Episode Transcript
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Speaker 1 (00:06):
Thanks, Ryan Tomlins with John Rolman from Cover. Sincey you're
talking well today. An interesting topic, but the point of
this conversation, we have it every Sunday at this time,
rethink healthcare together, but it goes beyond just healthcare into
other topics. We talk about dental health, or rather dental
insurance last week. We regularly talk about health insurance medical
(00:29):
insurance rather, which John has access to hundreds of different
medical insurance providers and dental providers and life insurance providers,
insurance generally speaking across the board. But he's working for
you and that allows him to tailor insurre a package
of insurance that specifically fits your needs, and he does
it in such a way that it actually ends up
being better for you, less expensive, and keeps you out
(00:50):
of trouble because life can throw curveballs. As we know,
the world's an imperfect place. So get yourself covered and
secure your mental health, which is interesting what we're going
to be talking about. To reach John on the team,
it doesn't cost you anything, There is no obligation. You
just reach out and let him do a deep dive
analysis of where you are in your life in connection
with your various insurance policies and come up with a
(01:12):
better way, which is in most cases what he does
five one three eight hundred two two five five that's
five one three eight hundred call. Or you can start
the process by filling the form out that you can
find online at coversinc dot com. And regardless of where
you're sitting, if you are listening from another state, he
can help you out nationwide. So this isn't just limited
to the greater Cincinnati area today. And welcome back to
(01:34):
Rethink Healthcare together. John. It's always a pleasure seeing you.
Of course, it's an interesting combination of things you want
to talk about.
Speaker 2 (01:41):
Yeah, we want to stay relevant, you know, to you know,
what's going on in the market. You know what people
are looking for, you know, even the feedback that we're
getting for clients, you know, and you know, May is
of course mental health Awareness month, you know. Of course,
you know at that point, you know, we're supposed to
be reflecting on our emotional well being, right, and we
(02:02):
talk a lot about all the different health plans and
stuff like that and the access to mental health, you know,
and we have so many different options to provide you know,
those coverages and services to our clients because it is
let's say, it's not as much of a stigma as
it used to be. You know, people are starting to realize, like, hey,
mental health is almost as important as your physical health,
(02:23):
you know, if not, maybe sometimes even a little more.
And and you know, I look at you know, as
a as a family man, as a as a provider,
not just you know, for myself, you know, I mean, listen,
at the end of the day, Brian, I'm a provider
for I have fifteen people on payroll, you know, family
and their families. You know, I mean, what if something
(02:44):
happened to me? What if something you know, how does
the business keep going? Like there's there's stress on business owners,
of stress on I think fathers in a lot of cases.
You know, I grew up with in a family that
was you know, my father was the provider. He was
like you know, he'd work and work and work, and
if that family needed something, he would try to figure
(03:06):
out how to do over time to afford it. It
was never a question of you know, oh, I can
just sit back and you know, somebody else has got
to pay for it or figure it out. It was like, no,
I have to go out there and do it And
that was instilled upon me at a very early age
and I took that on. But it's it's something you
always think about. It's like, you know, am I doing
the right thing for my family? Am I providing for
them for now? On the present? You know, what does
(03:27):
that future look like? And you know there's a lot
of stress that kind of comes from it, regardless if
you're thinking about it every day or not. We know
there is. And you know, while you know therapy, you know,
mindfulness and self care all crucial, there's a less obvious
piece of the puzzle, which is that financial that financial security.
So today what we're gonna do is we're gonna look
(03:47):
at life insurance and how it can play a major
role in reducing stress and of course, you know, creating
a piece of mind and protecting your love eate loved
ones through every stage of their life.
Speaker 1 (04:00):
Well, and people don't necessarily like to contemplate their own demise,
but if you are being thoughtful and prudent and you
have any sense of obligation to your family, if you
are the primary, if not exclusive, breadwinner for the family,
it really is something you have to think about because
you know, what's my family going to do if I'm
not around. I've always I've always had life insurance, you know,
(04:24):
from the moment I started employment, and of course it
was always offered through the employer as kind of a
line item sort of you know, extra page that you'd
fill out when you're going through the process. This is
you know, pre screen. But now there's a screen that
takes it then to do you want medical insurance and
at what level? And I've always opted for it because
you know, I just you get it out of the way.
(04:46):
It's a little expense every month, and then I don't
have to think about it anymore. I know what's there,
I know what's going to be available. I always knew
it was going to be an adequate sum to get
anybody that needs that assistance, my wife or kids over
whatever hurdle. But then again, not too much of a
stress in my world, because you know, at this point
in my life, my wife first earns more than me.
(05:06):
Should we find if I die, maybe maybe vice versa.
My kids are grown and they're employed, and so I
don't think about it as much now, although I did
keep the life insurance policy in place.
Speaker 2 (05:17):
But I mean, even using your example, right, you know,
and I think that's a lot you know, for a
lot of people that listen to it that you know, oh,
I got my life insurance through my employer. Well that
depends upon the job, you know what. Some jobs might
give you one or two times your income. Yeah, usually
it was that kind of option, but I always had
a separate policy. Well exactly, so you're you're more prudent, right,
(05:38):
That's and that's kind of why I'm trying to address
this today. Is you know, it's funny. I had an
employer check. She came on the on the on the
call not too long ago sweets and Meats, and she
talked about though she was able to get a health
insurance package. She's like, hey, you know what, I just
want to provide some life insurance. I think we ended
up doing like a ten, fifteen or twenty thousand dollars
policy for all the employees. But she goes, they're not
(05:59):
going to buy it, and I just feel so much
better as an employer that they have it. Okay, something
does happen, right, Funeral expenses right, and you know, I
think it was like a couple bucks a month for
each employee, so weirdly wasn't very expensive for it all
to do it, and she's like, I'm just gonna pay
for it one hundred percent. I just want them to
have it. It's a huge thing. But again, I mean,
look at the reality of what today is, right, I mean,
(06:22):
what does ten grand really get you? Uh, pine box
maybe you know, but it's not gonna cover anything else,
you know, And you know, we'll talk here later in
the segment some of the things that really think about
when procuring life insurance. But you know, that helps alleviate
the sting a little bit. But I mean, you know
what's the biggest payer for people passing away nowadays? It's
(06:44):
not even life insurance anymore. It's go fund me, like
you know, looking for people to help support your families.
And you hear it all the time, and you know,
you see it. I mean, I can't go on my
Facebook page without seeing someone looking for money for some situation.
Speaker 1 (07:00):
Sitting here talking about life. I never never even popped
in my head go fund me, but I have seen
quite a few of those. You know, my sister passed
or families in need. That's because they didn't have life
insurance and.
Speaker 2 (07:11):
Life insurance and they and they didn't think about it,
and you know, it's just it's just so much more
you know, important to get it earlier. I know, listen,
at the end of the day, life insurance is like
the elephant in the room, like I don't you know,
it's the air. I don't really want to talk about it,
but you know, yeah, yeah, absolutely.
Speaker 1 (07:28):
And what's what's for certain in this world?
Speaker 2 (07:30):
But you're exactly but you're your planning retirement, your plan
and other things you're trying to do. But it's financial
security for your family.
Speaker 1 (07:36):
You know.
