave a life insurance policy.
All right, at least I, I got something.
As far as I know, my momdidn't take out a loan or anything.
She just didn't.
(11:17):
She knew enough financialeducation to have a life insurance
policy and she took one outon, on me.
But like, really like, didn'tget more bang for, for her buck.
And maybe she just did.
Did it didn't know of like,hey, like, the math ain't really
mathing.
When, When I pass away, thisis all, like, this is all my son's
(11:40):
gonna get.
It's like, this is not goingto cover like, like.
And those things happen too.
So it's, it's a lot that involves.
With life insurance.
I'm still, you know, learningabout life insurance myself and you
know, knowing that I'm stillkind of like, underinsured myself,
(12:01):
even though I'm a lot betteroff today than I was like, no.
Four or five years ago oreven, even a couple of years ago,
but still not, not enough that.
No, no life changes.
Like, I just bought a house orall right, maybe I need to get a.
Some type of insurance thatGod forbid something happens to me.
At least the mortgage payments.
(12:22):
There's enough.
There's enough money for themortgage payments to, to take place
or just pay off the house.
And so it all depends.
Like, each person's situationis different, which is why we call
it personal finance.
Right, Exactly.
And so I'm glad you brought upkids and parents because another
difficult conversation I justthought about is if it's the person
(12:47):
that has the life insurancepolicy, maybe they need to.
Well, not.
Maybe they need to tellwhoever is the beneficiary that they're
on it and who's not abeneficiary that they're not on it.
So that could be a difficultconversation as well.
Do you have any tips around that?
So let me rephrase.
(13:10):
You know, I have a lifeinsurance policy now I need to tell
my kids, okay, you're the onethat's going to be the primary, you're
the secondary, so on and so forth.
How do we have those conversations?
What are some tips around that?
Wow.
That's a good question.
And I say wow becausefortunately, I've had to have tough
(13:34):
conversations with my own kids.
Telling your kids that yourmom passed away, it's probably like,
as worse, probably thetoughest conversation you have.
And then, you know, then Ifound it more difficult.
Like, no side note, talkingabout, you know, sex education for
(13:56):
both of them, I found thatmuch harder to have than telling
their mom they passed.
But, you know, going back tothe topic of life insurance, you
know, the importance ofbeneficiaries, you know, when you
first said that, I thoughtabout, okay, what if you get divorced
and like, now you got.
You remarried, you gotta like,and your first wife or husband was
an initial beneficiary.
(14:17):
You don't want that person tohave the money anymore.
And I gotta, I gotta go changethe beneficiary.
So.
But yeah, just, you know, yougotta start, you know, teaching your
kids as, as young as they can.
And obviously there's a fineline which, how much they, they can
handle, how much you, you cantell the truth.
(14:37):
And like, for me personally,I'm like, if I tell you your mom
passed away, I could prettymuch tell you anything moving forward.
And when I've had toughconversations and I start off, I
know we've had toughconversations before, but we need
to have another toughconversation and kind of speak to
(15:01):
their age and their understanding.
Nobody knows your kids betterthan you as the parent or guardian.
How if they can handle it, it,you know, have these conversations,
you feel like, you know theycan handle it.
You know, kind of wait, but,but still kind of let them know,
like, hey, like I'm doing thisand, and this is why do you have
(15:23):
it.
Any questions and kind of belike, no, like, all right, I'm just
letting you know, like this is happening.
Or tell them like if you haveyour important papers, like tell
them where it is, likeanything, like just in case even,
like even there's a fire orany other emergency in the house,
like make sure you grab thesepapers and get to safety.
(15:45):
So yeah, just like literally,have you got to start from, from
somewhere and have theseconversations and make sure that
they, that their names andtheir legal names are on these, these
documents when, when you dothese beneficiaries.
And I think that's moreimportant or just as important than
(16:06):
actually having theconversation of being a beneficiary.
Right, Right.
Because you cannot put Ray,Ray and Pookie on the paperwork.
It got to be full governmentname so that way the company can
issue the payments to theright people.
So I'm glad you brought thatup as well.
(16:26):
Now you've dropped a ton ofgems on this episode.
Where can people find you ifthey're interested in learning more
about life insurance orthey're part of the sandwich generation
and want to connect.
Yes.
For, for those who are in thatsandwich generation and are struggling
with caregiving.
And I know there's been a lotin the news with the last six months
(16:49):
of what the former vicepresident had wanted to do if she,
she became president and whatthe current administration talked
about wanting to do in termsof careg, just the day to day struggles
if you're struggling and justknow people really need just the
acknowledgement, like, hey,I'm struggling with this.
(17:11):
You could reach me.
My website is bass morenoconsulting.com you can find me on
Instagram threads, TikTok,Bass Moreno Consulting.
That is all one word.
And yeah, let's connect andlet's talk.
(17:31):
I'm currently offering a 25minute free consultation on just
what your current strugglesare and how we could, you know, try
to address your needs that youhave on a day to day basis in terms
of care, caregiving and your finances.
Perfect.
Perfect.
And if you didn't catch all ofthat, I'll make sure I have it in
(17:52):
the show notes.
So definitely check those out.
Thank you so much Bass forcoming on the show today.
This was a great episode andI'm sure it'll help a lot of people.
Thank you so much for having me.
Bye.
Thank you for listening,joining and being a part of the Money
Talk with Tip podcast this week.
You can check Tip out everyThursday for a new Money Talk podcast,
(18:14):
but if you just can't waituntil next week, you can listen to
previous podcastepisodes@moneytalkwithtee.com or
follow TIFF on all socialmedia platforms at Money Talk with
T until next time.
Spend wise by spending lessthan you make.
A word to the money wise isalways sufficient.
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