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Jake & Gino: Real Estate Investing & Multifamily

Purchasing a Whole Life Insurance Policy on a Keyman or Loved One

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Smartinvesting, Buyingrealestate, Investing, Multifamilyrealestateinvesting, Business, Investingsmart, Apartmentinvesting, Management, Makingmoney, Realestateinvesting, Cashflow, Jakeandgino, Realestateinvestment, Commercialrealestateinvesting, Buyingapartmentbuildings, Entrepreneurship

4.9 • 842 Ratings

🗓️ 15 September 2021

⏱️ 22 minutes

🧾️ Download transcript

Summary

“Many people wish they started sooner. Almost nobody wishes they started later.” - James Clear     When most of us think about purchasing life insurance, it centers around protecting our loved ones from being financially burdened if something were to happen to us. But, there's much more to consider for those of us that are investing in real estate, either with a partner, with key employees, or even have family members that will eventually inherit our real estate holdings. In these cases, it could make sense to purchase a life insurance policy on another person.    In this webinar, we talk with Kristin Colca, a 100 Year REI Professional about two types of business insurance that real estate investors need: Buy/Sell Agreements and Keyman Insurance. We also talk about the reasons you may consider purchasing a policy on your spouse, children, or even your parents.     Key Insights From This Episode:   - Buy/Sell Agreements allow you to buy out the beneficiary interest in the business using life insurance proceeds.   - Keyman insurance protects your business from loss resulting from the death of an employee who would be costly to replace.  - Insuring your spouse, even if they are not the breadwinner in your household, is an important way to protect your family.    - A policy on your kids can help you teach your children financial responsibility at a young age, by using their policies to finance their first car, pay for education expenses, or invest their first real estate deal.   - A policy on your parents: If your parents do not have policies of their own, owning a policy on them could help you with the future financial burden of medical expenses or end of life expenses.    Listen to the full episode to learn more.     Ready to get started?  Let us show you how a whole life insurance policy, specially-designed by our team, can help build and protect your real estate investing business.     Start the process now! Schedule a call directly with our team today: https://100yearrei.com/callnow/

Transcript

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0:00.0

Hello, everybody, and welcome to the 100-year real estate investor. We're your host,

0:10.4

Jake and Gino, and this is the show dedicated to long-term personal financial engineering.

0:15.8

Gino, how's it going? Jake, I'm doing great today. How you doing?

0:18.3

Always making it happen, big man. Today's guest is Kristen Kolkla. She is a 100-year REIT member who specializes in the dual asset strategy.

0:28.1

She has an uncanny ability to connect with her clients at a high level with their outside

0:33.3

the box thinking around money in order to create unique solutions that meet their objectives.

0:38.4

Love that.

0:39.3

You know, that's customer service 101, creative thinking solutions oriented.

0:43.3

That's why we love Kristen.

0:44.4

So without further ado, Kristen, welcome the show.

0:46.4

Thank you, Jake.

0:47.1

Okay, today I would like to discuss how each whole life policy is its own unique vehicle.

0:54.0

And they don't necessarily need to be on you or you or me, right?

0:57.7

They are each their own vehicle. So can you expand upon that for the listeners?

1:02.9

Right. So, you know, most people when they think about purchasing life insurance, they think about insuring themselves.

1:07.4

But there's a lot of reasons to purchase a life insurance policy on someone

1:11.6

else. And especially for a real estate investor, a business owner, an entrepreneur, there can be an

1:17.9

amazing reason to purchase a policy on your business partner or key employees. That's a great point,

1:24.1

Kristen. And I like to add to that, if you become uninsurable, you can always get one on your spouse

1:28.9

or significant other or children also.

1:31.2

So don't think that you're out of luck if you can't buy it on yourself.

1:35.5

Exactly.

...

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