Speaker 2 (07:37):
I look at the situation like if I was to
pass away again, it's not just my kids and my
wife and the mortgage and whatever we own the business,
it's you know, it's also my employees. You know, what
does that look like in their situation? You know how
hard is to find someone else like me to help
run the shop. You know, maybe we can promote one
of the employees. But it's again, there's a learning curve,
there's cost, it's it's just so much kind of tied
(07:58):
into it. So you know, I would definitely say I'm
way over insured on life insurance. But that's my realm
to kind of look at. But again, it's a stressful thing.
You know, it's a stressful thing for a lot of people.
I've had clients come in just the fact that we
mentioned life insurance. So like, my god, you know, I've
been thinking about this, and I keep thinking about it.
I keep talking to my husband about it. We just
don't do it. And this just is something we kind
(08:19):
of bring up every year or two and I'm like,
you're thinking about She goes yeah, and I'm kind of
scared that we don't have anything. I'm like, so that
their stress has been there, they've been thinking about this,
their finance security has been there, and that's why it's
so important. Like, let's alleviate some of that stress. Let's
take that ball away, you know, and you know, put
you in a better situation. That's why it's so important.
Speaker 1 (08:40):
Well, in the context of you know, medical insurance quite
often talk about people I'm healthy, I never go see
the doctor, and you can't plan for the unexpected. And
then you hit a little story about about a thirty
eight mother, Maria from Ohio and I mean lo and
behold her seemingly healthy husband who's the primary bread earner
in the middle of applying for life and life insurance
(09:01):
through his union that didn't happen and he dropped out
of a heart attack overnight in his sleep.
Speaker 2 (09:06):
Yeah, just a couple of kids. You know, Mortgage, you
know it, there's you know mortgage. I mean, mortgage is
easiest thing to cover. I mean, that's that's one of
the things. You buy a house or getting a new mortgage.
The first thing you start seeing in the mail is
people trying to sell your life insurance. It's just a
term policy, usually more expensive because they are direct mailers
(09:28):
to you. But I mean the easiest thing to do
is just look at your debts. Cover those get I mean,
imagine God forbid something happened to you and your family's
debt free. They can live in their house. I don't
worry about selling and downgrading because you passed away, and
then you know, God forbid. You're the primary bread winner,
like my father was, you know, working over time to
(09:50):
help pay bills and whatever it was, we don't go
on to vacation.
Speaker 1 (09:52):
He would work.
Speaker 2 (09:52):
I'm gonna work forty extra hours overtime so we can
go on vacation. Well, I always, you know, conduptly thought
about like, well, what happened if something happened to my mom,
dad I mean great, I'm glad you're doing all this,
but you're the one out there working, right, I mean
mom's running everything else. Yeah, something happens to her, like
you can't do overtime anymore. No, you know, you're probably
(10:13):
take a lot of time from work off. You gotta
find somebody else, said nanny the little kids. You know,
whatever it is, right, I mean.
Speaker 1 (10:18):
When you might have to eat into your retirement saving
Oh my god, got retirements like a four to one
k or something you can have. I'm sure there's penalties.
Maybe they maybe they relieve you of penalties, but you're
whittling away your nest egg for when you ultimately retire,
because your face with all these expenses that the primary
bread winner was was covering. So there goes that nest egg.
Speaker 2 (10:39):
Yeah, and I mean just think about the situation you
put that family in, right, you know, if you pass
away and he didn't have anything, or you had very little,
because you go, I'm the guy that just got a
through work. That ten thousand dollars policy barely paid my
funeral expenses. Yeah, my credit card was twelve grand.
Speaker 1 (10:54):
Yeah, you know, you know, maybe there goes the idea
of sending the kids off the college too. Yeah.
Speaker 2 (11:00):
So one of the things that we use when we
talk to clients to always say you can run from
life insurance, but you can't hide. We use the hide acronym.
So you want to cover your house, your mortgage, you
want to cover your income.
Speaker 1 (11:11):
I don't care.
Speaker 2 (11:11):
I mean you listen to Dave Ramsey, I've listened to
this show. Is always talks about you can shure what
ten times your income? You know, I'm like, at least
cover three times something happened to you, like have enough money,
then your life insurance to help your wife get through
three years of you being passed away, so you can
figure things out. You want to cover any additional debt.
You know, when I got out of college, I had
a big student loan, right, And somebody really think about too.
(11:34):
If you got your kid going to college and you're
taking out student loans on them, I mean, it's a
tough conversation to happen. You should buy a life insurance policy.
Speaker 1 (11:41):
And your kid.
Speaker 2 (11:43):
Guess who gets stuck with that co signer? If your
kid passes away in college and runs up one hundred
thousand dollars student loan, Yeah, that's a horrible conversation that happen.
Nobody wants to talk about it, but guys, I mean
I literally sat through a class with my son because
he's eighteen, he's going to college next year. Is my
first one doing it. They're probably find angel planner in there,
and literally had that conversation. I'm like, my god, I
(12:03):
should be having this conversation with my clients too. I
have so many clients going to UC and the local
colleges and stuff like that. These aren't cheap schools. These
are very very expensive. And like, godfred Bits, something happens.
You know, my kid driving two and a half hours.
He's never driven too and a half hours life. He's
gonna be at college two and a half hours away.
Got bit, something happens to someone on the road, you know.
(12:23):
I mean, these these are things that we That's a stress, right,
that's a mental stress on me, right exactly. I mean
how much more of a mental stress is like, oh
my god, I deal with this and then oh my god,
here's the college bill, you know, Like it's just these
are and it's guys, what I'm trying to point out
to you, these things are so cheap. These are these
are pennies fractions of pennies on the dollar of what
(12:46):
these things actually pay out, you know, and getting something
while you're through working years, Like Brian, you're right, I mean,
how much life insurance you really need right now? Probably nothing,
you know at the stage.
Speaker 1 (12:56):
You probably yeah everything you don't have any credit card? Yeah,
exactly was paid for. So go back thirty years. Oh,
huge difference in the land.
Speaker 2 (13:05):
Two is different, right, So you know, I tell people
like if you especially if you're younger, right, let's just
kind of get into that realm. If you're in your
early twenties, maybe you're not even marriage yet. God, you
can get a million dollar life insurance policy the last
next thirty forty years of your life, or like less
than forty bucks a month.
Speaker 1 (13:22):
Yeah, that's about where I am. Yeah, I mean after
sixty five though, it stops. I mean that's we made
a decision we would not continue paying my wife's insurance
premium because we didn't need that.
Speaker 2 (13:34):
You know, yeah, you don't need that.
Speaker 1 (13:35):
Did need to cover but the rates jumped dramatically. But
if you lock in at a young age, when you're healthy,
the premium.
Speaker 2 (13:42):
Doesn't change, doesn't change, doesn't paying on it.
Speaker 1 (13:45):
For decades and it's never growne up a dime.
Speaker 2 (13:47):
No. Actually, one of the conversations. My brothers are both
younger than me, So I got into the insurance business
right when they were about to go to college. So
the first thing I did, I was like, we're gonna
sit down and write you guys life insurance. When I remember,
you know, million dollar policies each, I was like, you
guys are paying back then it was like twenty eight
bucks a month or a million dollar policy for like
forty years. He was nineteen years old. I'm like, Okay,
there we go. Now you have life insurance.
