Latest / WTF! Women Talk Finance / EP 25: Your Insurance Probably Doesn’t Cover What You Think It Does

Transcript

EP 25: Your Insurance Probably Doesn’t Cover What You Think It Does · WTF! Women Talk Finance

• 0:00
  SPEAKER_02: I'm Jackie.
• 0:01
  SPEAKER_02: I'm Candace.
• 0:03
  SPEAKER_02: And this is WTF.
• 0:05
  SPEAKER_01: Grab your coffee, wine, water bottle, emotional support snack, no judgment, and let's get into it.
• 0:12
  SPEAKER_02: Okay, we're back.
• 0:13
  SPEAKER_02: Thank you for joining us on WTF.
• 0:15
  SPEAKER_02: We're so excited because we're in person today.
• 0:17
  SPEAKER_02: We're recording live.
• 0:19
  SPEAKER_02: Yay! Candace is responsible for the entire tech setup.
• 0:24
  SPEAKER_02: It includes two lights, three screens, several cords, some tripods, some tables, some books.
• 0:35
  SPEAKER_01: Yes, we're currently propped up on my kid's Jeannie B.
• 0:38
  SPEAKER_01: Jones collection.
• 0:42
  SPEAKER_02: From the looks of it, I need to read that collection.
• 0:44
  SPEAKER_02: Actually, it's so good.
• 0:46
  SPEAKER_02: The cover says that it is.
• 0:48
  SPEAKER_02: It's the colour.
• 0:50
  SPEAKER_02: Yeah.
• 0:51
  SPEAKER_01: We also have our producer in the corner.
• 0:53
  SPEAKER_02: We also have the CIA World Factbook.
• 0:57
  SPEAKER_02: Wait.
• 0:57
  SPEAKER_02: Tell us about mine.
• 0:59
  SPEAKER_02: Um, it's dated 2026 to 2027.
• 1:02
  SPEAKER_01: Yeah, I don't know how that got in my house.
• 1:04
  SPEAKER_01: It's I mean, it's obviously my husband's, but I don't know how that was published.
• 1:08
  SPEAKER_02: I don't even publish it a year ahead.
• 1:10
  SPEAKER_02: I have no clue.
• 1:11
  SPEAKER_02: It's the CIA.
• 1:12
  SPEAKER_02: It's the CIA year ahead of us.
• 1:14
  SPEAKER_02: Here are your facts for 2030.
• 1:16
  SPEAKER_02: The fact that he purchased that book.
• 1:21
  SPEAKER_01: I love that.
• 1:22
  SPEAKER_01: It's also, it's like this thick.
• 1:28
  SPEAKER_02: It's so very thick.
• 1:30
  SPEAKER_02: I just I'm having a light bulb moment where I'm like, does the CIA tell us the facts ahead of time?
• 1:35
  SPEAKER_02: Ahead of time.
• 1:35
  SPEAKER_02: They're giving us all the facts.
• 1:37
  SPEAKER_01: They're feeding them to us.
• 1:39
  SPEAKER_01: I don't know.
• 1:39
  SPEAKER_02: We should read it.
• 1:43
  SPEAKER_01: Well, I'll I'm not gonna read that giant book.
• 1:45
  SPEAKER_01: I'm gonna be honest with you.
• 1:47
  SPEAKER_01: That looks terrible.
• 1:48
  SPEAKER_02: Although I'm afraid of like upsetting my new technology ecosystem for the podcast.
• 1:53
  SPEAKER_01: The the setup I have, it's pretty for a non-techie person, it's pretty sophisticated.
• 2:00
  SPEAKER_02: Pretty sophisticated.
• 2:01
  SPEAKER_02: Pretty fancy.
• 2:01
  SPEAKER_02: Okay.
• 2:02
  SPEAKER_01: I feel like we need to move.
• 2:02
  SPEAKER_01: You forgot our producer in the corner.
• 2:04
  SPEAKER_02: Our producer is she about four years old.
• 2:07
  SPEAKER_02: She's five.
• 2:08
  SPEAKER_02: She's a five-year-old good girl with a fantastic haircut.
• 2:12
  SPEAKER_02: Yes.
• 2:13
  SPEAKER_02: She loves love.
• 2:14
  SPEAKER_02: Yeah.
• 2:14
  SPEAKER_02: For some reason, she's letting us do our thing though.
• 2:17
  SPEAKER_01: I thought she'd be on the couch the whole time.
• 2:19
  SPEAKER_01: She might be in other episodes.
• 2:21
  SPEAKER_02: She is taking a deep snooze.
• 2:23
  SPEAKER_01: Yeah, she's it's my dog, not my kid.
• 2:27
  SPEAKER_02: We'll probably meet her later.
• 2:29
  SPEAKER_01: Probably.
• 2:29
  SPEAKER_01: She'll join us at some point.
• 2:31
  SPEAKER_02: And this is like so official.
• 2:33
  SPEAKER_02: We have we have notes.
• 2:35
  SPEAKER_02: We have notes.
• 2:36
  SPEAKER_02: We have a lot of notes.
• 2:37
  SPEAKER_02: What are we talking about today?
• 2:38
  SPEAKER_01: Okay, so we've done a few episodes in the past where we've touched a little bit on different financial products that most of the time we don't hear about.
• 2:50
  SPEAKER_01: Today we're gonna talk about a type of different types of insurance that you wouldn't know exist unless you seek them out.
• 2:59
  SPEAKER_01: These aren't things that you can like your state farm person that you've had since you were 18, 19, 20 is not necessarily gonna have these policies.
• 3:11
  SPEAKER_02: Well, and my big question, once we dive in and kind of review some of them, they are fun.
• 3:15
  SPEAKER_02: It makes me wonder whether you can insure anything.
• 3:19
  SPEAKER_01: Yeah, you pretty much can.
• 3:20
  SPEAKER_01: This list says you can.
• 3:22
  SPEAKER_01: Yes, yes.
• 3:23
  SPEAKER_01: Um, I would agree.
• 3:25
  SPEAKER_01: There, there's this whole kind of secret world of insurance that I think people don't know about.
• 3:32
  SPEAKER_01: We kind of, for the most part, people cap out on insurance.
• 3:37
  SPEAKER_01: Uh, maybe they, you know, you start getting your your auto, maybe home, life, life, yeah, like all of these different things.
• 3:47
  SPEAKER_01: Then you might get a life insurance policy.
• 3:50
  SPEAKER_01: And most of the time, people get like a term.
• 3:52
  SPEAKER_01: You know, when you're younger, you get a term policy.
• 3:55
  SPEAKER_01: You might graduate to a whole life policy at some point.
• 3:59
  SPEAKER_02: We're gonna do a whole episode on this, I hope.
• 4:01
  SPEAKER_02: I'm just learning about insurance right now.
• 4:03
  SPEAKER_02: Yeah.
• 4:03
  SPEAKER_02: Like obviously, I've got insurance on the basics.
• 4:06
  SPEAKER_02: Yeah, but I don't have anything sophisticated.
• 4:09
  SPEAKER_02: I'm just learning about it today and like last week, and maybe maybe in the past week.
• 4:16
  SPEAKER_02: Yeah, I think I have a little bit of a you have a more thorough understanding of insurance.
• 4:24
  SPEAKER_01: A little bit, only because it's I've crossed paths with it.
• 4:29
  SPEAKER_01: I've gotten policies for myself and my family.
• 4:33
  SPEAKER_01: And as a business owner, there's been policies that make a lot of sense.
