By Joseph Schrutt CRPS, Wealth Manager CEO & Founder of Xecutive Wealth Strategies
Transcription:
Mike Sperrazza
Mike Lomas, welcome back. Financial guys radio show. Mike Lomas, Mike Spirazza in the studio. We actually have a special guest right now, too, a member of our office here, Joe Schrutt, a life insurance expert here in the office. Joe, first off, happy Saturday. How are you?
Joe Schrutt
Good, how are you?
Mike Lomas
I am great, Joe. All dressed up, ready for radio. That’s the thing you could say. You can say whatever. Like we’ve always said we’re the most handsome people in the world because people can’t see us. Right. That’s the beauty of radio.
Joe Schrutt
So I got a Facebook radio.
Mike Lomas
You just go with it. That’s right. So Joe’s part of our investment team that helps us with estate planning, passing money on to the next generation. You and I, last week, we sat down with a client who literally just wanted some simple term insurance. Right? Had a family, wanted to protect that family. Younger guy, he was in his thirties, but smart, like, look, God forbid something happens to me, I need to be protected. But he said he didn’t want to spend a lot of money, so we were able to shop. You brought up the list right in front of him, which is so cool. Here’s the top whatever, 20 companies or whatever, and at your age, and here’s what we’re trying to do. Here’s the most cost effective strategy to be able to go after. Why people don’t do that is beyond me. Right.
Joe Schrutt
Yeah. Well, we don’t push a product, just to push it. So we look at what’s good for your overall financial portfolio? Term insurance is temporary coverage, but it is wildly least expensive. It’s very affordable.
Mike Lomas
Yeah. For a lot of younger couples. That’s a lot of people, right. I mean, look at business owners. You’ve got business owners that come in that are 50 that say, I plan on retiring in ten years, but we want to protect each other for ten years, right?
Joe Schrutt
Correct.
Mike Lomas
Yeah.
Joe Schrutt
So it’s temporary coverage, which makes it more affordable. It’s a bridge to your retirement or bridge until you’re self insured, especially if you have a student loan or mortgage.
Mike Lomas
Yeah. Now, a lot of folks will call us and say, I’ve had this policy for ten years, I don’t want to pay on it anymore. I think I’m paying too much. And we can shop that as well, right?
Joe Schrutt
Absolutely. A big thing that I see a lot is people that take loans against their policy. People don’t realize that once you take a loan against your policy and you don’t pay that interest, it’s eventually going to or probably will lapse. Or blow up.
Mike Lomas
That’s good, I’ve always said, again, I’m not on the life insurance team. I know enough to be dangerous. That’s why I bring experts in like you. But I’ve seen these policies blow up later on when they, when they need them. Right. Like, okay, the, the, your life expectancy is 86 or 85 or whatever, right? If that policy blows up at 75 and you’ve put all this money into it and now you don’t, you don’t get any of the benefit for it, that stinks, right?
Joe Schrutt
It’s horrible. People don’t even, people don’t realize it. People think it’s going to be there for their family. And then that’s actually how I got in this business. My dad passed away at a young age, and we thought he had a financial advisor, but what we thought was there wasn’t.
Mike Lomas
Yeah. Well, you know, Jay Blanchard talks about it all the time. He went through a similar thing, lost his mom. And he said the stress that was put on the family. Right. Because, okay, well, by the way, the mom wasn’t the bread earner, but she was the mom. And now the dad had to go to work and had to pay for somebody to help with all those activities that we know moms do every single day. And he said it just puts so much stress in the family. And so Jay’s roots were the same. I got into the business because I went through those stresses and didn’t have any.