Speaker 1 (14:07):
You're done. You're done. Just right to check you're.
Speaker 2 (14:09):
Done, like you don't have to worry about it. I
mean like like, oh, it's a lot of money. I'm like, yeah,
but hopefully in the next five or six years you're
you're making some money. Maybe the next ten years, you're
get a family, You're you're already in a in a
great situation, you know. And then and then look at
some of the other policies that you can get out there,
like I u els and you can fund them and
use them for retirement or or the policies that give you,
(14:32):
you know, living benefits. You know. I know it's always
such a hard thing to have these conversations Brian that
you know, hey, this is just a finality thing for
my life. But guys, there's so many life insurance policies
out there right now that will literally pay you while
you're still alive. Living benefits, you know, critical illness coverage
that are tied into them. There's disability. We had a
(14:54):
client number of years ago that ended up getting into
a major car accident and you know, got disabled. You know,
they were able to get like twenty five percent percent
of their life insurance policy because they couldn't get out
of bed.
Speaker 1 (15:05):
Those types of policies exist. I think we're just dealing
with a death benefit here. No.
Speaker 2 (15:10):
No, there's accelerated benefits, there's there's so many other things
that can be tied into these life policies that are
great financial planning tools, you know. And in her case,
she got twenty five percent of her death benefit. So
I think she had like a three or four hundred
thousand dollars policy, so she got like a one hundred
grand when she became this. I mean, it took the
sting away in her situation, but she had a one
(15:31):
hundred grand and didn't have to pass away.
Speaker 1 (15:34):
And that would go along with any shorter or long
term disability in fact people have. So these are two
forms of income, yes, from different insurance products one percent.
Speaker 2 (15:44):
And here's what most people don't understand what life insurance
it's it's not a taxable benefit, you know, to your
to your beneficiaries. So if you turn around and you
have a million dollar life insurance policy because I got
a three hundred thousand dollars mortgage, not making one hundred
and hundred and fifty grand a year and my kids
want to go as school, well, I mean you probably
need more than a million at that point if you
really calculate the numbers. But yeah, that that million dollars
(16:05):
that you leave to your family. It's not like you're
leaving them five or six hundred grand because it's after taxes.
This is a non taxable event. Like they're getting that
money and it makes them whole in that situation. It's
just about improving that. And I mean, to me, when
I think about it all time, it drives me stressed,
even talking to clients that don't have it right, just
(16:25):
knowing what could potentially be in the store from them.
Speaker 1 (16:28):
Yeah, you walk out the front door and get hit
by a bus. I mean again, the world's inn in
perfect places. You never know the number one your numbers
coming up now, it is, do you ever? I mean,
these are all term policies you're talking about today, generally speaking.
Or is the whole life concept still out there? Because
the whole life my understanding, has always been so much
more expensive on a premium basis. But it absolutely is.
(16:50):
It socks that money away and you don't have any
control over it. And I remember my wife had a
whole life policy and it was very expensive, and she
decided to cash it out, and all the years that
she was paying in, that's all she got back was
just the cache of what she had paid in. There
(17:10):
was no interest that was earned on it. It was
supposed to, yeah, but it didn't. Interesting And I know
it's just one little illustration.
Speaker 2 (17:20):
I'm just trying to figure out, like maybe when you
bought it with the interest rates really really bad?
Speaker 1 (17:23):
No, I mean she she had that before I even
met her. Yeah, and it was it was a paltry
benefit too. It's like fifty grand or something for what
you got it. It just seemed like an It is
an exorbitant amount to be paying. So that's why we
ended up canceling it.
Speaker 2 (17:37):
Yeah, I mean it depends on the situation, you know. Yes,
I mean term is easiest to do. I mean, and
I would I highly recommend that in your younger working years,
right because I mean, again, you're not going to go
you probably need a million most people in today's age
because most of us are buying houses. I mean, one
of my employees is buying a house right now, and
I'm like the chiefs houses. He's looking at like three
(17:57):
fifty Yeah, I mean that's that's that's the reality of home.
That's a starter home essays.
Speaker 1 (18:02):
Right.
Speaker 2 (18:02):
So that's a third of your million dollar life insurance
policies at if you're making a one hundred grand a year,
you want to ensure three to five times your income,
or there's three hundred to five hundred thousand dollars right
right there. Adding your education debt, your car, your credit cards,
whatever it is. Let's say it's another one hundred grand,
We're already a million dollars, right, Yeah, you know, and
then your kid. You want to send your kids to college?
(18:23):
Telling you right now is a guy looking putting his
kid to college next year. I mean most of colleges
he was looking at was like thirty to forty grand
a year. I'm just thankful he was able to get
some scholarships. I'm like, you can still get more before
you go here to trying, but I'm gonna end up
paying that out. But it's like something happened to me,
Like I want my kids to be able to go
to college for free, and they at least maybe if
something happened to me. Now I still got younger kids
(18:44):
and they're five or six years away, they're like, yeah,
Dad passed away, but you know what he was. He
was able to put me to college. He thought about
that before he did. So again I look at those things,
so yeah, terms really good in those situations. The only
thing to look at is like iul's and I mentioned
this to a lot of client Index Universal Life. So
it's a universal life, whole life policy that we can
(19:06):
tie to like Barclays, SMP, different funds.
Speaker 1 (19:09):
Right.
Speaker 2 (19:10):
And the nice thing about these plans is especially for
retirement again, being self employed, unless I'm gonna go create
a four to one K for my employees, I can
do different things like that, but there's taxable ramifications on
those type of plans, and I you, well, I can
actually put money into a plan and it grows tax deferred.
(19:30):
And the benefit here is I can pull money out
of that anytime I want as a loan, and I
don't have to pay taxes on it.
Speaker 1 (19:39):
No kidding.
Speaker 2 (19:40):
So you hear a lot of these people talk about
like infinite banking and become your own bank. And I
know I have friends that are in the real estate
game that literally fun projects that they do through their
life insurance policy. They take out loans to put the
down payments on the properties that they have because they
were smart financial planners in the beginning of their life.
That's sock a bunch of money. You can overfund these accounts.
(20:02):
So let's say the life insurance policies sixty bucks a month, Well,
you can throw hundreds of dollars more into this growing
investment account that's tied to the stock market, which as
we know, you know does very well over every ten years.
And you know, here's the benefit too. I tell most
people to kind of think about, you don't have to
(20:23):
forfeit this life insurance policy in the future. But let's
say you have a bunch of money in there. When
you get closer to retirement age, well you just take
a big loan out right before you retire and you
just never pay it back and it's all tax fery.
Speaker 1 (20:39):
That's a concept I was not aware of, I know.
Speaker 2 (20:41):
So there's a lot of really good strategies in this.
And the real big thing is you know, financial security, right,
and there's so many things that you can do that
with these products to alleviate stress, right, because you know,
I get stressed. I know I'm closer to the tail
end of retirement than when I started. You know, it's
more and more reality. It's like, hey, is everything performing
(21:02):
the way I wanted to be a little better today
than it was, you know, a couple months ago, right, right,
But it's like that's a stressful thing. And just knowing
you have those layers involved in what you're doing and
sit down with someone that can really help you plan
it out and shows you what that forecast looks like.
