Episode 55
“Covered at Work” Isn’t Coverage
In this episode, hosts Joe Pantozzi and Jason K. Powers, dive into the critical importance of financial literacy and the necessity of proactive measures in safeguarding one’s financial future through appropriate insurance coverage.
They explore the common misconception that "it will never happen to me," which often leads individuals to neglect essential financial protections such as life insurance. They address the societal misconceptions surrounding life insurance, expounding upon the imperative need for individuals to recognize the unpredictable nature of life events. They challenge the common misconception that life insurance is unnecessary, underscoring the importance of preparing for unforeseen circumstances that can have dire financial implications.
In conclusion, the episode serves as a clarion call for listeners to adopt a proactive approach to their financial health. Pantozzi and Powers advocate for a paradigm shift in how individuals perceive and approach life insurance, encouraging them to view it not merely as a cost but as an essential investment in their financial future. Through their discussion, they instill a sense of urgency and responsibility, highlighting that the foundation of financial security lies in informed decision-making and a commitment to understanding one’s financial landscape.
Visit alphaomegawealth.com/postcast to schedule a time to meet with Joe or Jason and see what plan makes the most sense for you and your family.
Transcript
Foreign Joe Pantozzi here with Jason K. Powers.
Speaker A:This is another installment of make youe Wealth Work.
Speaker A:I am, as usual, probably over caffeinated and I'm excited to be here and excited to talk about the things that we hope will give you some, some direction, some coaching, some inspiration to pick up the phone, to get on your computer, to send us an email, correspond with us in one way or another so that we could help answer the questions that are on your mind concerning finances and your present state and your future direction.
Speaker A:So.
Speaker A:Hey, Jason.
Speaker B:Hey, Joe.
Speaker B:Good to be back.
Speaker B:We are here busting out another episode and I'm excited about the things we've been talking about, and we have a lot of episodes coming down the line that are going to be, I think, very exciting and get some good guests coming on and good topics for everybody.
Speaker B:So I'm, I'm pumped up.
Speaker B:Every, every time we do one of these, I'm pumped up.
Speaker B:Yeah, it's been a pretty wild past week or two, hasn't it, with.
Speaker B:With local news and, and just so many things going on in this country.
Speaker A:Yeah.
Speaker B:I was flipping through the social media channels like everybody else, and you kind of start thinking, gosh, I really need to probably turn this off for a little bit.
Speaker B:It gets to be overwhelming at times.
Speaker B:And what do we.
Speaker B:It's so much information and so much going on right now and such high, intense, polarized perspectives in this country right now.
Speaker B:And I think we're in unique times, really.
Speaker A:Yeah, we are in unique times.
Speaker A:And you know that, Isaiah, I say a lot of things over and over again.
Speaker A:One of the many things that I encourage our colleagues and our agents in the agency to do is to go out and love people.
Speaker A:And in this environment, in the job, the vocation in which we find ourselves, for me, loving people is sharing with them how they can grab a hold of financial literacy, grab ahold of good, solid information that's turned into knowledge, that's turned into wisdom, that's turned into practical application, that's turned into wealth and freedom.
Speaker A:So I want to help clients get from here to there.
Speaker A:We want to start with where you're at.
Speaker A:Of course, we don't really want to spend much effort or anxiety on what brought you from there to here.
Speaker A:Unless it's very positive, unless it's uplifting, and unless it's something we could build on.
Speaker A:If it's something that needs to be thrown in the trash bin of history, let's not get anxious over why I have less financially than I thought I was going to have.
Speaker A:By now, gee, I thought, I have a million bucks in the bank.
Speaker A:Okay, fine.
Speaker A:For the most part, we're in the same boat.
Speaker A:We're human beings.
Speaker A:We make mistakes.
Speaker A:We made bad choices.
Speaker A:We made bad connections.
Speaker A:We got bad tips.
Speaker A:We were complacent.
Speaker A:We procrastinated.
Speaker A:For whatever reason, we are here today, and let's figure out the best path going forward.
Speaker B:Well, and we're here to make a change, right?