• 4:37
  SPEAKER_01: But again, these aren't like typical policies that you can get.
• 4:41
  SPEAKER_01: Um, you you have to know where to go.
• 4:43
  SPEAKER_01: You can't just go, you might go to your person and be like, I want this, and they're going to have a product that fits maybe some of what you need.
• 4:51
  SPEAKER_01: Um, but a lot of times insurance people can only sell you what they have, right?
• 4:56
  SPEAKER_02: So, how'd you find the right person to get what you were looking for?
• 5:00
  SPEAKER_01: Ooh, that's a really good question.
• 5:02
  SPEAKER_01: A lot of it is network, like who else is in my similar position?
• 5:08
  SPEAKER_01: Maybe you came into a lot of cash and you need a safe way to have that cash, earning some interest, that you can pull on it when you need it, but also you have benefits of, you know, the death benefits, some retirement benefits.
• 5:23
  SPEAKER_01: That's not going to be the same policy for everybody.
• 5:25
  SPEAKER_01: And so sometimes it was talking to other people in a similar position as me that had the right brokerage.
• 5:33
  SPEAKER_01: If I took it to, and I had, I had taken it to the person I had been insured with, and I'm certainly not saying like ditch your insurance person, they found a product that maybe could have worked.
• 5:45
  SPEAKER_01: You know, they they want to get my business, they want to get a bigger policy, but it didn't meet all of my needs.
• 5:51
  SPEAKER_01: And so I decided not to go that route until I found the right insurance product that that did meet what I needed.
• 5:59
  SPEAKER_01: Um being able to have policies for my children, that was really important.
• 6:05
  SPEAKER_01: Um, and so a lot of it's network, like going to your network, finding out what like who they use.
• 6:13
  SPEAKER_02: Did you hear about this product?
• 6:17
  SPEAKER_02: Did you how'd you even realize that this was something you could go shop for?
• 6:22
  SPEAKER_02: How'd you even know that this was a thing?
• 6:23
  SPEAKER_02: This thing you were looking for.
• 6:24
  SPEAKER_02: You kept saying, like, it needed to meet my needs.
• 6:26
  SPEAKER_02: How did you even identify that this could be a thing?
• 6:29
  SPEAKER_02: Do you remember?
• 6:30
  SPEAKER_02: Did you hear about it somewhere?
• 6:31
  SPEAKER_02: Did someone else you know have something similar?
• 6:33
  SPEAKER_01: So yeah, somebody else I knew got a policy that was similar, and I liked that idea.
• 6:39
  SPEAKER_01: I was like, okay, that makes sense.
• 6:40
  SPEAKER_01: And then I was like, who did you go through?
• 6:42
  SPEAKER_01: Got it.
• 6:43
  SPEAKER_01: It took us a while.
• 6:44
  SPEAKER_01: We we took our time, we spent a lot of time.
• 6:47
  SPEAKER_01: I think our younger person insurance policies were more about price.
• 6:52
  SPEAKER_01: And I think that's kind of the thing as you get older, right?
• 6:54
  SPEAKER_01: Like it was, what's the biggest thing I can get from my buck?
• 6:59
  SPEAKER_01: What's the cheapest?
• 7:00
  SPEAKER_01: When I was younger, it was like, what's the cheapest policy I can get to cover to cover what I need?
• 7:09
  SPEAKER_01: Um so, but it shifts as you get older.
• 7:13
  SPEAKER_01: Like a lot of things, you start to shift what your needs are, and definitely shifting to a higher level of needs.
• 7:24
  SPEAKER_01: I had some unique things going on in my ex in my life for my business and my personal that I really wanted addressed.
• 7:33
  SPEAKER_01: And so it had to meet all of those needs.
• 7:35
  SPEAKER_01: And so finding the right thing, it took took a long time.
• 7:39
  SPEAKER_01: And we we really spent a lot of time.
• 7:42
  SPEAKER_01: We didn't just go with one like the first policy.
• 7:45
  SPEAKER_01: We looked at a lot of different policies until we found the right one.
• 7:48
  SPEAKER_01: Cool.
• 7:49
  SPEAKER_01: Yeah.
• 7:49
  SPEAKER_01: But that's that's one situation.
• 7:54
  SPEAKER_01: That's one example.
• 7:57
  SPEAKER_01: There's so many different insurance examples out there.
• 8:01
  SPEAKER_01: I know like we've all heard about um like Taylor Swift's legs were insured for a period of time.
• 8:08
  SPEAKER_01: Yeah.
• 8:08
  SPEAKER_01: Why had legs?
• 8:10
  SPEAKER_01: I think she had a really big contract with like Gillette, like, or something, if I'm if I'm thinking of it correctly.
• 8:18
  SPEAKER_01: Okay.
• 8:18
  SPEAKER_01: A lot of supermodels, like their bodies are J Lo's booty is insured.
• 8:22
  SPEAKER_02: J Lo's booty.
• 8:23
  SPEAKER_02: I know that.
• 8:24
  SPEAKER_02: I bet I'm sure, like, isn't Adele's voice.
• 8:28
  SPEAKER_01: It's probably insured.
• 8:29
  SPEAKER_01: It's gotta be insured.
• 8:30
  SPEAKER_01: I mean, at the end of the day, your whatever it is that is at risk, yeah, you're wanting to ensure that it's not just her income that's dependent on it.
• 8:43
  SPEAKER_01: There's a lot of other pieces that are dependent on um, you know, that being successful.
• 8:50
  SPEAKER_01: So the so I think in the case of like, let's say a Gillette insuring Taylor Swift's legs, it's for Taylor Swift and probably Gillette because they've spent a lot of money on a spokesperson.
• 9:02
  SPEAKER_01: And this was a long time ago.
• 9:03
  SPEAKER_01: I don't know that that's still the case, but spending a lot of money on a spokesperson, if something happens to them and they can no longer be a representative for your company, you want to get paid out as well.
• 9:16
  SPEAKER_02: Well, and if you think about like a basic like disability policy, right?
• 9:20
  SPEAKER_02: Like if you're working, working, working, but all of a sudden you have something happen and you are now on disability and can't work, there's a payment to cover your income, or there's a policy that would cover your income while you're disabled.
• 9:33
  SPEAKER_02: Or for the rest of your life, if you're permanently disabled.
• 9:36
  SPEAKER_02: Yeah.
• 9:36
  SPEAKER_02: Same thing.
• 9:36
  SPEAKER_02: Like if Adele's voice, she has surgery to have like the nodules removed on her vocal cords.
• 9:41
  SPEAKER_02: I'm sure that was terrifying.
• 9:43
  SPEAKER_02: Yeah.
• 9:44
  SPEAKER_02: But you get your policy first because if by chance your voice something happens to your voice, you you gotta have your your income.
• 9:53
  SPEAKER_01: I think too, this is a reminder, I think too, for all of our listeners, pull out those insurance policies and double check those terms because there may have been specific things on that insurance policy about forgetting surgery.
• 10:09
  SPEAKER_01: Or like for people who have spouses who have particularly dangerous or risky jobs.
• 10:16
  SPEAKER_01: Yeah.
• 10:17
  SPEAKER_01: Um how you know, how does that policy pay out if you are doing something riskier, right?
• 10:28
  SPEAKER_02: I was just thinking like really risky.
• 10:31
  SPEAKER_02: What if you're a ghost hunter?
• 10:36
  SPEAKER_02: And you get in graveyards, you're working with the equipment that's like there's an entity here, and you get possessed.