And again, most of the clients that we talk to,
Brian or our small business owner is self employed. These
(21:24):
are the guys that I know, and guys and girls
that out every day. They're going out there and they're
focused so much on their business, everything else. They they
just push off instead of having those conversations and rectifying
that early on. And you know, get the life insurance
before you, before you're in your forties and fifties, if
you really need a big policy. But there's things that
you can do at any size.
Speaker 1 (21:44):
Well, look, okay, you've laid out a multitude of reasons
for people to contemplate it when they are young, locking
in a low premium for example, and obviously taking care
of the unexpected. Obviously you pointed out the benefits and
obligations any responsible adult parent would have to their family,
their kids, their spouse. But what about when you get older?
(22:05):
Like I told you, my wife canceled her policy at
sixty five, and I had good reasons to do that.
You know, we have accoquately funded our retirement, so we're
okay there, and again we don't have the expenses that
a lot of people might have. But that's my individual situation.
But there might be other reasons why you want to
continue having life insurance into your later years.
Speaker 2 (22:27):
You know, I mean people I talked to that the
retirement plan, social security, oh my lord, yeah, I mean
or very little. They work for a job that provided
a pension, but when they find out the pensions given
them less than two grand a month, I mean they're
literally living Social Security checked or pension check to pension
(22:49):
check every month after that. And you know what happens
when you do pass away and you maybe still with
some money in your house or you want to leave
your stuff to your kids. I mean, there's there's all
kinds of things that can happen later on. You know,
I've had We've dealt with my father in law. You know,
his mother passed away and you know, she definitely had
(23:10):
some expenses left, no life insurance, and the brothers got
together and had to pay the things off and repair
the house to get it on the market, and you
know everything else. I mean they put out tens of
thousands of dollars of their own money to get everything
back together and in the hopes of selling this house
in the future. But not everybody has that. You know,
if my parents would have passed away before my kids
my brothers started working, like, it would have been all
(23:30):
on me to handle all that type of stuff. So
it helps alleviate the sting, even a small policy later
on in life. If you don't have a lot of
money set aside and your savings acount to just transfer
your kids or something like that. There's death taxes. We
just there's so many things that can kind of come
up in the future. So I'm not saying, you know,
at a certain age you need a big policy, but
a small one can definitely help out. The other thing too,
(23:53):
is I know I mentioned so many benefits that are
tied into life insurance policies that people aren't aware of.
One of the things that I offer a lot of
my clients is let long term care within a life
insurance policy. It's a huge trend over the last five years,
you know, being able to fund a long term care
policy through a life insurance policy. It's actually a lot
(24:14):
more affordable than doing traditional long term care. So you
can actually have that again paying out benefits, and you
don't have to pass away to be in order to
get that. And a lot of states right now are
actually starting to require some sort of long term care
because you know why, the number one payer of long
term care in the United States is medicaid. And who
(24:36):
funds Medicaid? Your state? Well, it's your state. Your state
funds most of it. So I think some of the
money comes from the federal government too, but they're trying
to cut that out. They're basically saying, why are we
paying for everybody? We just require them to go get it,
and then we don't have that, we can be off
that bandwagon. So again having that in play even on
(24:56):
a life insurance policy if you're in one of those states.
Speaker 1 (25:00):
But you know, it's like the idea of requiring someone
that with the with the driver's license and autobil they have
autobile insurance. They can order you or require you to
have that policy.
Speaker 2 (25:09):
Yeah. Yeah, I mean I guess I don't know. I mean,
they try to deal with health insurance, right, yeah, yeah,
but I mean it's like they're they're trying to do it.
I mean, I get it from their end. It's it's
it's a huge expense. And we're living in a day
and age where, let's be honest, medicine is pretty good.
You know, most people have an event in their life
(25:30):
medically that would probably forty or fifty years ago kill
them and we're surviving it, you know, And it's just.
Speaker 1 (25:38):
Which is which is why so security is upside down?
Speaker 2 (25:41):
Yeah? Yeah, they were just living longer, right yeah. And
but the problem is we're also having a lot of
medical issues with with that and still living longer. So
it's just a huge compounding and my local expense it
kind of kind of comes from that.
Speaker 1 (25:54):
Well, that's creating problems for medicare too, So yeah, you're
living longer in social Yeah, we'll.
Speaker 2 (26:02):
Talk about medicare in a few months. Listeners, So if
you're sticking around, we will be having those conversations here
in a little bit because just like last year, I'm
wondering if there's gonna be a lot of changes in
that realm too.
Speaker 1 (26:13):
All right, Well, summing it up, let's get the sort
of the wrap up as we run out of time
in this edition of Rethink Healthcare together mental health and
life insurance. Tying in those topics, how about some quick
tips and takeaways we can get from this.
Speaker 2 (26:30):
Yeah, I mean I would say quick tip right now,
look and see what you actually have. You know, look
at your life insurance if you haven't looked at in
a while. Some people are like, I have life insurance.
I just I have it in some drawer somewhere in
my house. Right I have a good meeting with your
spouse or whatever, sit down, like, hey, let's just review
this let's see where we're at. So term policies basically work.
(26:52):
What they do is say this is what the life
insurance policy would cost over a forty year period, and
what they do is they level it out, so you're
at the same price for forty years or whatever the
term is. Right now, after thirty years, you'll start seeing
this escalation. The term actually doesn't go away. Most people
think my term is going to disappear. It doesn't. It
just starts escalating the price because you're no longer at
(27:13):
that fixed rate that was leveled off for that timeframe.
So you'll start seeing a go double double double. At
some point you're basically paying like ten times more than
what you're paying before. So if you're still relatively.
Speaker 1 (27:24):
More likely to have to collect on it.
Speaker 2 (27:27):
Well yeah, absolutely, because as we get older it's more expensive. Right,
But start looking at your life insurance policy if you
haven't looked at it in a while. Number one is fine.
If you're on a term plan, you know how quickly
is that going to be ending. If that's going to
be ending in the next five years and you're still
relatively healthy, now's a good time to go relok at
another policy. Lock you in for another ten, twenty, thirty
years or whatever it is, because if you start having
(27:49):
medical issues between now and then, it might be a
situation where I can't get it for you, or it's
way more expensive, or at least have a conversation. You know,
you know many people I've talked to that literally there
are like five pounds over of what it would cost
them to like, Hey, go lose five pounds. Let's let's
talk again in three months.
Speaker 1 (28:06):
Exactly.
Speaker 2 (28:08):
I can literally save you twenty percent.
Speaker 1 (28:10):
Because the nurse will visit, you will visit you get
the start thinking about This has been an edition of
Rethink Healthcare together with John Rouman from Cover. Since he
remember it's medical, it's life, it's dental, its vision, and
all types of insurance. Get you a complete package. Make
sure you're covered in all aspects of your health, which
will serve your mental health if being mental health awareness.