Speaker B:People finally get to a point where it's like, okay, I'm ready to change now.
Speaker B:I'm ready to pivot.
Speaker B:We've seen that a lot just in recent years, news events and everything.
Speaker B:There's been a lot of perspective from various people, and we hear stories every single day about, okay, it's time to change whatever that is.
Speaker B:So in this context, finances.
Speaker B:I'm again reminded of a quote that I love by John Maxwell, who says, you know, people change in four different seasons.
Speaker B:He says, when they hurt enough that they have to, or when they see enough that they're inspired to, or when they learn enough that they want to, or when they receive enough that they're able to.
Speaker B:And that's always stuck with me.
Speaker B:It just has.
Speaker B:It was such an impact on me.
Speaker B:I was like, I never, ever thought about it that way.
Speaker B:And it's so true.
Speaker B:When we finally hit these points, these turning points in our life where we're like, okay, I'm ready to make some different decisions, you know?
Speaker A:Yeah, yeah.
Speaker A:And that's kind of what I live for.
Speaker A:You know, I come across people all the time who kind of express an interest in what we do.
Speaker A:They express an interest in learning more about finances, learning more about their own benefits that they may have at work.
Speaker A:For example, if they work for an employer, they want to learn more about what they own today and what they're putting money into today.
Speaker A:A lot of people are putting money into things that they don't understand, but this is where they're at.
Speaker A:And so I come across a lot of people who express an interest in becoming more intentional and creating more of a design and taking positive steps every single day.
Speaker A:But then week goes by, a month goes by.
Speaker A:I was busy with the kids during the summer vacation.
Speaker A:We had this thing go backwards or sideways with.
Speaker A:With work.
Speaker A:And therefore, I really haven't made any progress in the last three months.
Speaker A:And.
Speaker A:Sorry, I haven't returned your phone call.
Speaker A:Okay, that's all right.
Speaker A:In the past three months, while you've been doing what you've been doing, you know, your kid went off to college.
Speaker A:Your other child got married.
Speaker A:Well, those three months have passed for you.
Speaker A:I've actually increased my net worth because I try to make sure that I check my net worth every quarter.
Speaker A:Somebody told me that.
Speaker A:It's probably good advice.
Speaker A:I think anything that you do consistently is good for you.
Speaker A:Some people obsess about looking at their market accounts every single day.
Speaker A:They don't have a financial professional behind them.
Speaker A:They're just managing their own accounts, which is fine.
Speaker A:But I don't know, being on your screen, checking on Your market accounts 4, 5, 6, 10 times a day might be a little bit obsessive.
Speaker A:But again, if it works for you and you're making forward progress, that's great.
Speaker A:I want to get to this question, this topic that Jason brought to mind, if that's okay with you.
Speaker A:And you reminded me that many, many people have said, well, on the subject of protection or protecting myself and, and my family for life insurance, for income protection if I become disabled, even for retirement, for long term care, those things may not happen to me.
Speaker A:It will never happen to me.
Speaker A:Okay, let's touch on that.
Speaker B:Well, we say that all the time, don't we, about various and sundry things.
Speaker B:If you've got kids, I've got kids, and when I put them in the car, it's always okay, get your seatbelts on.
Speaker B:You know, and that mindset is, well, why do we need to buckle?
Speaker B:We'll never get in a car accident, you know, and we say, well, hey, that's our perspective.
Speaker B:It'll never happen to me, but until it does.
Speaker B:Isn't that right?
Speaker A:Wow.
Speaker B:Yeah, that came up.
Speaker B:You know, we've talked about this before.
Speaker B:I was actually looking at some things online earlier and noticed it is what we call Life Insurance Awareness month.
Speaker B:And a lot of people talking about this topic of life insurance, which to a lot of people is a vague, unknown topic.
Speaker B:To some, it's a very boring topic.
Speaker B:To some, it's maybe exciting.
Speaker B:Maybe to some weird people, it's exciting.
Speaker B:I don't know, like us.
Speaker B:But, but I saw this, I saw someone post something and they said, they said a GoFundMe shouldn't be a life insurance plan.