• 10:46
  SPEAKER_02: I don't know about that.
• 10:47
  SPEAKER_02: We should look into that.
• 10:48
  SPEAKER_02: I bet I was thinking more like tripping on a gravestone.
• 10:53
  SPEAKER_02: I think you'd be covered, but I know what if there's possession.
• 10:59
  SPEAKER_01: I don't, I don't, I don't know that.
• 11:00
  SPEAKER_01: I bet well, we have some weird things.
• 11:03
  SPEAKER_01: We've covered a few weird things, but like for instance, my spouse was um doing flight medicine for a long time.
• 11:10
  SPEAKER_02: Explain what flight medicine is.
• 11:12
  SPEAKER_01: He's a flight paramedic, so like he'd be on a small aircraft doing flight uh medicine over to get somebody transported from one facility to another.
• 11:25
  SPEAKER_01: Or yeah, whatever.
• 11:26
  SPEAKER_01: And there were specific terms in our policy that wouldn't cover him in the event of like a flight medicine crash because it was considered a riskier job.
• 11:37
  SPEAKER_01: Oh and so that was an important thing for us to know.
• 11:41
  SPEAKER_01: That was when we were younger, those were some of our earlier term policies.
• 11:46
  SPEAKER_01: His employer did offer an insurance policy that we were able to get, like a term policy.
• 11:52
  SPEAKER_02: Okay.
• 11:52
  SPEAKER_01: Um, but that's an important thing to know.
• 11:55
  SPEAKER_01: Like you should know about your policy.
• 11:57
  SPEAKER_01: I think a lot of times we pick these financial products and we don't understand what they do and don't cover.
• 12:03
  SPEAKER_01: And has it run, like has it run its course?
• 12:06
  SPEAKER_01: Do you need to go get a new policy?
• 12:08
  SPEAKER_01: Is it enough?
• 12:09
  SPEAKER_02: And do you um do people I think understand the cost benefit, like the thesis behind why insurance even exists?
• 12:19
  SPEAKER_02: Yeah.
• 12:19
  SPEAKER_02: Do you know the backstory on insurance?
• 12:21
  SPEAKER_02: I would love to hear it.
• 12:22
  SPEAKER_02: Oh my goodness.
• 12:23
  SPEAKER_02: And meanwhile, I was Googling, does demonic possession insurance exist?
• 12:28
  SPEAKER_02: Google says no um new product opportunity here.
• 12:35
  SPEAKER_02: Though novelty or specialty paranormal policies, which we'll get into one of them, have occasionally been offered, but usually it's as marketing stunts.
• 12:44
  SPEAKER_02: So that's a little disappointing.
• 12:46
  SPEAKER_02: Okay, the origin of insurance.
• 12:49
  SPEAKER_02: So modern commercial insurance began in 17th century London.
• 12:53
  SPEAKER_02: Merchants and ship owners would meet at Edward Lloyd's coffee house.
• 12:58
  SPEAKER_02: Lloyd's was a coffee house, um, to underwrite marine voyages.
• 13:02
  SPEAKER_02: Basically, all of these sailors were sitting in this coffee house, right?
• 13:06
  SPEAKER_02: And when one of them would go out to sea, they're like, bye boys, see you later.
• 13:10
  SPEAKER_02: These are sailors, okay?
• 13:12
  SPEAKER_02: They have a lot on the line.
• 13:14
  SPEAKER_02: They need their ship to go out and they need their ship to come in.
• 13:17
  SPEAKER_02: Yeah.
• 13:17
  SPEAKER_02: And if what what happens if their ship doesn't come in?
• 13:20
  SPEAKER_02: They lose all the profit of whatever they're importing, exporting, transporting.
• 13:25
  SPEAKER_02: So all the buddies at the coffee shop, they're like, hey, let's pitch in a little bit of cash into the till in case Bobby's ship doesn't come in.
• 13:34
  SPEAKER_02: What's a good old English name?
• 13:36
  SPEAKER_02: Harold George Charles.
• 13:39
  SPEAKER_02: Charles sounds good.
• 13:41
  SPEAKER_02: Charles, in case Charles's ship doesn't come in.
• 13:43
  SPEAKER_02: Okay.
• 13:44
  SPEAKER_02: Because he's our buddy.
• 13:45
  SPEAKER_02: Like, we want him sitting here drinking coffee with us.
• 13:48
  SPEAKER_02: Yeah.
• 13:48
  SPEAKER_02: So if his ship doesn't come in and all of a sudden he's out, he's gotta sit at home.
• 13:52
  SPEAKER_02: He's gotta go like come up with a whole new career.
• 13:55
  SPEAKER_02: I'm I'm extrapolated.
• 13:56
  SPEAKER_02: You're doing a great job.
• 13:58
  SPEAKER_02: Like, we want our buddies.
• 14:00
  SPEAKER_01: I think it was more choice language.
• 14:03
  SPEAKER_01: It was more old.
• 14:04
  SPEAKER_01: 17th century sailors.
• 14:06
  SPEAKER_02: A little more formal.
• 14:07
  SPEAKER_02: Well, and probably some more cussing as well.
• 14:09
  SPEAKER_01: Lots of cussing.
• 14:10
  SPEAKER_02: But we're keeping the professional.
• 14:12
  SPEAKER_02: Yeah, you're doing a very good job.
• 14:13
  SPEAKER_02: And so they're like, I we don't want our buddy losing out.
• 14:20
  SPEAKER_02: Let's pull together and cover him so that he can have coffee with us, then send for the next guy and Tommy and Timmy and all the lads.
• 14:28
  SPEAKER_02: Yeah.
• 14:28
  SPEAKER_02: All the lads.
• 14:30
  SPEAKER_02: Nailed it.
• 14:30
  SPEAKER_02: So they would pull together a little bit of coin, which in the 17th century coin went far.
• 14:35
  SPEAKER_02: Totally.
• 14:36
  SPEAKER_02: Like a pound.
• 14:37
  SPEAKER_02: Also, you didn't have much to spare.
• 14:40
  SPEAKER_02: Yes.
• 14:40
  SPEAKER_02: Yes.
• 14:41
  SPEAKER_02: But when the collective, everyone paid a little, they could all cover their buddies.
• 14:45
  SPEAKER_02: Yeah.
• 14:45
  SPEAKER_02: So this is how Lloyd's of London arose and became an insurance company.
• 14:50
  SPEAKER_02: It was about pulling together your resources to like cover your buds.
• 14:53
  SPEAKER_02: Yep.
• 14:53
  SPEAKER_02: So now if we take that into like today, we're all paying a little more premiums to make a pool.
• 15:00
  SPEAKER_02: Yeah.
• 15:01
  SPEAKER_02: So that when something bad happens to one of us, they've got coverage.
• 15:05
  SPEAKER_02: Because we want people showing up at our coffee house.
• 15:07
  SPEAKER_02: We do.
• 15:08
  SPEAKER_01: And we it's obviously insurance has taken a very different route the last, especially the last couple decades.
• 15:17
  SPEAKER_01: It's become very much a for-profit business.
• 15:20
  SPEAKER_01: And it's got some shade.
• 15:22
  SPEAKER_01: It's got some shade.
• 15:23
  SPEAKER_01: Coverage is, um, I mean, I'm talking obviously health insurance, but there are other insurances that we're seeing less and less pay out.
• 15:32
  SPEAKER_01: We're seeing, we're seeing a decrease in payout for home insurance.