(28:32):
Since you tied those in the day quite nicely, I
might add to reach John a team, no cost or
obligation to you. Five one three eight hundred call that's
five one three eight hundred two two five five. Any
state in the Union can reach out to them or
fill out the form online at Cover sincey dot com,
that's cover since he dot com. John, always an enlightening
(28:52):
conversation with you. I enjoyed it. I we will talk
next Sunday ye
Thanks, Ryan Tomlins with John Rolman from Cover. Sincey you're
talking well today. An interesting topic, but the point of
this conversation, we have it every Sunday at this time,
rethink healthcare together, but it goes beyond just healthcare into
other topics. We talk about dental health, or rather dental
insurance last week. We regularly talk about health insurance medical
(00:29):
insurance rather, which John has access to hundreds of different
medical insurance providers and dental providers and life insurance providers,
insurance generally speaking across the board. But he's working for
you and that allows him to tailor insurre a package
of insurance that specifically fits your needs, and he does
it in such a way that it actually ends up
being better for you, less expensive, and keeps you out
(00:50):
of trouble because life can throw curveballs. As we know,
the world's an imperfect place. So get yourself covered and
secure your mental health, which is interesting what we're going
to be talking about. To reach John on the team,
it doesn't cost you anything, There is no obligation. You
just reach out and let him do a deep dive
analysis of where you are in your life in connection
with your various insurance policies and come up with a
(01:12):
better way, which is in most cases what he does
five one three eight hundred two two five five that's
five one three eight hundred call. Or you can start
the process by filling the form out that you can
find online at coversinc dot com. And regardless of where
you're sitting, if you are listening from another state, he
can help you out nationwide. So this isn't just limited
to the greater Cincinnati area today. And welcome back to
(01:34):
Rethink Healthcare together. John. It's always a pleasure seeing you.
Of course, it's an interesting combination of things you want
to talk about.
Speaker 2 (01:41):
Yeah, we want to stay relevant, you know, to you know,
what's going on in the market. You know what people
are looking for, you know, even the feedback that we're
getting for clients, you know, and you know, May is
of course mental health Awareness month, you know. Of course,
you know at that point, you know, we're supposed to
be reflecting on our emotional well being, right, and we
(02:02):
talk a lot about all the different health plans and
stuff like that and the access to mental health, you know,
and we have so many different options to provide you know,
those coverages and services to our clients because it is
let's say, it's not as much of a stigma as
it used to be. You know, people are starting to realize, like, hey,
mental health is almost as important as your physical health,
(02:23):
you know, if not, maybe sometimes even a little more.
And and you know, I look at you know, as
a as a family man, as a as a provider,
not just you know, for myself, you know, I mean, listen,
at the end of the day, Brian, I'm a provider
for I have fifteen people on payroll, you know, family
and their families. You know, I mean, what if something
(02:44):
happened to me? What if something you know, how does
the business keep going? Like there's there's stress on business owners,
of stress on I think fathers in a lot of cases.
You know, I grew up with in a family that
was you know, my father was the provider. He was
like you know, he'd work and work and work, and
if that family needed something, he would try to figure
(03:06):
out how to do over time to afford it. It
was never a question of you know, oh, I can
just sit back and you know, somebody else has got
to pay for it or figure it out. It was like, no,
I have to go out there and do it And
that was instilled upon me at a very early age
and I took that on. But it's it's something you
always think about. It's like, you know, am I doing
the right thing for my family? Am I providing for
them for now? On the present? You know, what does
(03:27):
that future look like? And you know there's a lot
of stress that kind of comes from it, regardless if
you're thinking about it every day or not. We know
there is. And you know, while you know therapy, you know,
mindfulness and self care all crucial, there's a less obvious
piece of the puzzle, which is that financial that financial security.
So today what we're gonna do is we're gonna look
(03:47):
at life insurance and how it can play a major
role in reducing stress and of course, you know, creating
a piece of mind and protecting your love eate loved
ones through every stage of their life.
Speaker 1 (04:00):
Well, and people don't necessarily like to contemplate their own demise,
but if you are being thoughtful and prudent and you
have any sense of obligation to your family, if you
are the primary, if not exclusive, breadwinner for the family,
it really is something you have to think about because
you know, what's my family going to do if I'm
not around. I've always I've always had life insurance, you know,
(04:24):
from the moment I started employment, and of course it
was always offered through the employer as kind of a
line item sort of you know, extra page that you'd
fill out when you're going through the process. This is
you know, pre screen. But now there's a screen that
takes it then to do you want medical insurance and
at what level? And I've always opted for it because
you know, I just you get it out of the way.
(04:46):
It's a little expense every month, and then I don't
have to think about it anymore. I know what's there,
I know what's going to be available. I always knew
it was going to be an adequate sum to get
anybody that needs that assistance, my wife or kids over
whatever hurdle. But then again, not too much of a
stress in my world, because you know, at this point
in my life, my wife first earns more than me.
(05:06):
Should we find if I die, maybe maybe vice versa.
My kids are grown and they're employed, and so I
don't think about it as much now, although I did
keep the life insurance policy in place.
Speaker 2 (05:17):
But I mean, even using your example, right, you know,
and I think that's a lot you know, for a
lot of people that listen to it that you know, oh,
I got my life insurance through my employer. Well that
depends upon the job, you know what. Some jobs might
give you one or two times your income. Yeah, usually
it was that kind of option, but I always had
a separate policy. Well exactly, so you're you're more prudent, right,
(05:38):
That's and that's kind of why I'm trying to address
this today. Is you know, it's funny. I had an
employer check. She came on the on the on the
call not too long ago sweets and Meats, and she
talked about though she was able to get a health
insurance package. She's like, hey, you know what, I just
want to provide some life insurance. I think we ended
up doing like a ten, fifteen or twenty thousand dollars
policy for all the employees. But she goes, they're not
(05:59):
going to buy it, and I just feel so much
better as an employer that they have it. Okay, something
does happen, right, Funeral expenses right, and you know, I
think it was like a couple bucks a month for
each employee, so weirdly wasn't very expensive for it all
to do it, and she's like, I'm just gonna pay
for it one hundred percent. I just want them to
have it. It's a huge thing. But again, I mean,
look at the reality of what today is, right, I mean,
(06:22):
what does ten grand really get you? Uh, pine box
maybe you know, but it's not gonna cover anything else,
you know, And you know, we'll talk here later in
the segment some of the things that really think about
when procuring life insurance. But you know, that helps alleviate
the sting a little bit. But I mean, you know
what's the biggest payer for people passing away nowadays? It's
(06:44):
not even life insurance anymore. It's go fund me, like
you know, looking for people to help support your families.
And you hear it all the time, and you know,
you see it. I mean, I can't go on my
Facebook page without seeing someone looking for money for some situation.
Speaker 1 (07:00):
Sitting here talking about life. I never never even popped
in my head go fund me, but I have seen
quite a few of those. You know, my sister passed
or families in need. That's because they didn't have life
insurance and.
Speaker 2 (07:11):
Life insurance and they and they didn't think about it,
and you know, it's just it's just so much more
you know, important to get it earlier. I know, listen,
at the end of the day, life insurance is like
the elephant in the room, like I don't you know,
it's the air. I don't really want to talk about it,
but you know, yeah, yeah, absolutely.
Speaker 1 (07:28):
And what's what's for certain in this world?
Speaker 2 (07:30):
But you're exactly but you're your planning retirement, your plan
and other things you're trying to do. But it's financial
security for your family.
Speaker 1 (07:36):
You know.