Speaker B:And I stopped dead in my tracks and I, I was like, wow, I mean, what a statement that that is.
Speaker B:It's, it's not, it's not a, I don't think it's intended as criticism.
Speaker A:Right?
Speaker B:It's, it's, this is what many people have to resort to because like we just alluded to, we take the.
Speaker B:It'll never happen to me.
Speaker B:Approach, we take the I'll get around to it approach.
Speaker A:Right.
Speaker A:And the hope, the hope is that it never happens.
Speaker A:But when you're setting up that crowdfunding or GoFundMe type arrangement, you're hoping that a bunch of strangers will contribute into your pot out of the goodness of their heart.
Speaker A:And so if you're, if your goal is, let's say, $100,000, for some reason you got a child who's sick or a spouse who's sick or something that's horrible that you need to raise money for, you're going to, you're going to pay the GoFundMe people, I think, some kind of a fee.
Speaker A:There's got to be some kind of a fee for the people that set these things up.
Speaker A:I don't know how they work exactly, but you're not going to get your money until you reach the goal, number one.
Speaker A:Number two, you don't know how long it's going to take you to reach the goal.
Speaker A:Number three, you don't know the identity of the people that are going to help you reach the goal.
Speaker A:And number four, there are thousands of people around the country who are unfortunately, sadly, relying on GoFundMe to solve, let's say, a final expense need where they might have solved the problem by owning, like, the smallest life insurance policy you can imagine.
Speaker A:My wife has said this to people because she's been married to this insurance nerd for 38 years.
Speaker A:She says you need to insure them babies.
Speaker A:You know, God forbid we have to bury a child and you can't come up with $10,000 to bury the child.
Speaker A:Why not have a basic plan?
Speaker A:And I don't want to go into that rabbit hole right there.
Speaker A:But just the thought of being covered at work.
Speaker A:Back to that for a second.
Speaker A:Just the thought of being covered at work is not a box you check.
Speaker A:And I should say it this way, just because you check that box that says I'm covered at work doesn't mean that your family knows what you're covered for.
Speaker A:It doesn't mean that you're covered for the right amount or for the right period of time.
Speaker A:And it doesn't mean that you know anything about what's going to happen to your coverage after you leave that job.
Speaker A:So there's a lot more question marks to being covered at work than I think people should be comfortable with.
Speaker A:So it's a lot further you can go.
Speaker A:And I mean, you married this spouse because you care about them and you want to take care of them for the rest of their life and these kids.
Speaker A:And it behooves you to put details into it and make sure that you understand what's in place.
Speaker B:I didn't have my ducks in a row, let's say, in my young 20s.
Speaker B:And I remember you reminded me of this story.
Speaker B:I'm sitting here having dinner with one of my uncles one time.
Speaker B:My.
Speaker B:My father had passed away some years before, and.
Speaker B:And so my uncle, a couple of them actually, but this one in particular was always sitting and questioning me and making sure I'm making some good life decisions.
Speaker B:You know, he was very like, what are you doing for work?
Speaker B:What are you going to do next year?
Speaker B:What's your plan?
Speaker B:You know?
Speaker B:And I'm in my early 20s going, well, I don't know, I'll figure it out.
Speaker B:And he asked me about three questions in a row.
Speaker B:And each question, my answer was effectively, well, I'll get around to it.
Speaker B:I will.
Speaker B:I'll get around to it.
Speaker B:And if I could have had this scene recorded, I mean, it plays in my head often.
Speaker A:He.
Speaker B:He literally reached in his pocket and he flicked this thing across the table at me.
Speaker B:We're sitting in a booth at a restaurant, and he flicked this.
Speaker B:It's a wooden nickel for some of you who might know what wooden nickels are.
Speaker B:And he flipped this wooden nickel across the table from me, and I picked it up and I looked at it, and it's got a circle around the edge of the nickel, and it's got the word tuit in the middle, T U, I, T. And I carry it to this day, and it says T U I T. And it's got a round circle around it.
Speaker B:And he flicked it across the table.