• 15:36
  SPEAKER_01: We're seeing, you know, um challenges there.
• 15:42
  SPEAKER_01: So this is why we go back to visit your policy.
• 15:46
  SPEAKER_01: Yeah.
• 15:47
  SPEAKER_01: So so so important to so if anybody has a homework assignment today, not that I want to be giving homework assignments.
• 15:55
  SPEAKER_01: This isn't a let me just put on homework.
• 15:58
  SPEAKER_01: Um, but pull out your policies, pull them out, understand them.
• 16:03
  SPEAKER_01: Like literally today, find your policies.
• 16:06
  SPEAKER_01: I'm guessing a handful of listeners are going to be like, oh my God, I'm gonna have to really comb through my email or pull out an old laptop and try to see if I've got this policy somewhere.
• 16:16
  SPEAKER_01: And you should.
• 16:17
  SPEAKER_01: You should pull out your policy, take a look at what it says.
• 16:20
  SPEAKER_01: Be sure that you're really clear on the the terms of your policy.
• 16:24
  SPEAKER_01: What does it cover?
• 16:25
  SPEAKER_01: What doesn't it cover?
• 16:27
  SPEAKER_01: Um, also, I would argue don't just take one note.
• 16:32
  SPEAKER_01: If if you do have to use your insurance policies.
• 16:38
  SPEAKER_01: Now we're talking mostly life, but I'm saying even health or or home or whatever, it's okay to push back and be your own advocate and say, no, you do need to cover this.
• 16:51
  SPEAKER_02: Let's can you okay, put a pin in that for a second?
• 16:54
  SPEAKER_02: Because I do not understand that, and I would love to hear you say more on that.
• 16:57
  SPEAKER_02: Going back to like premiums are going up in a lot of areas because there's more people filing claims, right?
• 17:04
  SPEAKER_02: Like home insurance, car insurance, auto insurance, all the things.
• 17:08
  SPEAKER_02: Because think about all the natural disasters we've been having.
• 17:10
  SPEAKER_02: Yeah.
• 17:11
  SPEAKER_02: The fires in California, in Nevada, people are losing their homes.
• 17:15
  SPEAKER_02: Roofing insurance, right?
• 17:16
  SPEAKER_02: Like when storms come through in Minnesota, losing your roof is a big damage to your roof, is a big issue.
• 17:22
  SPEAKER_02: So on that front, pull your policies, understand what your coverage is, and then kind of weigh that against what's the risk.
• 17:30
  SPEAKER_02: Everyone faces different risks based on where they live.
• 17:33
  SPEAKER_02: Yeah.
• 17:33
  SPEAKER_02: Now that aside, go back to the life, please.
• 17:35
  SPEAKER_02: What does that mean?
• 17:37
  SPEAKER_02: So, like being you said, be your advocate, be your coverage.
• 17:41
  SPEAKER_01: Be your advocate, one, know your policy.
• 17:44
  SPEAKER_01: Know what you have, know what it covers, know what it doesn't cover.
• 17:47
  SPEAKER_01: If you need a different policy because it's not fitting your lifestyle anymore or what you need, first thing is make sure that you're getting that you have enough coverage to cover what you would need to cover.
• 17:58
  SPEAKER_01: And that number is going to be different for everybody else because I think people need to have a conversation, whether it be with a partner or if you have small children or whatever it is, you need to think through what amount of money would cover the loss of of your contr your financial contribution.
• 18:18
  SPEAKER_01: Plus, I always think of a plus because the reality is if something happened to my spouse, I don't just need his income covered.
• 18:28
  SPEAKER_01: I don't necessarily want to be rushed back to make my income as well.
• 18:34
  SPEAKER_01: I want to have some time to heal and grieve and take care of my children and do things that maybe would be costly in the event of him no longer being here, right?
• 18:47
  SPEAKER_02: Well, and sometimes you have to, I'm I'm gonna use a total hypothetical.
• 18:51
  SPEAKER_02: What if someone's husband had a brain injury?
• 18:56
  SPEAKER_02: Yeah.
• 18:56
  SPEAKER_02: They're still alive, but they can no longer work.
• 18:59
  SPEAKER_02: Yep.
• 19:00
  SPEAKER_02: So they lose the income.
• 19:01
  SPEAKER_02: And then you may have to set up your whole home, your life, caregiving services.
• 19:06
  SPEAKER_02: There might be a lot of additional ands to get you back to a point where you can function optimally.
• 19:12
  SPEAKER_01: And that's where a lot of times whole life policies make more sense because those do typically have a way for you to utilize the cash.
• 19:19
  SPEAKER_01: There's disability components to it.
• 19:21
  SPEAKER_01: You're able to tap into that money when you need it, not just when you pass away.
• 19:28
  SPEAKER_01: A lot of times we think of insurance, especially life insurance, as like what is left for those that we leave behind.
• 19:35
  SPEAKER_02: I think of it as death benefits, which is clearly a wrong way to think about it.
• 19:38
  SPEAKER_01: Yeah, there's a whole line of insurance that is about having access to that cash while you're still alive and the benefit of leaving money for your loved ones.
• 19:50
  SPEAKER_00: You can have a board, investors, advisors, and still have nobody you can actually talk to about what is really going on.
• 19:57
  SPEAKER_00: That is not unusual.
• 19:59
  SPEAKER_00: That is the founder reality.
• 20:01
  SPEAKER_00: And we step in right there.
• 20:03
  SPEAKER_00: I'm Tom Powell, and at the founder's office, we're proud to sponsor Women Talk Finance.
• 20:08
  SPEAKER_01: Um another one to talk about that isn't a fun topic to talk about, but is an insurance policy on your children.
• 20:15
  SPEAKER_01: What does that look like?
• 20:17
  SPEAKER_01: One, if you especially if you get whole life policies when they're younger, it's gonna be a lot cheaper and it can be a benefit to them as far as a cash reserve for them when they're older.
• 20:25
  SPEAKER_01: Okay.
• 20:26
  SPEAKER_01: But also thinking through the loss of a child is horrific and devastating.
• 20:33
  SPEAKER_01: Um you don't want to have to go back to work right away.
• 20:39
  SPEAKER_01: You don't want you and your spouse to have to be mourning the loss of your child.
• 20:44
  SPEAKER_01: So think about maybe enough that you can take a year off.
• 20:49
  SPEAKER_02: I see.
• 20:50
  SPEAKER_01: And just grieve and be present um and deal with, you know, all of the awfulness that comes with the passing of a loved one, but more so it's you know, a child.
• 21:04
  SPEAKER_01: Um so it's and that's a short term, but longer term leading into if it can be a whole life policy that then later on in life they can um uh use that and have that as a as a pool of cash that they can use that is protecting them later.
• 21:28
  SPEAKER_01: Maybe it's a supplemental like quasi-retirement strategy for them that you started really inexpensively when they were young.
• 21:36
  SPEAKER_01: The trick to insurance is time.
• 21:38
  SPEAKER_01: The trick to most investments is time.
• 21:42
  SPEAKER_01: So if you can start it when they're five, 10, 15, when it's affordable because they're younger and they've got a ton of time, they've got decades, that's a really nice gift to set up for your kid.
• 21:57
  SPEAKER_01: And your policy, homework for Today, everybody pull out your policies.
• 22:01
  SPEAKER_01: I'm due to pull out my policies.
• 22:03
  SPEAKER_02: So am I.
