Home Insurance Tulsa | Being a Responsible Adult
Alright, the ensure you Oklahoma, a number one zero, 1:40, um, we’re getting up there, there’s a lot of podcasts anyway, today we’re talking about different kinds of life insurance. Who doesn’t, who to buy it from who to avoid what kind you need. Um, and so let’s get right to it. We’re also here to talk a little about home insurance, Tulsa, uh, because that’s the name of this blog. Uh, the ensure you Oklahoma all original content podcast featuring how to save money and time on your Home Insurance Tulsa. So when we talk about life insurance, who needs it? Who wants it? No one wants it, no one wants to have to spend money on life insurance. Home Insurance Tulsa I’m not one of those things like, talk about that where those things would like to think about, not for those things you want to talk about with our wife. Um, it’s just, you know, it’s just one of those things.
It’s that bill that comes in, you got to pay because you’re a responsible adult and you have coverage in case something should happen to you and your family will be taken care of. So, uh, you know, and even less than people who want to, uh, even less than wanting to talk about or think about it as wanting to talk to an insurance agent or be sold the policy or God goes through the process of getting the policy. So where do we start? Well, let’s start with who needs life insurance. All right? Home Insurance Tulsa, you’re single or engaged. I liked for insurance agents going to tell you, you need life insurance. I’m telling you, you don’t, if don’t fall for the while, we need to protect your insureability. Anything could happen. Yeah, that’s true. You could get hit by media or winning the lottery too, but you know, just certain risks.
You’re taking life, I guess. Um, we’ve said it before. If you want to hook up your checking account to our, to one of our insurance companies and send them all your money, you can do that and everything will be covered. You never have to worry about anything. You’ll be broke. You won’t have anything. So that’s not really an option. That’s not something we want to do. Um, but I don’t need life insurance. Let’s say you’re married and you have a mortgage and one or two car payments and some debt. Credit card debt. Home Insurance Tulsa. I think a responsible person has some privately owned life insurance. The problem with relying on your group life insurance policy is that a, you could leave that job and this will not offer as much. You couldn’t leave that job because of a medical issue and you don’t have a, you don’t have coverage then, and you might have all this debt and the last thing you want to do is saddle your spouse with all this debt. You might have a mortgage, which means you have home insurance on her. And uh, you know, you might have, you know, you have cars, do you have auto insurance,
but you have all this debt, but you’re also, you know, licensed new. It’s exciting. It’s a honeymoon. Uh, looking forward to spending time together every day. Home Insurance Tulsa It was good old vein for marriage. And, um,
you have hopes and dreams and goals. What if something happens to one of you to those hopes, dreams and goals go away? Does the surviving spouse now ditch all their goal? Of paying off their house and heavy nice retirement or getting out of debt or you know, be able to quit work for charity. No, they don’t. Your hopes, dreams and goals don’t die with you. They’re still there. But are they achievable without the dual income? Is the house going to get paid off? I mean, can you even pay the home insurance? Tulsa? I Dunno. So Home Insurance Tulsa what does it take it? Let’s say you’re a young couple and you have a $250,000 mortgage. You have two car loans. Each had $25,000 and that’s for $300,000. $10,000 credit card debt. If you’re a young couple 30 or under and you’re looking at $310,000. Life Insurance, you’re talking $15 a month, $20 a month. It’s nothing. It’s what a responsible adult would do. It will take some money first and they would buy a life insurance policy to cover the person that they love. And you know, that’s just a cheap term insurance policy. Someone might try to talk you into a whole life insurance policy, a permanent life insurance policy.
The first thing you need is term insurance because basically term insurance is a death benefit paid. Some you got a desktop and if you’re young and you have that, especially if you’re this step, instead of paying 100 or $300 a month, if you can pay $20 a month, you could actually take that extra money and put it toward paying down debt or saving for retirement. I’m not putting down cash value life insurance, I just don’t think it’s the best use of your insurance dollar. Home Insurance Tulsa You have a, you know, those cash values are based upon a longterm bond rates and for a long time, long term bond rates have been at three or less. You know, you can do better with your money and when they talk about needing permanent life insurance, very few people need permanent life insurance. So our first scenario, it’s the young couple with some debt.
They buy a nice little term policy. And who do you now? What about someone who has kids? Well, we usually sell life insurance for one of three reasons and that is to pay off debt to replace that income. What happens if something happens to dad and then income goes away immediately where mom goes away immediately and the debt is so there or whatever. Maybe you had enough to cover the debt. Dad died. Mom can pay off the house, still need to pay your home insurance, call Seville, and so you still need to pay the property taxes. The food, Home Insurance Tulsa still need to save for kids’ college, don’t need to save for retirement income needs there. Let’s say the kids are 10 and 12 years old. What if we provide to replace your income for 10 years until the youngest is 20 years old and you made $150,000 a year?
That’s one point. Five dollars, million dollars to replace shrinkers. Put it in bond are probably last 12, 13 years. The kids will be out of college and you will provide it for them and there’s no debt. Um, so that’s, that’s the second reason why we sell life insurance to replace income. Home Insurance Tulsa the third is a combination of both pay off debt and replacing. So if you pay off debt and you don’t need income to pay the debt anymore, then you might not need as much income. So if you don’t have a house payment or a car payment and your zero debt and you were making $150,000 a year, maybe you only have complaints, $100,000 a year of income. And that takes, you know, you only have to buy a million dollars of coverage and vested in short term investment grade bonds. That’s gonna provide $100,000 a year of income for at least 10 years.
And you have no debt. So there’s a nice combination promise. Again, given a term insurance policy is accurate, cost you a fortune. It’s not going to cost too much money. You’re going to be able to pay the home insurance, Tulsa premiums and not have to worry. So now your spouse is taken care of. There is no debt. Do you have 10 years of income replaced? Now where to buy it? Well, you can buy from your local insurance agent. Uh, first thing I would do is I look for financial planning professional who can shop you with a 10 different companies because just like auto or home insurance, the, uh, different companies have different appetites depending on health and anything else. So, Home Insurance Tulsa, the last thing I would do is talk to your captive insurance agent who can only shop you with one company. So get a good, uh, insurance professional. Hopefully a certified financial planner would be best. So as access to many different policy shop you are. So you get the best policy from a financially strong company and at a great rate. So that’s it for this podcast.