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Study Hall: Life Insurance & Estate Planning with Sabine Franco · Earn Your Leisure

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Speaker 3: My graduates from my school being force backdrop drop, drop,
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2:12
Speaker 4: We're going to talk about something that we don't have
2:15
Speaker 4: to look too fartifying an expert for it, and that
2:17
Speaker 4: is a life insurance. We've recently posted that series had
2:22
Speaker 4: canceled ninety thousand life insurance policies for its employees, and
2:26
Speaker 4: it begs the question like, should people be going through
2:28
Speaker 4: their jobs to gain life insurance? Over the past I
2:33
Speaker 4: guess twenty to thirty years, America has kind of switched.
2:37
Speaker 4: One hundred and eight million people have gone through the
2:40
Speaker 4: group rout while one hundred and two million people have
2:43
Speaker 4: gone through the private method of life insurance, which is
2:47
Speaker 4: like the first time that that's happened in history. So
2:51
Speaker 4: we have our own expert two thousand Give me if
2:55
Speaker 4: I'm wrong with the year two thousand and six.
2:58
Speaker 2: I think two thousand and seven.
2:59
Speaker 4: Two thousand and seven, and I sat down with a
3:02
Speaker 4: financial planner who was starting in the business. He needed
3:05
Speaker 4: a client, and he looked across and he said, Detroit,
3:10
Speaker 4: you gotta get life insurance now. At twenty five, I'm thinking,
3:15
Speaker 4: come on, man, why do I need life insurance? And
3:17
Speaker 4: then we had a deeper conversation. I'm like, oh, with shot,
3:20
Speaker 4: he's pretty serious about this. So we went through the
3:22
Speaker 4: process and I got life insurance. And maybe you could
3:26
Speaker 4: talk to people why it's so valuable and so that's
3:29
Speaker 4: really important and how we've seen some cases where people
3:32
Speaker 4: didn't have life insurance and the outcome of what it
3:36
Speaker 4: left their family with, right, because it's not really for
3:38
Speaker 4: the people who dies, for the people who remain.
3:41
Speaker 2: Living, right.
3:42
Speaker 4: So yeah, you want to talk about.
3:43
Speaker 2: That, Yeah, for sure. So yes, So anyway, that's not familiar.
3:48
Speaker 2: I'm a financial advisor, That's what I do for a living, right.
3:51
Speaker 2: So I started eleven years ago around that timeframe. And yes,
3:57
Speaker 2: my first week in the business, my first client's Troy Truly, Yes,
4:05
Speaker 2: I sold him a life insurance policy that's mine, and
4:08
Speaker 2: then eleven years later he's still a client of mine.
4:13
Speaker 2: So yeah, So I do. I do a few different things,
4:15
Speaker 2: you know, I help people invest money retirement, and life
4:18
Speaker 2: insurance is one of the things that I do as well.
4:20
Speaker 2: So before I start, I'm not taking a side on
4:24
Speaker 2: any policy. Life insurance is very debatable people have They're
4:30
Speaker 2: very passionate about this. I've noticed online you have very
4:34
Speaker 2: strong opinions. So I'm not here to tell you which
4:38
Speaker 2: is the best policy which you should do, just provide information.
4:41
Speaker 2: You can make your own decisions for yourself, right. But
4:45
Speaker 2: it is interesting that SEA has canceled ninety thousand policies
4:49
Speaker 2: for retirees because it does highlight something that is important.
