139: Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) with Joe Saul-Sehy

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 24 August 2020

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Life Insurance is the most exciting topic on the planet! Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it. Today, Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins Scott and Mindy to talk about Life Insurance. Joe comes from a background as a financial planner and was licensed to sell every type of insurance product available. Joe is here today because he understands how life insurance works - how it's priced, how you can use it, the pros and cons of the product - but he has no skin in the game whether you buy life insurance or not. He's the perfect person to explain this product from a factual standpoint and let you make the decision of what type - if any - is best for you, based on facts, not commissions. Joe walks us through the basics and shares how life insurance actually covers you - from term, to whole, to universal life. There's no bad product, only different ways of paying out. If you're struggling with how to figure out what life insurance policy is right for you, this episode can't be missed. In This Episode We Cover: How life insurance works How to incorporate life insurance into financial planning What bucket of insurance should people be thinking about How does life insurance gets price Whole life insurance versus term life insurance Universal life insurance What decreasing term policy and level term policy are Things that affect insurability Tax triangle Is life insurance payout taxed What age should you get life insurance What makes good life insurance policy Common reasons for being denied in life insurance And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 40 XY Planning Network Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the BiggerPockets Money Podcast, show number 139, where we interview Joe Saul
0:05.5	C. High from Stacking Benjamin's and dive deep into the super fun topic of life insurance.
0:12.0	People are convinced to have insurance on their kids. Well for most
0:15.8	of us the reason why you have insurance is to protect against the loss of a paycheck.
0:20.7	Hello hello hello my name is Mindy Jensen and with me as always is my premium co-host, Scott
0:25.8	Trench.
0:26.8	Mindy, you always ensure a wonderful opening adjective.
0:30.9	Thank you so much. Scott and I are here to make financial independence less scary, less just for somebody else,
0:39.1	and show you that by following the proven steps, you can put yourself on the road to early financial freedom and get money out of the way. the investments in assets like real estate, start your own business or shut down that sleazy life insurance salesman
0:56.1	will help you build a position capable of launching yourself toward those dreams. Scott today we have Joe Salcei from Stacking Benjamin's and while you learn nothing from his podcast you will
1:14.7	learn a ton from this one today. Joe is like a walking encyclopedia of life
1:21.1	insurance how it works how you can decide whether it's right for you and
1:26.4	what type of policy is right for you. And he really just kind of changes the
1:30.6	the viewpoint that you look at life insurance from, I wasn't sure if I needed life insurance
1:37.5	or not going into this show and just listening to it has cemented my decision.
1:43.9	Yeah, I mean, it's just Joe is a former
1:46.7	life insurer, you know, financial planner, life,
1:48.8	and he sold life insurance as part of that, right?
1:51.3	And he's just one of the sharpest guys in the finance world today.
1:55.0	And so getting his perspective as somebody who really knows the industry, and he's no longer selling life insurance,
2:02.0	I think is really, really valuable because he
2:04.3	understands the ins and outs and I think you're going to get an incredible
	...

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