• 22:04
  SPEAKER_01: I'm totally due to pull out my policies.
• 22:06
  SPEAKER_02: I'm due to make a little list of all the different types of insurance I could potentially be thinking about that I'm just learning about now that I didn't know existed.
• 22:14
  SPEAKER_02: Obviously, I don't have them.
• 22:16
  SPEAKER_01: I know, right?
• 22:17
  SPEAKER_01: No, I know, right?
• 22:18
  SPEAKER_01: But we need new policies as well.
• 22:21
  SPEAKER_01: Um, and so that's part of the conversation.
• 22:23
  SPEAKER_01: That's part of why this even came up was I think I'm due for a re a refresh.
• 22:31
  SPEAKER_02: I want you to get all your policies out, put them in binders, get a highlighter out.
• 22:35
  SPEAKER_02: I'm sure my speech has done that.
• 22:40
  SPEAKER_01: I'm sure he does.
• 22:41
  SPEAKER_02: Okay.
• 22:42
  SPEAKER_01: I should know these things, but he kind of keeps those things orderly.
• 22:46
  SPEAKER_02: Well, okay.
• 22:47
  SPEAKER_02: So there's a great question here.
• 22:49
  SPEAKER_02: We're gonna run through some really funny types of insurance you maybe.
• 22:53
  SPEAKER_02: Because this might apply to you.
• 22:55
  SPEAKER_02: This might apply to you.
• 22:56
  SPEAKER_02: But they all there, there's a through line here.
• 22:58
  SPEAKER_02: There's a thread that's serious and value add.
• 23:02
  SPEAKER_02: Um, okay, alien abduction insurance.
• 23:06
  SPEAKER_01: I think that's really important to keep in mind.
• 23:10
  SPEAKER_01: Well, let's talk about what's how does it work?
• 23:13
  SPEAKER_02: Over 30,000 policies have actually been sold.
• 23:17
  SPEAKER_02: They pay out small installments over millions of years if you're returned.
• 23:23
  SPEAKER_02: But you have to be returned.
• 23:25
  SPEAKER_02: Think about this.
• 23:27
  SPEAKER_02: You are abducted by an alien and they keep you for like 1700 million years because time's different in space.
• 23:35
  SPEAKER_02: Yeah.
• 23:37
  SPEAKER_02: Different galaxy.
• 23:38
  SPEAKER_02: Who knows where they take?
• 23:39
  SPEAKER_02: No, totally.
• 23:40
  SPEAKER_02: If they had me, they'd be like, girl, we are done with you.
• 23:44
  SPEAKER_01: But but think about it, like, you know, if you go, what's that one movie with Matthew McConaughey?
• 23:50
  SPEAKER_01: And like time moves really quick.
• 23:53
  SPEAKER_01: Every second's like a year.
• 23:55
  SPEAKER_02: I'm thinking of the Hail Mary movie.
• 23:57
  SPEAKER_02: It's not that much.
• 23:58
  SPEAKER_02: What's the Matthew McConaughey movie where time moves really fast?
• 24:01
  SPEAKER_01: That's a really famous one.
• 24:03
  SPEAKER_02: We'll research after this.
• 24:05
  SPEAKER_02: We'll research after this.
• 24:06
  SPEAKER_02: It's like the main one.
• 24:09
  SPEAKER_02: What?
• 24:09
  SPEAKER_02: Matthew McKay Googling Matthew McConaughey's main movie.
• 24:13
  SPEAKER_02: For me, it's how to lose a guy in 10 days.
• 24:16
  SPEAKER_01: It is.
• 24:16
  SPEAKER_01: That is a good one.
• 24:18
  SPEAKER_01: No, it's like the Matthew McConaughey.
• 24:20
  SPEAKER_01: He's not abducted.
• 24:21
  SPEAKER_01: He's like trying to solve something in space.
• 24:25
  SPEAKER_01: Is it called Interstellar?
• 24:27
  SPEAKER_02: Yeah, Interstellar.
• 24:29
  SPEAKER_01: I watched it recently.
• 24:31
  SPEAKER_01: I was like, inception, isn't it?
• 24:33
  SPEAKER_02: Screenshots that I can oh, there's a lot.
• 24:36
  SPEAKER_01: Matthew McConaughey, though, he wasn't abducted, but he did go to space and he came back.
• 24:40
  SPEAKER_01: I wonder if that would count for his policy.
• 24:42
  SPEAKER_01: He needs the terms.
• 24:43
  SPEAKER_01: Well, think about it.
• 24:44
  SPEAKER_02: It's a little bit like going to jail.
• 24:46
  SPEAKER_02: You don't have opportunity to like build assets that you trade on.
• 24:51
  SPEAKER_02: Yeah.
• 24:51
  SPEAKER_02: You're taken away.
• 24:52
  SPEAKER_02: You come back whenever, and you've got to like need a policy.
• 24:55
  SPEAKER_02: Your life.
• 24:55
  SPEAKER_02: It would be a good thing.
• 24:56
  SPEAKER_02: I feel like I'm now going to start looking into this.
• 25:00
  SPEAKER_01: I should look into this.
• 25:01
  SPEAKER_01: I wonder if they have jail insurance.
• 25:03
  SPEAKER_01: Or if you wonder, yeah, if you get incarcerated.
• 25:06
  SPEAKER_02: Yeah.
• 25:06
  SPEAKER_02: So then because like you need an opportunity to have something to fresh start with.
• 25:10
  SPEAKER_02: Yeah.
• 25:11
  SPEAKER_02: Yeah.
• 25:12
  SPEAKER_02: Okay.
• 25:13
  SPEAKER_02: Cold feet insurance.
• 25:16
  SPEAKER_02: Reimburse this non-refundable wedding deposits, if your partner cancels.
• 25:22
  SPEAKER_01: So your partner again.
• 25:23
  SPEAKER_01: So I'm reading these and I'm thinking about all of the terms.
• 25:28
  SPEAKER_01: This is if your partner, if a partner cancels.
• 25:33
  SPEAKER_01: So if you cancel.
• 25:35
  SPEAKER_02: Ooh, I bet that comes down to the terms.
• 25:37
  SPEAKER_02: I don't know.
• 25:38
  SPEAKER_01: It's got to be down to your terms.
• 25:39
  SPEAKER_01: And then the same thing on like the alien abduction, it's not paid out to your family if you're abducted.
• 25:45
  SPEAKER_01: It's it's paid out if your returns.
• 25:47
  SPEAKER_02: Well, we don't know, right?
• 25:48
  SPEAKER_02: It would all depend on the policy.
• 25:50
  SPEAKER_01: It depends on the policy, but that's what I'm reading is like, okay, so this is really important to understand the terms.
• 25:57
  SPEAKER_01: Definitely.
• 25:57
  SPEAKER_02: And how the policy is adapted.
• 25:59
  SPEAKER_02: If you're the main breadwinner in your house and you get abducted, you'd want your family to be able to proceed with that policy.
• 26:05
  SPEAKER_01: Totally.
• 26:06
  SPEAKER_01: Because like it'd be hard to claim death benefits if you were abducted.
• 26:10
  SPEAKER_02: Yep.
• 26:11
  SPEAKER_01: And and if the policy doesn't kick in until you're returned, that's a big bummer.
• 26:15
  SPEAKER_01: You need to know these things.
• 26:16
  SPEAKER_01: These are important things.
• 26:17
  SPEAKER_01: You want the policy to kick in right away.
• 26:18
  SPEAKER_01: Right away.