4:54
Speaker 2: Is you know, a lot of times people have insurance
4:57
Speaker 2: at their job. Anythink that that's a right. Like most
5:01
Speaker 2: things when it comes to finance, people aren't properly educated
5:04
Speaker 2: a lot of times, right, so they don't really fully
5:06
Speaker 2: understand life insurance or even why it's important how to
5:10
Speaker 2: get it, you know, they don't really know, so they
5:13
Speaker 2: just say, okay, I have it at my job, and
5:15
Speaker 2: whatever it is what it is, right, So now is
5:19
Speaker 2: to say okay, which is better the insurance at your
5:21
Speaker 2: job or the insurance that you can get privately through
5:25
Speaker 2: institution or company. Right, I always recommend both, right, Because
5:29
Speaker 2: the insurance at your job, the good thing about that
5:32
Speaker 2: is that it's usually very low as far as premiums
5:35
Speaker 2: are concerned, or sometimes it's even free, so it's not
5:39
Speaker 2: really costing you anything. So it's always good to have, right.
5:43
Speaker 2: But the problem with having it as your only type
5:46
Speaker 2: of insurance is what we just saw, right, is that
5:49
Speaker 2: a lot of times it's not portable, meaning that you
5:51
Speaker 2: can't take it with you when you retire, or if
5:54
Speaker 2: you can take it with you, then the premium may
5:57
Speaker 2: go up because now you're no longer part of that
5:59
Speaker 2: group health insurance, right, Like if you leave your job,
6:02
Speaker 2: now you can still keep your health insurance for a
6:04
Speaker 2: certain amount of time, but you're on what's called cobra, right,
6:07
Speaker 2: So now your health insurance premiums go up. So sometimes
6:09
Speaker 2: the life insurance is the same, or even if the
6:11
Speaker 2: life insurance premium stay the same, it's still subject to
6:14
Speaker 2: the company. You know, they can change it. So just
6:16
Speaker 2: like what SAIS did, right. So Okay, first of all,
6:20
Speaker 2: we need to talk about and understand why life insurance
6:22
Speaker 2: is important, right, So it's important for a few different reasons,
6:26
Speaker 2: but the main reason obviously is that you want to
6:30
Speaker 2: provide a certain level of comfort, and you want to
6:33
Speaker 2: leave a legacy, and you want to be able to
6:35
Speaker 2: take care of your financial responsibilities when you're no longer here.
6:39
Speaker 2: I always say all the time, it's nobody's responsibility to
6:43
Speaker 2: take care of your family except for you, right. And
6:47
Speaker 2: that's men and women, right, because we live in a
6:49
Speaker 2: society where men and women work, and a lot of
6:53
Speaker 2: times women make more money than the men. Right. They're
6:57
Speaker 2: the bread winners in the home, or they may be
7:00
Speaker 2: single parents on both sides, or even if you don't
7:02
Speaker 2: have a children, you still have responsibilities, right, So I equate.
7:06
Speaker 2: You know, it's unfortunate a lot of time, especially in
7:07
Speaker 2: our community, when somebody passes away and other people have
7:11
Speaker 2: to raise money for them, right, like go fund me
7:14
Speaker 2: pages and things like that. That would be kind of like,
7:17
Speaker 2: and this is no shame on anybody, because you have
7:19
Speaker 2: to do what you have to do. But I'm just
7:20
Speaker 2: saying as far that that person didn't plan properly, right,
7:23
Speaker 2: that would be the equivalent of somebody coming into your
7:26
Speaker 2: home and having to pay your bills for you, right,
7:29
Speaker 2: it's your responsibility to take care of that. Right. So
7:32
Speaker 2: that's what life insurance does, right. It allows your family
7:35
Speaker 2: to go on and to take care of your responsibility
7:39
Speaker 2: when you pass, as far as just the basics of
7:42
Speaker 2: burying yourself, but also you know, putting your kids in
7:46
Speaker 2: school and making sure that they have clothes to wear
7:48
Speaker 2: and that they can go to college and things of
7:50
Speaker 2: that nature. Right. So, and it's important that we start
7:53
Speaker 2: to think long term too, because when we talk about
7:55
Speaker 2: generational wealth, that's like a real popular term, but what
7:58
Speaker 2: does that really mean, right, Right. That means that you
8:00
Speaker 2: want to create wealth for generations. So one of the
8:03
Speaker 2: easiest ways to create wellford generations is to have a
8:06
Speaker 2: life insurance policy, right, because what you're doing is actually
8:09
Speaker 2: buying money, right. So that's one of the most efficient,
8:12
Speaker 2: one of the easiest ways to create generational wealth. Because
8:16
Speaker 2: it's a trendy term. But the average person doesn't have
8:19
Speaker 2: a multi million dollar business that they can leave. The
8:21
Speaker 2: average person doesn't have five million dollars in a bank
8:24
Speaker 2: that they can leave, right. The average person might not
8:27
Speaker 2: even have a home, They might not even own a home,
8:30
Speaker 2: But you can own an insurance policy. You can have
8:33
Speaker 2: one hundred thousand dollars, half a million, a million dollars.
