The best age to get life insurance Cash in with expert Andy Ocasio from Allstate

Friday, April 21st

00:26:01

Transcription

This shocking statistics behind life insurance coverage do you have a great coverage if at all. Most Americans do not have enough life insurance and it's seven figures I'm sandy waters thank you so much for joining our weekly podcast where we talk money financial advice inspirational stories of local business owners from the goal this financial independence. To be Smart with our mining. So let's talk about life insurance is that something that we're all very eager to talk about probably the first time you start thinking about life insurance is flat when you have your first kid right for my husband and I got to play and yeah that's what we really sat down and says hey we gotta create and act like grown ups now and think about life insurance. As we had a baby on the way. But the majority of us they say most Americans don't have enough life insurance and many of us don't have it at all. Out of 82% of people who say yes you should get it only 62%. Actually habit why according to research the most common reason given competing financial priorities the second most common reason why we don't have life insurance or enough coverage we don't think we can afford it so let's cash gym with our expert and he'll pass CO from Allstate insurance thank you so much for being on with us this week earlier order morning. It still let's tackle that and statistic that most Americans do not have enough life insurance and one of the major reasons is why it. They think they can afford it do you see either a lot with your clients. I personally do I eight you know like injures beginning and your boy you know people don't. Don't they go out try to hold that they can touch feel whatever I don't think of the or much in so. They put more effort is all that they do light. And then when they look at life insurance bit on the very much credit they realize you know almost on the carpet out of pocket again I agree with that specific. It's always hard to talk about life insurance it's hard to talk about your real and because it's. It's kind of morbid it's not really a conversation you like to have your ear eager to looking into Indy the research about but. It's more not about you but it's more about taking care of the people you love and that's good that's the real reason behind life insurance. Correct and that could mean because of the life insurance who it won't yeah I don't think he's on your part or. Survivorship. Final expense. Expensive aren't left behind but more importantly income replacement especially Europe. Younger such an out via the population. Something that they don't need our insurance. You know replacing their income is so important. Okay it's giving you brought up two big points here that I I wanna tackle first. And did you said the younger group is there anybody that. Doesn't have to worry about life insurance or who should be worried. And protected more with life insurance is there is there an age a sweet spot. Well has it been picking arrest records speak to all like kind of others and not. They're younger you are the pattern is always a good look at the lecture my picture is big but you're helping OK. So they're younger they are. And then like we are likely that if you're help here and currently under. Whatever conversations you have would be I am. The following year is always going to be more expensive because they're going to be a year older. Okay now the I was thinking of it as when I was young in my twenties I had. A life insurance was not on my radar because there's nobody counting on me and my money but that's not the right way to think about it your sang. No because life insurance at all planning have like pictures like any other pitcher you're already used. It in case something else for that happens you're my you're avoid germs because. They're you know they're they're going to be a fire even by you by in case they yeah okay thing is they might feel a that I culture. So the younger you are in the batter. Because you get that lowest rate possible could hear in your most healthiest state. Yet in addition to that we must firebird to collect insurance contract depending on which ones are. You also. Locked yourself into a category. And society here LP. Freer than what happened yet the future human being that contract or comfort of their contract. Are you will continue to disagree. That you originally got. So what age are you thinking then when you say young. Well they did it you know usually typically. Anybody. You know. Right there. I you know I mean. In a street to hurt any new thinking on her by housing their future none of the non LL bet heavily. Crop it's. Definitely you know perfect I could start yeah. Okay in we did it was a few weeks ago that we brought in up Paul salad from college assistance plus and he was saying one of his clients now he encourages all of its clients to do this. Done it before you go to college to cut if your co signing alone. Get life insurance on your Childs so you won't be faced with that bill just god forbid something happens the jet that was very interesting because again. You don't typically think life insurance. Young it out teenage years. So that kind of reinforces what he was saying the other week. If we critic Tilly app all the things that we have to make sure recovered for because you know you have different options of how old. Much of a policy wanna take out what is the rays there a rule of thumb make she pay off the mortgage. I guess they did he request and that typically don't let