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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!
- His 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 all
- Actually becoming certified was pretty simple
- He passed a test after a week of studying
- Got 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 on
- He actually calls disability insurance “paycheck” insurance
- That’s because it’s not just for disabilities, it’s also for simple sickness
- Most 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 career
- For 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 worth
- We 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 insurance
- Also, 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 Insurance
- He’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 amount
- So if you earn $50k, get $1M
- Also, look out for online products that don’t require an exam such as Bestow
- No 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 policy
- Then 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 EVERYTHING
- Don’t forget, life insurance isn’t for you!
- We 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 Action
Go read that boring fine print on your insurance products so you know exactly what your coverage is for!
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Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)