8:36
Speaker 2: That's realistic, right, So this is something that can actually
8:39
Speaker 2: be obtained in real life, not just to catch you phrase.
8:42
Speaker 4: So at twenty five when you told me that, and
8:44
Speaker 4: I was in my mind I'm not even thinking about
8:46
Speaker 4: life insurance. But when I saw how serious you were
8:48
Speaker 4: about it, I'm like, wait, this makes perfect sense. I
8:51
Speaker 4: mean you probably you detailed it just like how you
8:53
Speaker 4: did now straight from me, and I was like, wow,
8:55
Speaker 4: I have to get this as.
8:56
Speaker 2: Early as possible. And you planned for the future because
8:58
Speaker 2: when you brought the insurance you was single, right, no, yep,
9:01
Speaker 2: But now you have a family, you have kids, you
9:04
Speaker 2: have a wife, you have a home, so now you
9:06
Speaker 2: really need it, right, it makes more sense. I'm like, wow,
9:09
Speaker 2: I've had that's a good thing.
9:11
Speaker 4: I've had this for eleven years now, right, Like it
9:13
Speaker 4: meant so much.
9:14
Speaker 2: I just want to go back.
9:15
Speaker 4: Because you said the premium is so low when you
9:17
Speaker 4: do it at your job. One of the things that
9:19
Speaker 4: studies are shown is that the assurance amounts are a
9:23
Speaker 4: lot lower when you do it with a group, so
9:25
Speaker 4: it ranges from twenty five thousand dollar policy to maybe
9:28
Speaker 4: a fifty thousand dollars policy, whereas that might not even
9:31
Speaker 4: cover what you need as far as your financial responsibilities
9:34
Speaker 4: in the event that something happens to you. So, like
9:36
Speaker 4: you want talk about the difference in the amounts.
9:38
Speaker 2: Yeah, so I'll talk about the amount, but first I
9:40
Speaker 2: want to actually just talk about the different types of policy.
9:42
Speaker 2: There's diferent type of policy. So there's really a few
9:45
Speaker 2: different types of policies, but it comes down to two
9:48
Speaker 2: urn policies and a permanent policy. Right, And there's different
9:51
Speaker 2: types of permanent policies, but a term policy is a
9:54
Speaker 2: policy that lasts the term, Right.
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Speaker 1: all you need so like.
12:46
Speaker 2: Ten, fifteen, twenty year term right, so you you have life.
12:50
Speaker 2: This is what most people think about. Thing about like insurance.
12:51
Speaker 2: It's the most basic form of insurance. So you have
12:53
Speaker 2: an insurance policy. You pay a premium and if you die,
12:57
Speaker 2: somebody gets money. So it's a term. So let's say
12:59
Speaker 2: it's a twenty year term, so you're paying a premium
13:01
Speaker 2: for twenty years. If you die before that twenty year
13:04
Speaker 2: mark is up, then your family gets money. If you
13:06
Speaker 2: outlive that term that you can reapply for the insurance anymore.
13:09
Speaker 2: You can let it last, you don't have it anymore,
13:11
Speaker 2: but it's just a certain period of time. That's the term.
