Everything You Need to Know About Insurance|Sa El from Simply Insurance - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-06-11T07:00:15
In today's episode, Cody and Justin are joined by the insurance guru from Simply Insurance, Sa El.
Sa El got started after a tragedy in the family and is now trying to make sure that never has to happen to anyone else.In this episode, we cover every type of personal insurance: Health, Life, Renters, etc
You won't want to miss this episode so go take a listen, leave that 5-star review and give us some feedback!
Episode SummaryHis journey went towards insurance because at age 20 his grandmother passed away from ovarian cancer and didn’t have any life insurance
He realized how many people didn’t understand insurance at allActually becoming certified was pretty simple
He passed a test after a week of studyingGot appointed to an insurance company
Health insurance, disability insurance, dental insurance, and life insurance are the types he lists as the most important to focus onHe actually calls disability insurance “paycheck” insurance
That’s because it’s not just for disabilities, it’s also for simple sicknessMost of these don’t kick in until you’re out of work for 60-90 days
Dental is so important because so many other illnesses are related to dental health plus poor looking teeth can impact your careerFor health insurance, he really recommends a high deductible plan
Early retirees who are living on low amounts like $30k per year could take advantage of some of those subsidies that low-income individuals use even if you have a high net worthWe jump into some overarching topics that are problems with our health insurance system in the United States and things on the horizon to give us more transparency
For car insurance, he recommends shopping around for rates every six months and highly recommends USAA and travelers insuranceAlso, watch out for double paying for things like a credit card that covers roadside assistance and also paying for it through auto insurance
Then we switch gears to Life InsuranceHe’s very adamant that people pursuing financial independence should only consider term and never whole life insurance
Whole life is too expensive!Then we talk about a type of life insurance that was new to us called “Return of premium” life insurance
It is term life insurance but if you live past the term you get the premiums back!He calls it a savings account with free life insurance
If you’re going term, he recommends getting a 30-year term and shoots for 20 times your income for a coverage amountSo if you earn $50k, get $1M
Also, look out for online products that don’t require an exam such as BestowNo exam doesn’t mean"no checking"so don’t lie on your forms!
Then we cover an interesting topic of paying for your parent’s life insurance and becoming the Owner/Payer/Beneficiary of the policyThen we jump into renter’s insurance and the importance of reading all of your insurance fine print
DON’T CALL THEM UNTIL YOU DO READ EVERYTHINGDon’t forget, life insurance isn’t for you!
Key TakeawaysWe all have something to learn: In this episode, we heard of so many new uses and types of insurance
Life insurance isn't for you: Don't get confused about the purpose of life insurance and don't mix it with an investment
Be the expert: If you want to make certain that you're getting the most out of your insurance and not left stuck with a bill, do the research and understand the ins and outs of your policy
Call to ActionGo read that boring fine print on your insurance products so you know exactly what your coverage is for!
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