that we're right you and I don't like that they typically try to figure out. I'm lost their income. We go to the elation and and multiply that by either why you're always you're rewarding years. Every parent should do you personally and I don't want. The preacher he sure at least at. Because of that color that the wrinkle is what these are arrogant ignorance and surely there's no income. In other obviously you know the week or you know. Okay so we're not taking the figures okay my house is worth it this. The car loan is this we're not yelling up numbers like that we're tailing up your Ing com multiplied by a. 57 or eleven years in week and Taylor stay there I when. A small. Pamphlet that I used to it you know I actually look seem to. Different grouping. In a necessity I don't I'm you know that they think you know and I get older and you're manager aren't there. We aren't your washing and you know what they're great they're not earth or shall we look at elevated area. Are typically you'd better think you know well your income. And actually give you an idea right away you know how much I sure at least urges spending. Now the older you get do you recommend. Increasing. That number so when you're young and you first get like insurance you're taking advantage of the low rates of life insurance gauger healthy. But then as you get older and more people are counting and you your income goes up do you increase your life insurance policy. It AA isn't funny thing that I had an acceptable report subject. And because the it's been and he usually when your younger than any higher because it's remote dug up planting. So if you're planning and then you can marry in I completed 3040. Didn't give it life insurance because I think at pocono. And being here. In other area right there are gonna continue because they used to be because it low income com. So typically would try to get it but the picture were really client. When they're younger is typically less expensive. Internet and old there. Are typically in an. I don't expect strong orders. Integration where I'll probably in all and the result very like murder there. And so that typically go down their market great war is good you know at least there. Your current figure mayor. Oden and the like insurance or you integration. It was in the priest town in the mock elections you need it. It'll I was so I had a reversed okay they don't really don't know bank. Many people like I mentioned it you have and it they let my lawyers that they actually Asia or something like that they use. He got it couldn't. Paper. You know electric profit to prepare you. Well here it looked like you know there Burton can you walk in and you know people are. Pretty you know they're recruited recently I've ever premarket on our age are more current lady. I don't. I. Still cheesy. It is bureau. Late insurance is not to be viewed as an investment that's your 401K in other and other investments your life insurance is just a safety net and pay those you know funeral costs and whatever so don't look at that. As hey this is going to be a pay out in an amassed manager saying. Oh yeah is out pretty well and you know you have income income. Perry do that is very rarely a public insurance policy terms aren't sure prairie churches that. They're still can't rally as they interest. There are areas the current one you know all life. Universal life spirit insurance don't want but typically don't. But he deleted. They want you pack which the money dictating the policy. So they close group. Insurance broker low. Well at all. It is not because you're receiving back some but really not typically do pretty. Well it money ideally because remember if you and I think alike and our. You put a dollar you'd use and make your dollar that there is an actor because the other big. OK there are let's talk about that permit immerses term I'm gonna read a lots. On some situations and you tell me it's best to have permanent life insurance or term life insurance. If you have a lot of college loans are you looking and permanent life insurance or term. During her term okay. If you want to leave an inheritance. It is bad indifferent is because. You know. On budget and certain that you're talking about. Depends situation financially you know the person I lecture and book overall. You know. Beverages just got it at a certain point so it is certain it really think you know what people really all or you know the longer you really need to prevent it. OK if I have a special needs kids today I wanna make sure is taking care of after I pass. Is there a difference between me if you would recommend permanent her term. It you know India agree that the patient be as well it all and the agent Patrick O. You know we think you know living you know. It is remembered very assurances if on it and or pick. And music being twenty or thirty years yeah they're good ears go. There are you do you can't be here in the interview either I there. That you want the policy to rent or meet. Leery of it too much money. So I chances are if you think we're in here and I bet you might want to miss an open. Or permanent plant on the in all. As a Trotter and earlier the product that area. Very. See you can mix a little bit of both then you're saying completely our hero. Okay did you recommend to most of your clients is to do a little bit of poker are with the majority of the recommendation. Well yeah everybody's desperate okay you don't I need it. Might need it great and it could hamburger. Or well you know it very clear cases. You know we we we try you know to you know look there are you comparing