• 26:19
  SPEAKER_01: As soon as I'm abducted.
• 26:20
  SPEAKER_01: As soon as that beam comes down, takes me, I need that policy kick in.
• 26:23
  SPEAKER_01: Give them 20 minutes.
• 26:24
  SPEAKER_01: Like, see if maybe they'll return.
• 26:26
  SPEAKER_01: If it's an up and back type thing.
• 26:28
  SPEAKER_01: I'm down for that.
• 26:30
  SPEAKER_01: Like a Jeffrey Bezos.
• 26:32
  SPEAKER_01: Origin to space and back.
• 26:35
  SPEAKER_02: I would do that.
• 26:36
  SPEAKER_02: Also, I bet if you're going to space, you should have a policy.
• 26:39
  SPEAKER_02: If Elon Musk takes me great policies.
• 26:43
  SPEAKER_01: Is that considered an alien abduction?
• 26:47
  SPEAKER_02: We should really have an insurance resource answering some of these questions.
• 26:51
  SPEAKER_02: We really should.
• 26:52
  SPEAKER_01: Give more questions than answer something.
• 26:56
  SPEAKER_01: Is this an episode?
• 26:57
  SPEAKER_01: I don't know.
• 26:58
  SPEAKER_02: Okay, death by laughter liability.
• 27:01
  SPEAKER_02: Originally for performers, it covers comedians if their joke literally kills.
• 27:08
  SPEAKER_01: What?
• 27:08
  SPEAKER_01: Like it takes an amazing to display.
• 27:11
  SPEAKER_01: When does comedy become a liability?
• 27:14
  SPEAKER_01: And what does it mean?
• 27:15
  SPEAKER_02: You tell a joke and someone in the audience is laughing so hard, they have a heart attack.
• 27:22
  SPEAKER_01: And then they're what?
• 27:24
  SPEAKER_01: Then they're sued.
• 27:25
  SPEAKER_01: And so then it covers your lawsuit, fee, like your attorney fees, and the policy.
• 27:33
  SPEAKER_01: Wow.
• 27:35
  SPEAKER_01: I feel like you would make more money if you're like, I'm so funny, I literally killed a guy.
• 27:40
  SPEAKER_02: It's a line, it's a tagline.
• 27:42
  SPEAKER_02: Okay, chefs that insure their taste buds.
• 27:44
  SPEAKER_02: Yeah.
• 27:44
  SPEAKER_02: Singers that insure their vocal cards.
• 27:46
  SPEAKER_02: What would you insure?
• 27:48
  SPEAKER_01: Oh God, what would I insure?
• 27:51
  SPEAKER_01: Oh man.
• 27:53
  SPEAKER_01: And JLo obviously insured her booty for$27 million.
• 27:56
  SPEAKER_01: $27 million.
• 27:56
  SPEAKER_02: This was by 20 years ago.
• 27:57
  SPEAKER_01: It doesn't feel like enough for JLo's booty.
• 28:00
  SPEAKER_02: It's probably 20 years ago.
• 28:01
  SPEAKER_02: I remember hearing about this.
• 28:02
  SPEAKER_02: I do remember that.
• 28:03
  SPEAKER_02: I was young.
• 28:04
  SPEAKER_01: I don't feel like that's enough money in today's dollars.
• 28:08
  SPEAKER_01: Maybe a 20 year 20 years ago, but today I think it's got to be$100 million for that booty.
• 28:14
  SPEAKER_01: What would I insure?
• 28:15
  SPEAKER_01: I don't know.
• 28:16
  SPEAKER_01: What would you insure?
• 28:17
  SPEAKER_02: I would need some time to think about that.
• 28:18
  SPEAKER_01: I would too.
• 28:22
  SPEAKER_01: Um, I have no idea.
• 28:26
  SPEAKER_01: Fantasy football insurance refunds your league entry fee if your starter draft pick gets a season-ending injury.
• 28:36
  SPEAKER_01: What?
• 28:37
  SPEAKER_01: Um What's your league entry fee?
• 28:39
  SPEAKER_01: Like 20 bucks?
• 28:41
  SPEAKER_01: That's what I'm confused on is like I don't do fantasy football, but my spouse does, and it's not that much.
• 28:50
  SPEAKER_01: Now there are fantasy leagues you can do quite a bit, quite a bigger like buy-in.
• 28:55
  SPEAKER_01: Okay.
• 28:56
  SPEAKER_01: So maybe that makes sense.
• 28:58
  SPEAKER_01: But here's our producer.
• 29:00
  SPEAKER_01: Hi, girl.
• 29:01
  SPEAKER_01: Huh.
• 29:02
  SPEAKER_01: Inland marine insurance.
• 29:05
  SPEAKER_01: Nothing to do with the ocean.
• 29:06
  SPEAKER_01: Say more.
• 29:07
  SPEAKER_01: Okay, so it covers valuable items in transit.
• 29:12
  SPEAKER_02: This is giving Lloyds of London.
• 29:14
  SPEAKER_01: Yeah, yeah.
• 29:16
  SPEAKER_01: So you've got something that's really valuable and you're you're it's getting transported.
• 29:22
  SPEAKER_01: You would need insurance to cover that.
• 29:25
  SPEAKER_01: Odd name.
• 29:26
  SPEAKER_01: Inland Marine.
• 29:27
  SPEAKER_01: And then multiple birth insurance.
• 29:29
  SPEAKER_01: This is really, really, really important for people to know about.
• 29:32
  SPEAKER_01: I didn't know this.
• 29:33
  SPEAKER_01: Um, you can buy policies that pay out extra cash for surprise triplets and quads.
• 29:41
  SPEAKER_01: You know anyone that's had quads?
• 29:43
  SPEAKER_01: I don't, but I know triplets.
• 29:44
  SPEAKER_01: Me too.
• 29:45
  SPEAKER_01: Um not many.
• 29:47
  SPEAKER_01: But you again, that you would need to read it because it does it cover if it's IVF or only spontaneous triplets.
• 29:55
  SPEAKER_02: And at what point in time do you need to get a policy and bind?
• 29:58
  SPEAKER_02: Because it's probably before you start trying.
• 30:00
  SPEAKER_01: Exactly.
• 30:01
  SPEAKER_01: Because like, yeah, it's it's all about it's kind of gambling, right?
• 30:05
  SPEAKER_01: So they're betting.
• 30:06
  SPEAKER_01: So I would say, like, if you are on you have twins and triplets in your family.
• 30:11
  SPEAKER_01: In your family, and you're maybe on the older side of trying to conceive, if you're considered, which is the rudest thing ever, like geriatric pregnancy.
• 30:21
  SPEAKER_01: Which is that word.
• 30:21
  SPEAKER_01: 35.
• 30:22
  SPEAKER_01: 35.
• 30:22
  SPEAKER_01: I don't like that word.
• 30:23
  SPEAKER_01: It's very rude.
• 30:25
  SPEAKER_01: Um, you might want to consider this because there's there's extra expenses.
• 30:29
  SPEAKER_01: There's so many extra medical expenses, um, and then extra expenses that come with having three freaking babies.
• 30:36
  SPEAKER_01: One day.
• 30:37
  SPEAKER_01: Babies' expenses.
• 30:38
  SPEAKER_02: The need for a therapist for sure.
• 30:39
  SPEAKER_02: Yeah.
• 30:40
  SPEAKER_02: The biggest question here, what do all these novelty insurance policies teach us about how we think about risk, fear, and the things we can't control?