Speaker 2 (07:37):
I look at the situation like if I was to
pass away again, it's not just my kids and my
wife and the mortgage and whatever we own the business,
it's you know, it's also my employees. You know, what
does that look like in their situation? You know how
hard is to find someone else like me to help
run the shop. You know, maybe we can promote one
of the employees. But it's again, there's a learning curve,
there's cost, it's it's just so much kind of tied
(07:58):
into it. So you know, I would definitely say I'm
way over insured on life insurance. But that's my realm
to kind of look at. But again, it's a stressful thing.
You know, it's a stressful thing for a lot of people.
I've had clients come in just the fact that we
mentioned life insurance. So like, my god, you know, I've
been thinking about this, and I keep thinking about it.
I keep talking to my husband about it. We just
don't do it. And this just is something we kind
(08:19):
of bring up every year or two and I'm like,
you're thinking about She goes yeah, and I'm kind of
scared that we don't have anything. I'm like, so that
their stress has been there, they've been thinking about this,
their finance security has been there, and that's why it's
so important. Like, let's alleviate some of that stress. Let's
take that ball away, you know, and you know, put
you in a better situation. That's why it's so important.
Speaker 1 (08:40):
Well, in the context of you know, medical insurance quite
often talk about people I'm healthy, I never go see
the doctor, and you can't plan for the unexpected. And
then you hit a little story about about a thirty
eight mother, Maria from Ohio and I mean lo and
behold her seemingly healthy husband who's the primary bread earner
in the middle of applying for life and life insurance
(09:01):
through his union that didn't happen and he dropped out
of a heart attack overnight in his sleep.
Speaker 2 (09:06):
Yeah, just a couple of kids. You know, Mortgage, you
know it, there's you know mortgage. I mean, mortgage is
easiest thing to cover. I mean, that's that's one of
the things. You buy a house or getting a new mortgage.
The first thing you start seeing in the mail is
people trying to sell your life insurance. It's just a
term policy, usually more expensive because they are direct mailers
(09:28):
to you. But I mean the easiest thing to do
is just look at your debts. Cover those get I mean,
imagine God forbid something happened to you and your family's
debt free. They can live in their house. I don't
worry about selling and downgrading because you passed away, and
then you know, God forbid. You're the primary bread winner,
like my father was, you know, working over time to
(09:50):
help pay bills and whatever it was, we don't go
on to vacation.
Speaker 1 (09:52):
He would work.
Speaker 2 (09:52):
I'm gonna work forty extra hours overtime so we can
go on vacation. Well, I always, you know, conduptly thought
about like, well, what happened if something happened to my mom,
dad I mean great, I'm glad you're doing all this,
but you're the one out there working, right, I mean
mom's running everything else. Yeah, something happens to her, like
you can't do overtime anymore. No, you know, you're probably
(10:13):
take a lot of time from work off. You gotta
find somebody else, said nanny the little kids. You know,
whatever it is, right, I mean.
Speaker 1 (10:18):
When you might have to eat into your retirement saving
Oh my god, got retirements like a four to one
k or something you can have. I'm sure there's penalties.
Maybe they maybe they relieve you of penalties, but you're
whittling away your nest egg for when you ultimately retire,
because your face with all these expenses that the primary
bread winner was was covering. So there goes that nest egg.
Speaker 2 (10:39):
Yeah, and I mean just think about the situation you
put that family in, right, you know, if you pass
away and he didn't have anything, or you had very little,
because you go, I'm the guy that just got a
through work. That ten thousand dollars policy barely paid my
funeral expenses. Yeah, my credit card was twelve grand.
Speaker 1 (10:54):
Yeah, you know, you know, maybe there goes the idea
of sending the kids off the college too. Yeah.
Speaker 2 (11:00):
So one of the things that we use when we
talk to clients to always say you can run from
life insurance, but you can't hide. We use the hide acronym.
So you want to cover your house, your mortgage, you
want to cover your income.
Speaker 1 (11:11):
I don't care.
Speaker 2 (11:11):
I mean you listen to Dave Ramsey, I've listened to
this show. Is always talks about you can shure what
ten times your income? You know, I'm like, at least
cover three times something happened to you, like have enough money,
then your life insurance to help your wife get through
three years of you being passed away, so you can
figure things out. You want to cover any additional debt.
You know, when I got out of college, I had
a big student loan, right, And somebody really think about too.
(11:34):
If you got your kid going to college and you're
taking out student loans on them, I mean, it's a
tough conversation to happen. You should buy a life insurance policy.
Speaker 1 (11:41):
And your kid.
Speaker 2 (11:43):
Guess who gets stuck with that co signer? If your
kid passes away in college and runs up one hundred
thousand dollars student loan, Yeah, that's a horrible conversation that happen.
Nobody wants to talk about it, but guys, I mean
I literally sat through a class with my son because
he's eighteen, he's going to college next year. Is my
first one doing it. They're probably find angel planner in there,
and literally had that conversation. I'm like, my god, I
(12:03):
should be having this conversation with my clients too. I
have so many clients going to UC and the local
colleges and stuff like that. These aren't cheap schools. These
are very very expensive. And like, godfred Bits, something happens.
You know, my kid driving two and a half hours.
He's never driven too and a half hours life. He's
gonna be at college two and a half hours away.
Got bit, something happens to someone on the road, you know.
(12:23):
I mean, these these are things that we That's a stress, right,
that's a mental stress on me, right exactly. I mean
how much more of a mental stress is like, oh
my god, I deal with this and then oh my god,
here's the college bill, you know, Like it's just these
are and it's guys, what I'm trying to point out
to you, these things are so cheap. These are these
are pennies fractions of pennies on the dollar of what
(12:46):
these things actually pay out, you know, and getting something
while you're through working years, Like Brian, you're right, I mean,
how much life insurance you really need right now? Probably nothing,
you know at the stage.
Speaker 1 (12:56):
You probably yeah everything you don't have any credit card? Yeah,
exactly was paid for. So go back thirty years. Oh,
huge difference in the land.
Speaker 2 (13:05):
Two is different, right, So you know, I tell people
like if you especially if you're younger, right, let's just
kind of get into that realm. If you're in your
early twenties, maybe you're not even marriage yet. God, you
can get a million dollar life insurance policy the last
next thirty forty years of your life, or like less
than forty bucks a month.
Speaker 1 (13:22):
Yeah, that's about where I am. Yeah, I mean after
sixty five though, it stops. I mean that's we made
a decision we would not continue paying my wife's insurance
premium because we didn't need that.
Speaker 2 (13:34):
You know, yeah, you don't need that.
Speaker 1 (13:35):
Did need to cover but the rates jumped dramatically. But
if you lock in at a young age, when you're healthy,
the premium.
Speaker 2 (13:42):
Doesn't change, doesn't change, doesn't paying on it.
Speaker 1 (13:45):
For decades and it's never growne up a dime.
Speaker 2 (13:47):
No. Actually, one of the conversations. My brothers are both
younger than me, So I got into the insurance business
right when they were about to go to college. So
the first thing I did, I was like, we're gonna
sit down and write you guys life insurance. When I remember,
you know, million dollar policies each, I was like, you
guys are paying back then it was like twenty eight
bucks a month or a million dollar policy for like
forty years. He was nineteen years old. I'm like, Okay,
there we go. Now you have life insurance.