it. Determining Trenton questions that report because. If you're that your Billy would be you know or hear it doesn't matter how. He used you'd urgent that there Carter you've heard that apparently duty if you don't remember that old they're conflicted group. So let say you know I don't it not their product they love it well. And print the permanent plant currently. Clear their product and then I continue. How does it change your rates if you're splitting it up. Is that still cost effective. It's always your product that their product that your your urges quick a little luck but. You know it did or that you're doing it that your luck age group getting pretty ensure that a younger eight. And you're not happy later on your older. Currently part you know we don't raise our product you're all right and artists Britney. Or. So now and I'm guilty of it I butter I got insurance. When I was young first got married to get about having kids and I've never thought I read since that day and I do I can't even tell you how much I pay I don't revisit the plan is this something that you encourage people. And soup. They have this a constant communication with their Asian and and kind of revisit make sure year up ten. A two way where you need to be. Lead every three years in Korea revealing that their utter. We'll because. Brittany changed how so. You know you might integration today duties and value that they're. If your early. And armor on an important. Factor. They go in other. Of their partner. In our ultimately so revisit it be that insisting your agent. We shouldn't you got the right plan. I think I carefully years behind that Andrews does me every three years. So now you have you have a couple and they're planning game you know insurance they're young couple. Is there one person that she'd get the bulk of the insurance the bride winner I guess you could say of the Stanley worth more than the other spouse. Earlier in the case. Music. All are very important. An example I use sometimes there is blah. You know cult aware that it perimeter and make any independent they all for the kids you know. So that you use it no I'm sure we're all in terms of reverend. Honda and her dad okay and put. There at the art. If your computer has to hurt him in the great. I there is an integration and then it was ridiculous case. You know the other are good to work yeah debated bill desperate so old very well because he's he's strictly a look. You know beaten her K you know hero act aren't ago. Per day in that the reason that is pretty you know and low introductory in the water. My Warner and aren't particularly it. Yeah I don't agree there were addressed in this eight others. But it's going to be a ridge you know statistics where it said that the most common reason why people don't have like insurance or enough is because they think they can't afford it. You know that there aren't they if they don't think it kind of organizing this as the QB or two where people are. In the orders are there and and the reason why it's because. I realized. India and awkward or they they aren't I don't like insurance and acknowledged pretty lady very. I so he'd be in Beijing is over there. And be younger actor and great nowhere you know. I will answer all the resilient very well that you do their very right there. They think. Million dollars or Orton. Like what. Twenty dollars is pretty easy to handle so again. It goes back to dated early protect yourself and the family with like insurance now if you don't have a. Yeah and mark are having are you interviewed you you aren't aren't happy either tomorrow. Or you can. By Rory. And anything can change is changing your life so I I I personally don't people that you can not a group right. Best the most important I choose where you got it because much better. In your how does it because of how the right there. So they're all important you know where it completely apparently beat them that they want the other great you know. They you know lead period yarder in it. Have you had a situation a client where would that comes in man and did not have life insurance in now O. Is you know battle Ling. And around some rare form a disease or something Kenny even get lake insurance at that point once they're dealing with some illness. Well independent. The feature war and ex couple get greater pre M your political re apply expenses. So that nothing but also in addition there is no recession edit. I I speak a lot of people who love. People who think they don't work insurance you know it is an important subject. Because in many cases you know you don't outlook supplement collect insurance product that you are bigger order. I'm meeting that view is portable you or what color most book children's products that. That company culture art triggered mystery and let one Saudi because we entered benefit. You can recover and it will add a law changed jobs. It would be more importantly which happens to good people and make sure. You can have a product today and they are. I. It is. You know B goes where protect. So he set out to work anymore well it can't work for your benefit. If god. I wanted to integrate back into your body chaired a little let. Okay so when you years. When your employer offers it do you even entertain that idea or do you just go off on your own and have your own life insurance from the got out. I don't liquor they use an old entertainer of the year because they never heard. Usually that group's products they don't column about march okay what you cannot be. Oh thank you is right yeah you you know you hit it there aren't cornered me speculation at this