106: Types of Life Insurance

04/17/23 • 40 min

rich & REGULAR with Kiersten and Julien Saunders

Many of Kiersten’s family members have been involved in the insurance business, so the Saunders are smashing through the stigma and delivering the life insurance low-down this week. They mull over the purpose of life insurance and perform a cost-benefit analysis on the two types of policies, term and whole life, while offering their two cents on which one to invest in. Julien and Kiersten also answer significant questions like who qualifies for life insurance, which of the two types is best, and what lifestyle factors will increase your premium.

The soaring cost of premiums may make some people exclude insurance altogether if they don’t know the big picture, so they let listeners know what to look for and if eliminating the middleman and investing your funds in other accounts can lead to better financial outcomes. Listen along as Kiersten shares her experience with over-investing in multiple types of insurance and how she’s adjusted her strategy over the years. She advises, however, that the market is constantly changing and not always for the best for people looking for insurance, saying, “If you’re eligible to get a life insurance policy now, you should get one NOW.” Tune in to find out more!

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Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast “Cashing Out” on YouTube.

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Previous Episode

105: Planning For Your Retirement

Each person’s retirement planning strategy is deeply personal. There are so many options for retirement accounts because they’re designed to be suitable for people with many different needs and lifestyles. But from 403(b)s, 501(c)3s, and 457(b)s, and other accounts, the amount of alphabet soup associated with retirement planning can be stupifying. Without financial education, confusing retirement account and tax code names can be a huge barrier for people trying to set themselves up for their future. This week, Kiersten and Julien break down all of your retirement account options and the pros and cons of each while shining a light on some murky topics like incentives, contribution limits, income ceilings, and deferred retirement account taxes.

Julien and Kiersten ask, “When should you stop contributing?” and provide some helpful guidelines and tools for listeners, including factoring in your longevity risk and using retirement calculators or Monte Carlo simulators to predict your future financial needs. Kiersten ultimately cautions listeners to plan ahead carefully, saying, “Retirement isn’t a team sport. [...] My theory is that the reason [the government does] this is so that when they don’t provide you enough at the time you need it, they can say, ‘Hey man, I gave you every unfair advantage before this, so it’s not really on me to help you figure out a solution.’ It’s not fair, but it’s the system we’re operating in.”

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Next Episode

107: Net Worth: How to Manage and Optimize Your Financial Future

What exactly is net worth? How is it calculated? It’s time to debunk the myth that income is the primary measure of success and explain why net worth provides a more holistic picture of financial health.

In this week’s episode of rich & REGULAR, Julien and Kiersten Saunders caution listeners against common mistakes they've seen when it comes to building net worth and provide a variety of healthy financial habits which can be implemented in order to improve your own. By taking small, manageable steps, we can improve our financial situations. Julien reminds listeners that, “Measuring your net worth is relatively simple, but managing it can be complex.” The good news is, it's never too late to start building net worth and securing financial well-being!

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Mentions:

Personal Capital App/Website, now called Empower

Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.

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