• 30:49
  SPEAKER_02: It's kind of, to me, it's like a little bit of just a cushion.
• 30:53
  SPEAKER_02: I think about travel insurance.
• 30:54
  SPEAKER_02: Yeah.
• 30:54
  SPEAKER_02: Like I'm in a bank, I'm doing this trip, but if it if something happens that I can't plan for, I'm covered.
• 31:00
  SPEAKER_02: I'm not out.
• 31:03
  SPEAKER_01: Um yeah, I think, I think we kind of have to, it does force you to think through the the ways that things may not work out.
• 31:13
  SPEAKER_01: It forces you to think through the thing, the ways things could go wrong.
• 31:16
  SPEAKER_01: And even in the case of, sorry, our producer's busy today.
• 31:20
  SPEAKER_01: She's running around.
• 31:22
  SPEAKER_01: Um, even in the case of some of these policies, when you get into whole life, when you start, if you're a business owner, if you came into a lot of cash, um you need to actually start thinking about how can insurance not just be for the situations that may not work out or the worst case scenario, how can insurance be leveraged in a way that benefits me and my family today, not just something happens.
• 31:55
  SPEAKER_01: And that's a whole new strategy in thinking, not just, oh my gosh, a tree crashed through my house or I, you know, some untimely demise.
• 32:09
  SPEAKER_02: Well, and we've been talking a lot about the personal side, like personal policies you can get for you and your family, your kids, your spouse.
• 32:17
  SPEAKER_02: Yeah.
• 32:18
  SPEAKER_02: But the business side, there are so many things too.
• 32:20
  SPEAKER_02: What if you're an event planner?
• 32:21
  SPEAKER_02: Obviously, what if you do weddings?
• 32:22
  SPEAKER_02: Yeah.
• 32:22
  SPEAKER_02: And then COVID happens.
• 32:23
  SPEAKER_02: Yeah.
• 32:24
  SPEAKER_02: What if you put on other types of events?
• 32:26
  SPEAKER_02: What if you have employee issues?
• 32:28
  SPEAKER_02: What if you have potential litigation, right?
• 32:29
  SPEAKER_02: There's all these different types of insurance you can buy, in addition to just general business.
• 32:35
  SPEAKER_02: Tell us the good word.
• 32:36
  SPEAKER_02: What's happening in the studio?
• 32:38
  SPEAKER_01: But also, insurance can be a way that you can help secure your business for greater success because you can have policies, you can actually leverage policies, um, you can use policies as a retention method, you can have policies for like for team members, you can get them whole life policies.
• 32:56
  SPEAKER_01: You can actually use insurance as a retirement tool.
• 33:00
  SPEAKER_01: So there is this flip side of policies, but you're not finding those policies just generally out at your standard insurance office.
• 33:11
  SPEAKER_01: These are specific types of policies that are not as readily available.
• 33:18
  SPEAKER_01: There are plenty of them, but you have to go to the right insurance person.
• 33:21
  SPEAKER_02: How would you start finding that person?
• 33:24
  SPEAKER_02: How would you start even the journey of understanding what options you might have?
• 33:28
  SPEAKER_02: What things you want to consider?
• 33:30
  SPEAKER_01: Um, you said networking before.
• 33:33
  SPEAKER_01: Network, yeah.
• 33:33
  SPEAKER_01: You network is a really important one.
• 33:36
  SPEAKER_01: We we have resources.
• 33:37
  SPEAKER_01: Uh I have a resource that I go to that I sh comb through different places to get insurance policies.
• 33:46
  SPEAKER_01: Um and so that's a good way to go about it.
• 33:51
  SPEAKER_01: We might be able to put some of those in the show notes.
• 33:53
  SPEAKER_01: Okay.
• 33:53
  SPEAKER_01: Um, we are not insurance evidence.
• 33:56
  SPEAKER_01: You couldn't tell.
• 33:58
  SPEAKER_02: We're not insurance professionals.
• 34:00
  SPEAKER_02: You know, you actually do know a lot more about this than I do.
• 34:03
  SPEAKER_02: Especially what what your line about, not thinking about it as like a future benefit, but thinking about how it can benefit you now.
• 34:09
  SPEAKER_01: How to use it while you're here.
• 34:11
  SPEAKER_02: Use it while you're here.
• 34:11
  SPEAKER_02: Yeah.
• 34:12
  SPEAKER_01: That's something you need a lot of education.
• 34:14
  SPEAKER_01: Going well.
• 34:15
  SPEAKER_01: Yeah.
• 34:16
  SPEAKER_01: There's there's a lot of ways to use insurance.
• 34:18
  SPEAKER_01: But the main, the main thing I want our listeners to do this week, audit your insurance, pull out your policies, take a look.
• 34:26
  SPEAKER_01: I am guessing, one, I'm guessing every single one of your policies have changed.
• 34:33
  SPEAKER_01: The amount has changed, the coverage has changed.
• 34:36
  SPEAKER_01: I have insurance on our producer who keeps running amok in here.
• 34:40
  SPEAKER_01: No, she's tired out now.
• 34:41
  SPEAKER_01: She has insurance.
• 34:44
  SPEAKER_01: It literally two weeks, uh two months ago, my husband and I look and it uh the amount quadrupled.
• 34:52
  SPEAKER_01: The premium?
• 34:53
  SPEAKER_01: The premium could quadrupled.
• 34:55
  SPEAKER_01: My husband pulled up the policy, it covers barely half of what it was covering before.
• 35:00
  SPEAKER_01: It just changed.
• 35:01
  SPEAKER_01: Yep.
• 35:01
  SPEAKER_01: It just changed.
• 35:03
  SPEAKER_01: So we shopped for new insurance for her, and we were able to get a decent um a new policy for her.
• 35:09
  SPEAKER_01: Um, the coverage still isn't as much as it was before, but it's back to a price that is comfortable for us.
• 35:18
  SPEAKER_01: Um and but we did.
• 35:21
  SPEAKER_01: We shopped for insurance for her.
• 35:23
  SPEAKER_01: But again, we just I just happened to be, we were doing our kind of weekly budget review meeting in just my spouse and I.
• 35:31
  SPEAKER_01: And I was like, whoa, that's crazy.
• 35:33
  SPEAKER_01: Is this some sort of annual thing?
• 35:35
  SPEAKER_01: What was this?
• 35:36
  SPEAKER_01: And we noticed nope, the whole policy changed.
• 35:39
  SPEAKER_01: So every single insurance policy, you should be reviewing it every year.
• 35:44
  SPEAKER_02: I also love this.
• 35:45
  SPEAKER_02: What you brought up is because what we talk about like normalizing conversations.
• 35:50
  SPEAKER_02: You have more power and more negotiating ability than you realize.
• 35:55
  SPEAKER_02: Yeah.
• 35:56
  SPEAKER_02: Consumer.
• 35:57
  SPEAKER_02: This, so my home insurance, not gonna name names, but my former home insurance was bought out by a new company.
• 36:04
  SPEAKER_02: Yep.
• 36:05
  SPEAKER_02: And the new company says, hi, you're up for a renewal.
• 36:08
  SPEAKER_02: Yep.
• 36:08
  SPEAKER_02: And I look and I'm like, why, why did it go up this much?
• 36:12
  SPEAKER_02: What's my coverage?
• 36:12
  SPEAKER_02: I called and called and called and I couldn't get through to anyone.
• 36:16
  SPEAKER_02: That to me is a no.