church. Well in one community in trouble. Oh okay. That's great advice so entertain the idea from the work OK fine do a little bad bad. The bulk of it should come from on your own policy your own life insurance policy. Completely because we don't want this once you hit it about yours you've got it because you'd be true because of penal. Our total debt out of the question you know you ought to hurt other people. Bloated pick in this situation as recently that there are I don't know I edit your opponent without an excellent car accident yeah. And they got his table. What happens is. It can't. Yeah unless they are working is your work. So we put all that money then and it didn't help. Welcome. Multi ethnic groups and code that interest. We're usually root arms and experience so reroute all that violate within. Are getting charged back and got prepared every credit pleasures Iraq. Broader problem that bit. The important thing is that it was protecting net income and basically K well something a bit arrogant you know yeah I like going into. Yeah. Or over a period where it Euro. In I control it because this really the only thing that you you know. Make decisions on the and I want to work you know it is not portable pension. And 88 but you know. Is that you know it has. Graham it's great advice on before we once final question before we get to our RO wire return an investment your umbrella scene from today the biggest take a way I wanted to ask you what is. The difference in prices what's the difference who to working with. You know all stayed and the other guy why are there so many price differences which you may look out pork. Oprah very different type thing. And there are coping. More leeway. As a parent look at it from an insurance plans are either. I got your money's got it all on a candidate different things go low. Let packed. I don't in front runner pretty typically. Here. Dollar to you know. All. Okay well most companies are certainly aren't very churn okay it'll. Recently in our it if you really reached. Record. Your LP. What are or you know conditioner in Asia. Or you know you're you don't prepare I don't repeat. You know every bit currently there and write the country concrete. They cook so well there aren't any Walter. What movable while the count goes it. I would and I pitchers in all though is the company there I don't know if any senator or from people who you know. Is there something that we should make sure we have or look out for when we are dooming. You know this resurgent which agent to work with. You know that's alters. I hope you know I will definitely be if you company you work. Rick or make an appointment. My lectures or use in car. You want to be committed to get a what are these you know. Yeah end here or there. Okay now it's time for our return on investment we like to do this handy because everybody has dedicated their time to this podcast and we appreciate it Sarah the one big take away from today the one big umbrella theme that you. You wanna share with everybody when he comes just like insurance would be watt. Everybody it because the well I'll be remotely true you can go to that we guarantee you're you're you're. Al-Qaeda in my outlook. To look good I like yeah options or yes it grew prepared now. In order legal you know bet that the gay what you're thinking good band there whether you're thing you know whatever I needed. You know because it very very important that you get that way I spoke and so you'd get out. Change is in the future you got to the electorate that is all. One of felt OK and get it early I mean if you have a college age student now's the time to surge are in demand about life insurance 'cause they get the best rate. So that was a big take away from me. And then take your Ing com. Multiply it by a I mean do you recommend I know you gave a couple options but do you recommend by eleven just to be act safe. And actually look like there would be in love and you know some people is well and I I think you can figure it out that there are no great this. It is gonna help your track. Yeah absolutely. Make sure you cover the cost of the mortgage of those those Dili bills that come and be aware that if you if you don't have a spouse now who's gonna take care of the kids there's an expense rate there. And done. And then some of the debt like credit card dad. Do you have to pay that off the next goal weight when you die your credit card debt in those kind of debts and you know. Well this started and they're always this stately big and they are both weight and she and collect money somewhere out especially period. Marriage or think that it will be you know instrumental in a much expenses they have been. But yeah old result are very. And Kyra it's a factor all that in college debt any other kind of debt that you have they're gonna try to come after the state so make sure you're covered for that Andy Casio from Allstate insurance thank you for clearing up some questions that we all share about life insurance. And knowledge is power right in when your it'd unfamiliar territories times. You allow your decisions to be easily sway your easily influenced. When it comes to buying a house or putting your house on the market may end there's a slot him now. We're gonna get a crash course next week tips to get the most for your money when you're buying a house or putting your house on the market and the real truth about realtors not all realtors are created equal how to make sure. The third looking out for your best interest. And not their own commission check. Next week and seven figures and Twitter seven figures pod.