13:14
Speaker 2: And then most group insurance is if your jobs for
13:17
Speaker 2: as long as you work at that job, or sometimes
13:20
Speaker 2: it could be extended in retirement. But so that's one
13:23
Speaker 2: form of it where it's just a premium a death benefit,
13:26
Speaker 2: and that's it. The flip side to that coin is
13:29
Speaker 2: what's called permanent insurance, right, so permanent insurance. Most of
13:33
Speaker 2: the time, it is most commonly known as what's called
13:35
Speaker 2: whole life insurance. There're different types of permanent, but we'll
13:38
Speaker 2: just keep it basic whole life insurance. Right. Whole life
13:41
Speaker 2: insurance lasts your whole life. You pay a premium, you
13:44
Speaker 2: have a death benefit, but it also builds what's called
13:46
Speaker 2: cash value. Cash values money that grows inside of the
13:49
Speaker 2: life insurance policy, right and the money that goes inside
13:52
Speaker 2: of the life insurance policy, now you can use that
13:55
Speaker 2: aligne and you can borrow from the policy. Right now,
13:58
Speaker 2: that's the benefit that you can use while you're alive soon.
14:01
Speaker 6: And that's that's good for people who say, well, some
14:03
Speaker 6: people don't really care what they leave for their family
14:06
Speaker 6: or you know whoever else, if they're single, they.
14:08
Speaker 2: Have no life, right because now, so now you're actually
14:12
Speaker 2: saving money as well. So it's a double edged sword. Right.
14:14
Speaker 2: So now some people say, okay, well only by term insurance,
14:18
Speaker 2: don't buy whole life insurance, or some people say only
14:20
Speaker 2: buy whole life insurance, don't buy term insurance. I'm of
14:24
Speaker 2: the mindset that no shoe is ever going to fit
14:28
Speaker 2: any all foots, right, so you have to, you know,
14:33
Speaker 2: see what's best for you and your family, because they
14:35
Speaker 2: both have advantages, and they both can be beneficial, and
14:39
Speaker 2: they both have things that may not be attractive. Right. So,
14:42
Speaker 2: but one thing that I want to keep in mind
14:45
Speaker 2: for our listeners is that one of the big things
14:47
Speaker 2: why people say buy term and don't buy whole life
14:50
Speaker 2: is that it's what's called buy term and invest a difference.
14:53
Speaker 2: Whereas they're saying that, well, whole life isn't a good
14:56
Speaker 2: investment because if you invested your money in stock or
14:59
Speaker 2: an investment would earn more than the rate of return
15:02
Speaker 2: that we're getting a whole life policy. That's true, but
15:05
Speaker 2: it's not an investment. It's life insurance, right, So it's
15:08
Speaker 2: like it's apples to orange. It's apples to orange in comparison.
15:11
Speaker 2: So you can do both. You don't have to do
15:14
Speaker 2: one or the other. Right, Like you can have an
15:15
Speaker 2: investment where you're actually growing money, you can have a
15:18
Speaker 2: life insurance policy where it's a permanent policy. Because the
15:21
Speaker 2: thing about the life insurance also is that hopefully you
15:23
Speaker 2: don't die in twenty years. It's like, I mean, you
15:27
Speaker 2: have term insurance. Most of the term policies don't pay
15:29
Speaker 2: out because most of the time people don't die within
15:32
Speaker 2: that term. So if I have a twenty year term policy,
15:34
Speaker 2: I don't want to die in twenty years, so you know,
15:39
Speaker 2: I mean it's good to have just in case. But
15:42
Speaker 2: the whole life everybody's going to die eventually, so it
15:45
Speaker 2: doesn't matter whether I'm ninety or one hundred years or
15:47
Speaker 2: I can still leave a legacy for my family. So
15:50
Speaker 2: these are things that you know, people have to understand,
15:54
Speaker 2: and a lot of times in our community it's unfortunate.