Speaker B:I didn't know what it was.
Speaker B:I'm looking at it and he says, well, now you got one, so get to it.
Speaker B:And I said, what?
Speaker B:He said, you've been saying, I'll get around to it.
Speaker B:And he's.
Speaker B:He's a funny guy.
Speaker B:He had to been there.
Speaker B:But it was.
Speaker B:It was a wooden nickel.
Speaker B:It's round, and it says to it right in the middle.
Speaker B:So he's like, now you got around to it, so get to it and no more excuses, you know.
Speaker B:And I'm like, okay, fine, fine, fine.
Speaker B:So it was pretty funny.
Speaker B:But to this day, I still keep that wooden nickel on my desk.
Speaker B:And I see it all the time, and I'm like, okay, got to quit putting stuff off.
Speaker A:Well, that speaks to probably the number one challenge that we have as financial professionals, and that is dealing with human nature.
Speaker A:And the inclination that people have not to take action today because I could always do it this weekend.
Speaker A:I can always do it when the dust settles on whatever is going on in my life.
Speaker A:Well, here's a clue.
Speaker A:The dust is never going to settle, right?
Speaker A:You're never going to be healthier than you are today, with rare exceptions where you may be able to qualify for policy today and you may not be able to qualify for one five years from now.
Speaker A:And I could share the data with you because I've got 50 years worth of data.
Speaker A:There's a sell by date on our health, right?
Speaker A:You, you can qualify for policy for so many years.
Speaker A:And for some people, that date is very young.
Speaker A:I have family members who can no longer qualify for life insurance and they're not even 10 years old yet.
Speaker A:And then some people can qualify for life insurance when they're 80.
Speaker A:Right?
Speaker A:But why would you want to, why would you want to play the odds?
Speaker A:So if you're healthy today, let's take advantage of that health and let's find out what your rating would be after we find out what you need and how much you need and how long do you need it for?
Speaker A:Which is always a question that makes my skin crawl.
Speaker A:Because in my opinion, you need life insurance until the day you expire, until the day you graduate.
Speaker A:And that's another discussion and another philosophy.
Speaker B:How often do you run into people.
Speaker A:Who.
Speaker B:I guess from they're being genuine.
Speaker B:And the response is often, I don't need insurance, we'll be fine.
Speaker B:You know, and I understand it's totally situational for everybody, but I hear it quite a bit.
Speaker B:And I guess obviously we're a little bit biased being in this industry.
Speaker B:But before I got into this industry, my perspective was, I need, I need life insurance, man.
Speaker B:I'm, I'm, I was young, I had certain debts going on.
Speaker B:I need life insurance.
Speaker B:I had, and I got married, I need life insurance.
Speaker B:And I had kids.
Speaker B:I definitely need life insurance.
Speaker B:You know, and each stage in life required that for me.
Speaker A:You know, somebody said, anybody who doesn't believe in life insurance deserves to die at least once without it.
Speaker A:And it's easy to say I don't need it.
Speaker A:It's easy to say my family will get along.
Speaker A:But Jason has had an experience.
Speaker A:I've had an experience, a real life experience where we had, we had losses, we had situations where money was, money was needed, money needed to be put on the table.
Speaker A:And, and I, for me, being way older than the rest of the planet, there's no guarantee for me that the day I graduate my wife won't be sick the next week.
Speaker A:So what if we have a stated amount of dollars that are necessary for her lifestyle today, but the week after I graduate she gets sick and she needs long term care or hospice care in the home, in another hospital of some kind.
Speaker A:I mean we could think of all these endless varieties of bad things that could happen, but somebody else said it's better to have it and not need it than need it and not have it.
Speaker A:So when people say I don't need it, we're all set.
Speaker A:My family will be fine.
Speaker A:They're, they're being a little bit flippant, they're being a little bit cavalier and they're really bedding their family's future security on, on their, on their ability to stay healthy and to continue to earn and bring in, bring in money.
Speaker A:So we might want to go back to a few basics that we talked about earlier, which is how to determine how much life insurance you might want to have.