Speaker 1 (14:07):
You're done. You're done. Just right to check you're.
Speaker 2 (14:09):
Done, like you don't have to worry about it. I
mean like like, oh, it's a lot of money. I'm like, yeah,
but hopefully in the next five or six years you're
you're making some money. Maybe the next ten years, you're
get a family, You're you're already in a in a
great situation, you know. And then and then look at
some of the other policies that you can get out there,
like I u els and you can fund them and
use them for retirement or or the policies that give you,
(14:32):
you know, living benefits. You know. I know it's always
such a hard thing to have these conversations Brian that
you know, hey, this is just a finality thing for
my life. But guys, there's so many life insurance policies
out there right now that will literally pay you while
you're still alive. Living benefits, you know, critical illness coverage
that are tied into them. There's disability. We had a
(14:54):
client number of years ago that ended up getting into
a major car accident and you know, got disabled. You know,
they were able to get like twenty five percent percent
of their life insurance policy because they couldn't get out
of bed.
Speaker 1 (15:05):
Those types of policies exist. I think we're just dealing
with a death benefit here. No.
Speaker 2 (15:10):
No, there's accelerated benefits, there's there's so many other things
that can be tied into these life policies that are
great financial planning tools, you know. And in her case,
she got twenty five percent of her death benefit. So
I think she had like a three or four hundred
thousand dollars policy, so she got like a one hundred
grand when she became this. I mean, it took the
sting away in her situation, but she had a one
(15:31):
hundred grand and didn't have to pass away.
Speaker 1 (15:34):
And that would go along with any shorter or long
term disability in fact people have. So these are two
forms of income, yes, from different insurance products one percent.
Speaker 2 (15:44):
And here's what most people don't understand what life insurance
it's it's not a taxable benefit, you know, to your
to your beneficiaries. So if you turn around and you
have a million dollar life insurance policy because I got
a three hundred thousand dollars mortgage, not making one hundred
and hundred and fifty grand a year and my kids
want to go as school, well, I mean you probably
need more than a million at that point if you
really calculate the numbers. But yeah, that that million dollars
(16:05):
that you leave to your family. It's not like you're
leaving them five or six hundred grand because it's after taxes.
This is a non taxable event. Like they're getting that
money and it makes them whole in that situation. It's
just about improving that. And I mean, to me, when
I think about it all time, it drives me stressed,
even talking to clients that don't have it right, just
(16:25):
knowing what could potentially be in the store from them.
Speaker 1 (16:28):
Yeah, you walk out the front door and get hit
by a bus. I mean again, the world's inn in
perfect places. You never know the number one your numbers
coming up now, it is, do you ever? I mean,
these are all term policies you're talking about today, generally speaking.
Or is the whole life concept still out there? Because
the whole life my understanding, has always been so much
more expensive on a premium basis. But it absolutely is.
(16:50):
It socks that money away and you don't have any
control over it. And I remember my wife had a
whole life policy and it was very expensive, and she
decided to cash it out, and all the years that
she was paying in, that's all she got back was
just the cache of what she had paid in. There
(17:10):
was no interest that was earned on it. It was
supposed to, yeah, but it didn't. Interesting And I know
it's just one little illustration.
Speaker 2 (17:20):
I'm just trying to figure out, like maybe when you
bought it with the interest rates really really bad?
Speaker 1 (17:23):
No, I mean she she had that before I even
met her. Yeah, and it was it was a paltry
benefit too. It's like fifty grand or something for what
you got it. It just seemed like an It is
an exorbitant amount to be paying. So that's why we
ended up canceling it.
Speaker 2 (17:37):
Yeah, I mean it depends on the situation, you know. Yes,
I mean term is easiest to do. I mean, and
I would I highly recommend that in your younger working years,
right because I mean, again, you're not going to go
you probably need a million most people in today's age
because most of us are buying houses. I mean, one
of my employees is buying a house right now, and
I'm like the chiefs houses. He's looking at like three
(17:57):
fifty Yeah, I mean that's that's that's the reality of home.
That's a starter home essays.
Speaker 1 (18:02):
Right.
Speaker 2 (18:02):
So that's a third of your million dollar life insurance
policies at if you're making a one hundred grand a year,
you want to ensure three to five times your income,
or there's three hundred to five hundred thousand dollars right
right there. Adding your education debt, your car, your credit cards,
whatever it is. Let's say it's another one hundred grand,
We're already a million dollars, right, Yeah, you know, and
then your kid. You want to send your kids to college?
(18:23):
Telling you right now is a guy looking putting his
kid to college next year. I mean most of colleges
he was looking at was like thirty to forty grand
a year. I'm just thankful he was able to get
some scholarships. I'm like, you can still get more before
you go here to trying, but I'm gonna end up
paying that out. But it's like something happened to me,
Like I want my kids to be able to go
to college for free, and they at least maybe if
something happened to me. Now I still got younger kids
(18:44):
and they're five or six years away, they're like, yeah,
Dad passed away, but you know what he was. He
was able to put me to college. He thought about
that before he did. So again I look at those things,
so yeah, terms really good in those situations. The only
thing to look at is like iul's and I mentioned
this to a lot of client Index Universal Life. So
it's a universal life, whole life policy that we can
(19:06):
tie to like Barclays, SMP, different funds.
Speaker 1 (19:09):
Right.
Speaker 2 (19:10):
And the nice thing about these plans is especially for
retirement again, being self employed, unless I'm gonna go create
a four to one K for my employees, I can
do different things like that, but there's taxable ramifications on
those type of plans, and I you, well, I can
actually put money into a plan and it grows tax deferred.
(19:30):
And the benefit here is I can pull money out
of that anytime I want as a loan, and I
don't have to pay taxes on it.
Speaker 1 (19:39):
No kidding.
Speaker 2 (19:40):
So you hear a lot of these people talk about
like infinite banking and become your own bank. And I
know I have friends that are in the real estate
game that literally fun projects that they do through their
life insurance policy. They take out loans to put the
down payments on the properties that they have because they
were smart financial planners in the beginning of their life.
That's sock a bunch of money. You can overfund these accounts.
(20:02):
So let's say the life insurance policies sixty bucks a month, Well,
you can throw hundreds of dollars more into this growing
investment account that's tied to the stock market, which as
we know, you know does very well over every ten years.
And you know, here's the benefit too. I tell most
people to kind of think about, you don't have to
(20:23):
forfeit this life insurance policy in the future. But let's
say you have a bunch of money in there. When
you get closer to retirement age, well you just take
a big loan out right before you retire and you
just never pay it back and it's all tax fery.
Speaker 1 (20:39):
That's a concept I was not aware of, I know.
Speaker 2 (20:41):
So there's a lot of really good strategies in this.
And the real big thing is you know, financial security, right,
and there's so many things that you can do that
with these products to alleviate stress, right, because you know,
I get stressed. I know I'm closer to the tail
end of retirement than when I started. You know, it's
more and more reality. It's like, hey, is everything performing
(21:02):
the way I wanted to be a little better today
than it was, you know, a couple months ago, right, right,
But it's like that's a stressful thing. And just knowing
you have those layers involved in what you're doing and
sit down with someone that can really help you plan
it out and shows you what that forecast looks like.