15:57
Speaker 2: Especially you know, we talk about like Aretha Franklin, Right,
16:01
Speaker 2: she passed away last year and her estate it was
16:07
Speaker 2: a mess because she never planned for her estate, right.
16:11
Speaker 2: And one of the things I don't know if this
16:12
Speaker 2: is true or not, but I heard that she said
16:14
Speaker 2: that she never really wanted to do a state planning
16:17
Speaker 2: because she didn't want to jinx herself. And it's like,
16:20
Speaker 2: you're gonna die, It's not, yeah, nobody, look, newsflash, you're not.
16:25
Speaker 2: It's going to happen, right, So either you plan for
16:28
Speaker 2: it or you don't plan for it, but it's going
16:29
Speaker 2: to happen either way. Right, So I just want to
16:31
Speaker 2: take like a couple of minutes. We talked about the
16:33
Speaker 2: state planning because part of it is on the financial side,
16:36
Speaker 2: like life insurance stuff like that. But it's also it's
16:38
Speaker 2: very important to plan on the legal side as well. Right,
16:42
Speaker 2: So like a will. You're a lawyer, So what is
16:46
Speaker 2: a will? And why should people have a will? Because
16:49
Speaker 2: I think that everybody should have a will. A lot
16:50
Speaker 2: of times people have the misconception that if they're not rich,
16:53
Speaker 2: they're not wealthy, they don't need to have a will.
16:55
Speaker 2: They can wait to have a will. I think that
16:57
Speaker 2: everybody should have a will, and a will can be
16:59
Speaker 2: revived as time goes. Well, can you just briefly talk
17:02
Speaker 2: about like what a will is.
17:03
Speaker 6: Yeah, So basically a will is just like a plan
17:06
Speaker 6: for what's going to happen when you pass away.
17:08
Speaker 2: So you're basically.
17:08
Speaker 6: Gonna say, for all the stuff that I own, that's
17:10
Speaker 6: a value, I want it to be given out according
17:14
Speaker 6: to this in this manner. And if you have small children,
17:18
Speaker 6: which is really really important, if you have small children,
17:20
Speaker 6: to have a will, you're gonna dictate who's going to
17:22
Speaker 6: take care of your child, because if you pass away
17:26
Speaker 6: and you don't have anyone in place to take care
17:28
Speaker 6: of your child, Like a godparent is not a legal guardian.
17:32
Speaker 6: So some of us you appoint a godparent and you
17:34
Speaker 6: say this person, but that's not good enough, you know. Basically,
17:37
Speaker 6: so a will is a legal document that as long
17:40
Speaker 6: as it's executed like signed in the proper manner, is
17:43
Speaker 6: gonna basically be able to say, this is what this
17:46
Speaker 6: person wanted, you know, when they passed away with their stuff.
17:49
Speaker 2: Okay, And also I think it's important to have a
17:51
Speaker 2: living will, right, So a living will, from my understanding,
17:55
Speaker 2: you have a health care proxy and you have the
17:57
Speaker 2: power of returney yes, right, so can you brief about that?
18:02
Speaker 6: So so the healthcare proxy basically, if you get sick
18:06
Speaker 6: and you're in the hospital, your loved ones will not
18:09
Speaker 6: be able to make medical decisions for you, right, So
18:12
Speaker 6: the hospital is not going to really take their word
18:14
Speaker 6: for it. And it's also difficult even if you're a spouse,
18:18
Speaker 6: you may not be able to dictate what happens to
18:20
Speaker 6: that person or how the hospital takes care of her
18:23
Speaker 6: him or her. And so the healthcare proxy will say,
18:25
Speaker 6: you know, if I'm sick, I want this person to
18:28
Speaker 6: make the decision and I want them to be able
18:30
Speaker 6: to do these particular things. And a living will kind
18:33
Speaker 6: of goes even further into that. It gives like details
18:36
Speaker 6: of like treatment, like say, God forbid, you have cancer.