Speaker B:Yeah, there's a lot of tools I think out there for people.
Speaker B:You know, we've, we've mentioned, I mentioned to see in this post earlier on, on social media and there's a good website out there called Life Happens, which is a great resource.
Speaker B:Life happens.org I believe it's the site.
Speaker B:And Joe, I know you've been on there a little bit more.
Speaker B:I think they have a good calculator on there that will help you figure out what is my, what we call human life value.
Speaker B:How much insurance should I get?
Speaker A:Sure.
Speaker A:So if you go to life happens.org you go to the life insurance calculators section, it'll give you seven questions and you answer the first question, it takes you to the second.
Speaker A:So it takes you through a step by step process that I think might take you three minutes if you take your time.
Speaker A:And at the end of those three minutes you'll have a number, you won't have a product, you won't have a budget requirement.
Speaker A:It'll give you a number.
Speaker A:So you're married with kids, your kids are such and such an age.
Speaker A:You want to pay off your house, you don't want to pay off your house, you want to pay for your kids college, you don't want to pay for your kids college, you want to give your spouse so much in income going forward for the next so many years, it'll give you a simple mathematical formula and you can look at that and you could say great.
Speaker A:It told me a number that's a reasonable number and I think I'm going to go and buy that much.
Speaker A:I'm going to apply to see if I can qualify for that much.
Speaker A:Or, you know, I kind of feel like that's not enough.
Speaker A:I think I should pump that up because maybe inflation is getting worse.
Speaker A:Or I feel like I don't think I need that much.
Speaker A:You know, my great, great, great grand uncle on my wife's side who knew my dentist one time might, might live as $8 billion.
Speaker A:And therefore I don't think I need as much.
Speaker A:Right.
Speaker A:You can come up with all the rationalizations you want, but there's one formula.
Speaker A:Another formula is to use a life insurance company's opinion as to the maximum amount that you can qualify for.
Speaker A:I love that.
Speaker A:Because if the life insurance company, which is a very conservative institution, right, they haven't been around for 150 years because they like to lose money.
Speaker A:They've been around for a long time because they know within a very narrow window how much your insurability is worth.
Speaker A:You're 35 years old, you made $200,000.
Speaker A:They'll give you 30 times your income.
Speaker A:It's a big number.
Speaker A:And you can decide to apply for that.
Speaker A:And then once they approve that, you can decide to take all of it, some of it, none of it.
Speaker B:Right.
Speaker A:So there, there are two methods, but I'm pretty comfortable that if a life insurance company says I'm worth X, I think that's a conservative number because that doesn't take into consideration the possibilities of future growth of my business, the possibilities of switching jobs or careers or vocations and going to a completely different field where my money's going to triple because I've seen it happen among our clients and they own X amount of insurance.
Speaker A:Let's say it's several million dollars and they go to a new career.
Speaker A:I have one recently and he says, you know, I'm insured for $2 million and it's way too, too low for my family.
Speaker A:I probably need three times that.
Speaker A:Okay, let's find out what your situation is and find out exactly why and how much and what your budget is.
Speaker A:We'll figure out.
Speaker A:Budget, separate conversation.
Speaker A:How much you should be putting into a wealth building program.
Speaker A:How much you should be putting into your family bank.
Speaker A:It's not a should from my perspective, it's how much can I get in this thing?
Speaker A:How much am I allowed to get in this thing?
Speaker A:Because I'm going to find out how good it really works.
Speaker B:Well, and I think what a lot of people are inclined to do because we are in a culture that we like things now an instant and we like our convenience stores.
Speaker B:But you pay convenience store prices.
Speaker A:Right.
Speaker B:And so I think what the inclination is often is, let's say, go check out lifehappens.org and you're like, okay, so I need 100,000, I need half a million.
Speaker B:I need a million in coverage.
Speaker B:And we think of what's the cheapest possible way to attain that, that coverage.
Speaker B:And so we go, okay, well, let's find some cheap online resources, right, and see what we can do.
Speaker B:And I see it happen all the time.
Speaker B:People like, well, I just get a quote from so and so.