And again, most of the clients that we talk to,
Brian or our small business owner is self employed. These
(21:24):
are the guys that I know, and guys and girls
that out every day. They're going out there and they're
focused so much on their business, everything else. They they
just push off instead of having those conversations and rectifying
that early on. And you know, get the life insurance
before you, before you're in your forties and fifties, if
you really need a big policy. But there's things that
you can do at any size.
Speaker 1 (21:44):
Well, look, okay, you've laid out a multitude of reasons
for people to contemplate it when they are young, locking
in a low premium for example, and obviously taking care
of the unexpected. Obviously you pointed out the benefits and
obligations any responsible adult parent would have to their family,
their kids, their spouse. But what about when you get older?
(22:05):
Like I told you, my wife canceled her policy at
sixty five, and I had good reasons to do that.
You know, we have accoquately funded our retirement, so we're
okay there, and again we don't have the expenses that
a lot of people might have. But that's my individual situation.
But there might be other reasons why you want to
continue having life insurance into your later years.
Speaker 2 (22:27):
You know, I mean people I talked to that the
retirement plan, social security, oh my lord, yeah, I mean
or very little. They work for a job that provided
a pension, but when they find out the pensions given
them less than two grand a month, I mean they're
literally living Social Security checked or pension check to pension
(22:49):
check every month after that. And you know what happens
when you do pass away and you maybe still with
some money in your house or you want to leave
your stuff to your kids. I mean, there's there's all
kinds of things that can happen later on. You know,
I've had We've dealt with my father in law. You know,
his mother passed away and you know, she definitely had
(23:10):
some expenses left, no life insurance, and the brothers got
together and had to pay the things off and repair
the house to get it on the market, and you
know everything else. I mean they put out tens of
thousands of dollars of their own money to get everything
back together and in the hopes of selling this house
in the future. But not everybody has that. You know,
if my parents would have passed away before my kids
my brothers started working, like, it would have been all
(23:30):
on me to handle all that type of stuff. So
it helps alleviate the sting, even a small policy later
on in life. If you don't have a lot of
money set aside and your savings acount to just transfer
your kids or something like that. There's death taxes. We
just there's so many things that can kind of come
up in the future. So I'm not saying, you know,
at a certain age you need a big policy, but
a small one can definitely help out. The other thing too,
(23:53):
is I know I mentioned so many benefits that are
tied into life insurance policies that people aren't aware of.
One of the things that I offer a lot of
my clients is let long term care within a life
insurance policy. It's a huge trend over the last five years,
you know, being able to fund a long term care
policy through a life insurance policy. It's actually a lot
(24:14):
more affordable than doing traditional long term care. So you
can actually have that again paying out benefits, and you
don't have to pass away to be in order to
get that. And a lot of states right now are
actually starting to require some sort of long term care
because you know why, the number one payer of long
term care in the United States is medicaid. And who
(24:36):
funds Medicaid? Your state? Well, it's your state. Your state
funds most of it. So I think some of the
money comes from the federal government too, but they're trying
to cut that out. They're basically saying, why are we
paying for everybody? We just require them to go get it,
and then we don't have that, we can be off
that bandwagon. So again having that in play even on
(24:56):
a life insurance policy if you're in one of those states.
Speaker 1 (25:00):
But you know, it's like the idea of requiring someone
that with the with the driver's license and autobil they have
autobile insurance. They can order you or require you to
have that policy.
Speaker 2 (25:09):
Yeah. Yeah, I mean I guess I don't know. I mean,
they try to deal with health insurance, right, yeah, yeah,
but I mean it's like they're they're trying to do it.
I mean, I get it from their end. It's it's
it's a huge expense. And we're living in a day
and age where, let's be honest, medicine is pretty good.
You know, most people have an event in their life
(25:30):
medically that would probably forty or fifty years ago kill
them and we're surviving it, you know, And it's just.
Speaker 1 (25:38):
Which is which is why so security is upside down?
Speaker 2 (25:41):
Yeah? Yeah, they were just living longer, right yeah. And
but the problem is we're also having a lot of
medical issues with with that and still living longer. So
it's just a huge compounding and my local expense it
kind of kind of comes from that.
Speaker 1 (25:54):
Well, that's creating problems for medicare too, So yeah, you're
living longer in social Yeah, we'll.
Speaker 2 (26:02):
Talk about medicare in a few months. Listeners, So if
you're sticking around, we will be having those conversations here
in a little bit because just like last year, I'm
wondering if there's gonna be a lot of changes in
that realm too.
Speaker 1 (26:13):
All right, Well, summing it up, let's get the sort
of the wrap up as we run out of time
in this edition of Rethink Healthcare together mental health and
life insurance. Tying in those topics, how about some quick
tips and takeaways we can get from this.
Speaker 2 (26:30):
Yeah, I mean I would say quick tip right now,
look and see what you actually have. You know, look
at your life insurance if you haven't looked at in
a while. Some people are like, I have life insurance.
I just I have it in some drawer somewhere in
my house. Right I have a good meeting with your
spouse or whatever, sit down, like, hey, let's just review
this let's see where we're at. So term policies basically work.
(26:52):
What they do is say this is what the life
insurance policy would cost over a forty year period, and
what they do is they level it out, so you're
at the same price for forty years or whatever the
term is. Right now, after thirty years, you'll start seeing
this escalation. The term actually doesn't go away. Most people
think my term is going to disappear. It doesn't. It
just starts escalating the price because you're no longer at
(27:13):
that fixed rate that was leveled off for that timeframe.
So you'll start seeing a go double double double. At
some point you're basically paying like ten times more than
what you're paying before. So if you're still relatively.
Speaker 1 (27:24):
More likely to have to collect on it.
Speaker 2 (27:27):
Well yeah, absolutely, because as we get older it's more expensive. Right,
But start looking at your life insurance policy if you
haven't looked at it in a while. Number one is fine.
If you're on a term plan, you know how quickly
is that going to be ending. If that's going to
be ending in the next five years and you're still
relatively healthy, now's a good time to go relok at
another policy. Lock you in for another ten, twenty, thirty
years or whatever it is, because if you start having
(27:49):
medical issues between now and then, it might be a
situation where I can't get it for you, or it's
way more expensive, or at least have a conversation. You know,
you know many people I've talked to that literally there
are like five pounds over of what it would cost
them to like, Hey, go lose five pounds. Let's let's
talk again in three months.
Speaker 1 (28:06):
Exactly.
Speaker 2 (28:08):
I can literally save you twenty percent.
Speaker 1 (28:10):
Because the nurse will visit, you will visit you get
the start thinking about This has been an edition of
Rethink Healthcare together with John Rouman from Cover. Since he
remember it's medical, it's life, it's dental, its vision, and
all types of insurance. Get you a complete package. Make
sure you're covered in all aspects of your health, which
will serve your mental health if being mental health awareness.
(28:32):
Since you tied those in the day quite nicely, I
might add to reach John a team, no cost or
obligation to you. Five one three eight hundred call that's
five one three eight hundred two two five five. Any
state in the Union can reach out to them or
fill out the form online at Cover sincey dot com,
that's cover since he dot com. John, always an enlightening
(28:52):
conversation with you. I enjoyed it. I we will talk
next Sunday ye
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