18:39
Speaker 6: It will say like, you know, you know, I don't
18:41
Speaker 6: want chemo or you know, whatever the case is. It
18:44
Speaker 6: you can detail exactly what type of treatments that you
18:47
Speaker 6: have and give direction to the person who you gave
18:49
Speaker 6: the healthcare proxy to, so they have some understanding on how.
18:52
Speaker 2: To act on your behalf.
18:55
Speaker 6: So power of attorney is also extremely important because if
18:59
Speaker 6: you're in capacity, say that, like you're still alive, but
19:01
Speaker 6: you can't make decisions for yourself the healthcare, I'm sorry.
19:04
Speaker 6: The power of attorney is going to allow you to
19:07
Speaker 6: appoint somebody to take all your finances, your insurance, your
19:11
Speaker 6: bank accounts, your homes, your real estate taxes, anything. And
19:16
Speaker 6: if you're taking care of somebody, it allows you to
19:18
Speaker 6: it allow that person who has your power of attorney
19:21
Speaker 6: to continue giving like customary gifts that you normally give
19:24
Speaker 6: to somebody, or that you're taking care of somebody, so
19:27
Speaker 6: they can handle all those things to make sure that
19:29
Speaker 6: your affairs are in order. And so like sometimes people
19:32
Speaker 6: go God forbid into a coma, but they come out
19:34
Speaker 6: you know, you're not necessarily going to die, but you
19:36
Speaker 6: can't make decisions or you're just sick. So that kind
19:39
Speaker 6: of covers that.
19:40
Speaker 2: Now it's extremely important. Just so quick, I'll take a
19:42
Speaker 2: minute just to tell a personal story. So, my grandmother,
19:46
Speaker 2: she had twelve kids, right, so she had Alzheimer's disease.
19:49
Speaker 2: So when she was in the last stages of her
19:53
Speaker 2: life and she was in a coma, and she was
19:57
Speaker 2: in an hospital. So long story short, half of her
20:00
Speaker 2: kids wanted to keep her alive. The other half of
20:03
Speaker 2: the kids like, this isn't a quality of life, like
20:05
Speaker 2: we need to pull a plug now that fighting with
20:07
Speaker 2: each other. Who really knows what she wanted, right, But
20:10
Speaker 2: if she would have done that and britten it out
20:13
Speaker 2: like look, I don't keep me alive like you know,
20:14
Speaker 2: or keep me, it wouldn't be an argument. So regardless
20:17
Speaker 2: of how you feel, you can't make a decision because
20:20
Speaker 2: it's already put in place. This is just. And also
20:23
Speaker 2: she owned the home and once again she didn't have
20:27
Speaker 2: a will, right, So now you have twelve kids that
20:30
Speaker 2: have different ideas of what they want to do with
20:32
Speaker 2: the home. Someone to rent it out, someone to sell it.
20:35
Speaker 2: So now it just causes fights, You break up families,
20:39
Speaker 2: brothers and sisters, stop speaking to each other. It happens
20:42
Speaker 2: all the time. It's pretty common, right, So this is
20:46
Speaker 2: an unfortunate situation and this is something that we have
20:48
Speaker 2: to plan for. So thank you for coming and giving
20:55
Speaker 2: your expertise because, like I said, it's important, especially in
20:58
Speaker 2: our communities where we don't know a lot of it.
21:01
Speaker 2: It's not a conversation. We're happening. No, we're not right.
21:04
Speaker 4: So it's like hopefully like this conversation here opens eyes like, hey,
21:08
Speaker 4: this is something we should playful because like what you said,
21:10
Speaker 4: nobody uh is planning I mean doesn't that. But we
21:16
Speaker 4: should right because like we said, it's not for the
21:18
Speaker 4: people who live. It's for the people, for the people
21:20
Speaker 4: who die, for the people who live on with our legacies.
21:25
Speaker 3: My graduates from my school being forced bag drop bag drop, Mike,
21:31
Speaker 3: drop bag drop drops.
21:44
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21:44
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