• 36:17
  SPEAKER_02: Yeah.
• 36:18
  SPEAKER_02: If I'm paying good money for something, I want to be able to know what if I have a claim?
• 36:21
  SPEAKER_02: Is it gonna be this much of a nightmare to get a hold of somebody on a claim?
• 36:24
  SPEAKER_02: No, I'm done.
• 36:25
  SPEAKER_02: So I immediately went out to market.
• 36:27
  SPEAKER_02: There's so many AI tools to get quotes now.
• 36:29
  SPEAKER_02: Again, I'm not doing anything crazy customized, right?
• 36:32
  SPEAKER_02: This is just like basic home insurance.
• 36:34
  SPEAKER_02: I go out, I shop a little bit, I compare quotes.
• 36:37
  SPEAKER_02: There is a company that I like and trust.
• 36:39
  SPEAKER_02: I use them for a different type of insurance.
• 36:41
  SPEAKER_02: And they're like, you want a bundle?
• 36:43
  SPEAKER_02: Here's what we can offer.
• 36:44
  SPEAKER_02: Here's the quote, here's what you get.
• 36:46
  SPEAKER_02: I'm like, boom, done.
• 36:47
  SPEAKER_02: Yeah.
• 36:48
  SPEAKER_02: That other company keeps emailing me and they're like, Notification, your premiums overdue.
• 36:54
  SPEAKER_02: We're gonna cancel your policy.
• 36:55
  SPEAKER_02: And I keep writing back, that's okay.
• 36:58
  SPEAKER_02: I keep, I kept trying to get a hold of you and I couldn't try to cancel.
• 37:01
  SPEAKER_02: Yeah, I did not pay, so I would like you to cancel.
• 37:04
  SPEAKER_02: And it you can tell it's just auto kicked out.
• 37:09
  SPEAKER_02: So they're gonna take care of that themselves.
• 37:10
  SPEAKER_02: They'll end up just auto-canceling it.
• 37:12
  SPEAKER_02: I've now got a new policy, but that was my power as a consumer to choose, right?
• 37:18
  SPEAKER_02: And I think a lot of times we don't realize you're you're the client, you're the customer, know what you're looking for, know what you have, know what you're paying and what you're getting for that.
• 37:27
  SPEAKER_02: And then if that's not something you feel you bargained for, go out and find something different.
• 37:33
  SPEAKER_01: I think so.
• 37:34
  SPEAKER_01: One of the things we did, we did have a claim, it did get rejected.
• 37:38
  SPEAKER_01: It was a pretty sizable claim.
• 37:39
  SPEAKER_01: Was it the house?
• 37:41
  SPEAKER_01: And we do have a pretty good insurance company.
• 37:44
  SPEAKER_01: We hired an attorney.
• 37:46
  SPEAKER_01: So I would say one, advocate for yourself.
• 37:49
  SPEAKER_01: It got rejected.
• 37:50
  SPEAKER_01: We hired an attorney.
• 37:52
  SPEAKER_01: Um, we were able to get that through, which was great.
• 37:57
  SPEAKER_01: But one of the things I did was ask my attorney, because this is what he does.
• 38:01
  SPEAKER_01: He is he is an insurance attorney.
• 38:04
  SPEAKER_01: I said, Hey, who who are your favorite insurance companies?
• 38:09
  SPEAKER_01: Um, who do you think is the best?
• 38:12
  SPEAKER_01: Great.
• 38:13
  SPEAKER_01: He is this is what he does every day.
• 38:15
  SPEAKER_01: So I wanted to know who does he recommend?
• 38:17
  SPEAKER_01: What is he seeing out there?
• 38:19
  SPEAKER_01: Who's paying and who is he having to fight to get to pay?
• 38:23
  SPEAKER_01: So definitely taking a look at at who is um making it more difficult to put in a claim?
• 38:32
  SPEAKER_01: That's really important in the part of advocating for yourself.
• 38:36
  SPEAKER_01: Um, so yeah, this is this is your call to do a full insurance audit, both for physical possessions, the things that you have, your home, your auto, your health, do an audit and also audit your life.
• 38:51
  SPEAKER_01: Is the term life policy that you got enough?
• 38:54
  SPEAKER_01: Is the term life policy that maybe your work is offering you enough?
• 38:58
  SPEAKER_01: Is uh are you should you be looking into a whole life policy?
• 39:04
  SPEAKER_01: If you're a business owner, outside of your business insurance, should you be using insurance to leverage, to uh grow your business, to retain talent?
• 39:19
  SPEAKER_01: Should you be considering policies that maybe aren't, you know, we you don't necessarily need alien insurance, but should you be considering policies that maybe are not necessarily as easily and readily available?
• 39:34
  SPEAKER_01: Not that you're not.
• 39:35
  SPEAKER_01: That you do need to seek out specialized insurance brokers for.
• 39:40
  SPEAKER_02: I was just making a little Are you making your notes?
• 39:42
  SPEAKER_02: I'm making a little list of all of the go-to insurance lists that I can think of at the top of my head.
• 39:47
  SPEAKER_02: And I know this is a short list.
• 39:48
  SPEAKER_02: Yeah.
• 39:49
  SPEAKER_02: I know I'm missing a ton, but I wanted to think about putting that in the show notes just to kind of help listeners kind of trigger.
• 39:56
  SPEAKER_02: Oh, yeah, I might have that actually.
• 39:57
  SPEAKER_02: I do have that.
• 39:58
  SPEAKER_02: Yeah.
• 39:58
  SPEAKER_02: Home, auto, health, life, disability, unemployment, business, event, key person.
• 40:03
  SPEAKER_02: Yep.
• 40:03
  SPEAKER_02: I'm missing some, but alien.
• 40:07
  unknown: No.
• 40:09
  SPEAKER_02: And fantasy football.
• 40:10
  SPEAKER_01: So we'll put some links in, we'll put these lists.
• 40:14
  SPEAKER_01: We're not insurance professionals for sure.
• 40:17
  SPEAKER_01: Um, so this is a like, you know, there you you certainly should be talking to people who are insurance professionals.
• 40:26
  SPEAKER_01: If you do want some guidance on how to research insurance professionals, you know, we'll probably put some things in the show notes for that.
• 40:36
  SPEAKER_01: Um, and yeah, we're we're we're on this journey too.
• 40:40
  SPEAKER_01: The point of this show is not that we know everything.
• 40:42
  SPEAKER_01: The point of the show is that we're talking about these things.
• 40:45
  SPEAKER_01: And hopefully our conversation and just showing how little we, you know, how much we do and don't know about things opens up conversations um for our listeners.
• 40:56
  SPEAKER_02: Perfect.
• 40:58
  SPEAKER_02: Yay.
• 40:58
  SPEAKER_02: Thanks.
• 40:59
  SPEAKER_02: That wraps.
• 41:00
  SPEAKER_02: That wraps this episode.
• 41:01
  SPEAKER_02: Woo! Bye! Bye! Like and subscribe.
• 41:06
  SPEAKER_01: Every time, every time.
• 41:08
  SPEAKER_02: Like and subscribe.
• 41:10
  SPEAKER_02: Bye! Bye! Okay, that was today's episode of WTF.
• 41:15
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• 41:21
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• 41:24
  SPEAKER_02: Women don't gatekeep, especially not the good stuff.
• 41:27
  SPEAKER_01: We'll be back next week with more real talk, more stories, and probably more over sharing.
• 41:32
  SPEAKER_02: See you next time on WTF.