Speaker B:And because it's online, it's probably cheaper.
Speaker B:Right.
Speaker B:And that's the perspective.
Speaker B:And we, we, we obviously have these conversations with clients regularly about the, maybe the hazard in doing that.
Speaker A:Right.
Speaker A:So it occurs to me that one advantage of buying life insurance online is you're not going to have anybody asking you pointed questions.
Speaker B:Sure, sure.
Speaker A:You're not going to have somebody asking you the hard questions and getting you to think beyond this surface number.
Speaker A:You know, are there any causes that you'd like to fund?
Speaker A:Are there any charities or foundations or causes, churches, schools that you're supporting today that you'd like to continue to support later?
Speaker A:I mean, this gets into the next level of multiplying our wealth so that we can do more good.
Speaker A:So this isn't something you're going to get online.
Speaker A:Right, right.
Speaker A:You're going to go to online and they're going to say, how much do you want?
Speaker A:How old are you?
Speaker A:What's your health?
Speaker A:Here's the number.
Speaker A:So you're not going to get a professional opinion because you're not engaging that person.
Speaker A:On the other hand, you're paying the same rate, the same commission, the same fee to them to buy that anonymous policy, which may or may not have the bells and whistles that you are going to wish you had once you find out what the policy is really about.
Speaker A:Don't buy a product based on cheap.
Speaker B:Right, right.
Speaker A:Because you're going to get what you pay for and you're going to find out that, for example, term insurance, right.
Speaker A:A policy that's going to cover you for a specific period of time.
Speaker A:All term insurance is not created alike.
Speaker A:A term insurance policy issued by a whole life company, a mutual whole life company is different, has different benefits and conversion features than a policy that's issued by a company that does nothing but insure people for term insurance.
Speaker A:And they make bank on those policies because 98 or 99% of them never result in a claim.
Speaker A:If more of them resulted in claims, they wouldn't be selling million dollar policies for 60 bucks a month or whatever the number is.
Speaker B:That's right.
Speaker B:But it's one of those, we don't know what we don't know.
Speaker B:We don't know all the options, we don't know all the features, we don't know what we're missing.
Speaker B:And I think that's why it's good.
Speaker B:It's good to talk to agents.
Speaker B:We get hesitant.
Speaker B:We're like, oh, they're just going to try to upsell me.
Speaker B:They're just kind of.
Speaker B:But I think that's the importance of finding the right people to work with.
Speaker B:I kid with my clients.
Speaker B:I say, look, we have to get along.
Speaker B:We have to have some kind of relationship of some kind enough to where we can have an open conversation because we're stuck with each other for the rest of one of our lives in theory.
Speaker A:Right.
Speaker B:And so I say, hey, let's make sure we're getting along.
Speaker B:And I want to make sure we set you up right the right way and, and you'll be good, you know, you'll be set.
Speaker A:Yeah.
Speaker A:And the conversation can be five minutes long.
Speaker B:Yes.
Speaker A:I've had many, many conversations with clients the first time I meet them.
Speaker A:Not because I was pushing them into this conclusion, but because they had that question in mind.
Speaker A:Help me figure out how much life insurance I should have today.
Speaker A:It's simple.
Speaker A:I mean, if, if lifehappens.org Life insurance questions can help you come to that number in five minutes or less, three minutes or less, then I think in a life conversation we can do the same thing.
Speaker B:Right.
Speaker A:And we could talk about details later.
Speaker A:We could talk about whether you should own equity, building cash value life insurance, whether you could use it as a banking system, whether you should have it for your lifetime, whether you should accommodate future growth, whether your kids should have insurance, all those things are kind of second level.
Speaker A:And as we build our relationship and explore what I call a client engagement.
Speaker A:Because we want to do a professional job for you and so we can answer those questions.
Speaker A:Let's get the first question out of the way.
Speaker A:Do you own life insurance today?
Speaker A:Well, no, I don't really have any.
Speaker A:Okay, let's tackle that job right now.
Speaker A:Let's get you covered.
Speaker A:We can add detail.
Speaker A:We can create equity.
Speaker A:We could turn it from a rented policy to an owned asset down the road in short order.
Speaker A:We can help you with that path.
Speaker B:Yep, yep.
Speaker B:So let's Touch on real fast.
Speaker B:Another one that comes up a lot is, well, I've got coverage through work.
Speaker B:And I was just talking to a couple yesterday, it was the same conversation and, well, I've got coverage through work.
Speaker B:I said, well, how much?
Speaker B:Well, most of us don't actually know.
Speaker B:I don't know why it just happens to be that way.
Speaker B:The average person doesn't actually know how much coverage they have at work.
Speaker B:They just know they have coverage.
Speaker B:And so I think at worst, if that's your situation, go find out how much coverage you have and factor that in.
Speaker B:Get some documents in your hand and put it someplace safe at the house so your family members can figure it out.
Speaker B:God forbid something happened to you.
Speaker B:Okay, worst, worst if that's the least you do do that you know.
Speaker B:But Joe, aren't there there's also hazards in only having work sponsored life insurance?
Speaker A:Well, for one thing, every single one of us is going to leave our business and as a friend of mine says, you're either going to leave vertically or horizontally, but you are going to leave your business at one point and you should know today what your privileges and your rights and your responsibilities with regard to that policy, what they are on the day you walk out.
Speaker A:So if you're covered for a million dollars while you're working, do you take that million dollars with you and what does that look like?
Speaker A:If you're paying X amount of dollars for the policy today or your employer is, what are you going to have to pay to carry that policy with you?
Speaker A:In other words, the portability of it.
Speaker A:Is your policy portable?
Speaker A:Can it go with you?
Speaker A:Many, many cases, the majority of cases the policy cannot go with you.
Speaker A:In some cases the policy is convertible.
Speaker A:I should say often it's convertible, but you won't like the circumstances or the conditions you're going to have to satisfy to make it portable.
Speaker A:So you may have to pay 10 times what you're paying now to make it portable.
Speaker A:It may be convertible into a policy that's frankly really ugly because these term companies do not like converting those term policies.
Speaker A:So they're not going to give you a very favorable policy to convert to.
Speaker A:So you need to know those details today and not wait until three months before you're leaving your job because by that time you might be in your upper ages and you may not want to or be able to qualify on the open market for a new policy.
Speaker B:That's right.
Speaker B:Yeah.
Speaker B:And we get, we get a lot of opinions and we hear a lot of opinions from people on these kinds of perspectives, the things we've talked about today, you know, they're the topic of life insurance.
Speaker B:It's not a greatly discussed topic.
Speaker B:And we are going to take a couple of episodes coming up and talk about the exciting things about life insurance insurance and how much more it can be than just a death benefit.
Speaker B:And there's so much more to it and so many layers to it.
Speaker B:And we'll be unpacking that.
Speaker B:We hear one of the most common responses we hear which is in light of certain financial entertainers out there that say, well, I'm just going to buy term and invest the difference.
Speaker B:Now I'm going to, I'm going to stop Joe here before he says anything because it's a passionate topic.
Speaker B:Right?
Speaker B:It's, we hear it all the time.
Speaker B:So I think in the next episode we're going to address that type of thinking and what that may or may not be doing for you.
Speaker B:And so we're going to.
Speaker A:It's a one way street.
Speaker A:I'm sorry.
Speaker B:Yeah, so we're going to tackle that.
Speaker B:But for now I think we're going to wrap it up.
Speaker B:This is make youe Wealth Work with Joe Pantozzi and Jason K. Powers.
Speaker B:Hey, if today's episode hit home, head on over to Alphaomegawealth.com podcast.
Speaker B:Schedule a call with Joe.
Speaker B:Schedule a call with myself.
Speaker B:Just talk and see what you're thinking, see what's on your mind and we can help you unpack this whole topic and educate you to make an informed decision.
Speaker B:So follow us subscribe on your podcast app.
Speaker B:Drop us a five star rating if you are there and share this with one person you think would benefit.
Speaker B:We'll see you guys next time.
Speaker A:See you next time.
