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Simply Explaining Insurance

Updated 6 days ago

Business
Careers
Investing
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Simply Explaining Insurance

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Simply Explaining Insurance

iTunes Ratings

52 Ratings
Average Ratings
42
6
2
2
0

Really resourceful

By incognito82 - Aug 07 2018
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Only Matt can make insurance fun to listen to. Very useful and to the point.

Simply Explaining Insurance

By Jim in Charlsesotn - Jan 18 2015
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Simple, clear and direct--hard to ask for more.

iTunes Ratings

52 Ratings
Average Ratings
42
6
2
2
0

Really resourceful

By incognito82 - Aug 07 2018
Read more
Only Matt can make insurance fun to listen to. Very useful and to the point.

Simply Explaining Insurance

By Jim in Charlsesotn - Jan 18 2015
Read more
Simple, clear and direct--hard to ask for more.
Cover image of Simply Explaining Insurance

Simply Explaining Insurance

Updated 6 days ago

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Simply Explaining Insurance

Rank #1: What to do when your home is full of water.

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It’s a homeowners biggest nightmare.  Picture yourself coming home from a long day of work to an empty house.  Maybe you’ve been looking forward to sitting down with a glass of wine or an iced tea and a little time to decompress.  You pull up and your driveway is wet.  You open the garage and there is this nice steady stream of water coming out of the door that leads into your house.  Upon opening the door you have 2-3 inches of water in your kitchen.

This episode is to walk you through what to expect next.  I sat down with Doug Pill, who is the COO of Servicemaster Fire and Water Restoration by Johnny on the Spot.  He and I help you understand some best practices on what a homeowner can do quickly to stop any further damage and how to begin the repair process.

This can be a trying time for a homeowner, but you will have a team of professionals working hard to get your home back to where it was before this event.  Thanks to Doug for coming in and helping explain the procedure in clear and concise fashion.

Links:

Servicemaster by Johnny on the Spot website

Servicemaster by Johnny on the Spot Facebook page

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post What to do when your home is full of water. appeared first on Dietz Agency.

Aug 23 2016

22mins

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Rank #2: Using permanent life insurance to save on taxes

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Permanent life insurance can be a powerful tool if used and understood properly.  What people need to understand, is that the money in the cash account, can be “borrowed”.  Why is this important?  Why not just cash out the money instead of take a loan?  One simple, mind blowing answer.  You can’t tax a loan.

If you have a permanent life insurance policy, you can get to that money without having to pay tax on it.  You can sock away a lot of $$ in these policies too.  If you want more control over your $$ and have the opportunity to keep more of your money, this strategy is very very strong. Listen to the podcast to learn more!

Simply Explaining Insurance on Itunes

If you use Android- download Podcast Addict and search for Simply Explaining Insurance

Music by Roger Clyne and the Peacemakers

The post Using permanent life insurance to save on taxes appeared first on Dietz Agency.

Sep 17 2015

9mins

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Rank #3: Learn how to choose the right amount insurance for your house in 5 minutes.

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Your home is most likely only your biggest asset and it is crucial that you insure it properly. Odds are you have no idea what your home is insured for.  Maybe your mortgage broker put it all together for you with an insurance agent.  It’s time to dust off that policy and take a look at it.

There is a tool that insurance agents use to determine the proper value to rebuild your house.  It is very useful and accurate but it’s not a bad idea to call your local agent to go through it with them to make sure your home has the proper amount of coverage.

I cover this in this short podcast episode.  I also cover an important coverage called extended replacement cost and if you should cover a house for the purchase price or not.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Learn how to choose the right amount insurance for your house in 5 minutes. appeared first on Dietz Agency.

Aug 11 2016

5mins

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Rank #4: A user manual for homeowners.

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Your house is one of the biggest investments you will ever make.  I sat down with Brandon Wright who is the owner of Ultra Clean.  He unloads, a ton of useful information to help us understand what to look for and how to prevent damage to our home.

Homes do not come with a user manual.  I have been a homeowner now for 10 years and still don’t know everything that I should know about preventing certain things to my house.  Brandon and I talk about what  you should do seasonally to help out.

He also talks about what you should look for if you are are buying or selling a house.  That can be a stressful time for all parties.  Take some of the stress out of the process by learning what to do, and what to look for when buying and selling a house.

We also discuss what to do if you come home and your house is full of water.  This is a common event which needs to be handled right away.

Thanks to Brandon Wright for sharing this information with us!

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post A user manual for homeowners. appeared first on Dietz Agency.

Apr 13 2016

29mins

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Rank #5: Simply Explaining Insurance #49. Hired and Non owned Auto

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There are two coverages inside of a commercial auto policies that you need to be aware of. Hired and non-owned auto will protect your business if you and/or your employees are in an accident.

Hired auto will cover you if you are renting a car for business.  The liability from your policy will transfer over if you are in an at fault accident.  There is another coverage available in some states called, “Hired physical damage” which will cover the car itself.  It’s important to know if you have this on your policy.

Non-owned auto, will cover your employees if they are driving their car for business purposes.  Their vehicle will not be covered but the liability from your business policy will transfer over to cover any medical expenses or property damage from the resulting at-fault accident your employee is in.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #49. Hired and Non owned Auto appeared first on Dietz Agency.

Mar 12 2018

4mins

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Rank #6: Simply Explaining Insurance #103- Occurrence made Vs. Claims made

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This episode explains the difference between a claims-made and an occurrence made policy. It is very important to understand the difference between these two policies.

Insurance companies may provide two different types of liability coverage—occurrence or claims-made—and each comes with its own set of advantages and disadvantages.

The limitations associated with each type of policy are largely dependent on two factors:

  1. When an incident occurs
  2. When a claim is filed

Occurrence Policy: An occurrence policy protects a business from any covered incident that happens during the policy period, regardless of when a claim is reported. This type of policy will cover a business even if the claim comes in after the policy is canceled, so long as the incident occurred within the time frame enforced by the initial policy.

Example: Bob the business owner purchased an occurrence policy in 2010 but switched to a new form of coverage or insurance supplier in 2015. Bob gets sued in 2018 for an incident that occurred in 2012. In this instance, Bob is still covered by his original occurrence policy, because it was active at the time of the incident.

Claims-Made Policy: A claims-made policy provides coverage for claims that occur, and are reported, within the specific time period set forth by the policy. This means that if a policy is canceled, or a premium isn’t paid, any claim that comes through will not be covered, even if the incident occurred during the period when the policy was active.

Example: Bob the businessman purchases a claims-made policy in 2010 and continues coverage through 2012, then cancels. He does not purchase any extension (tail coverage) on the policy’s original limits. In 2013, Bob is sued for an incident that occurred in 2011. Since the claims-made policy is no longer in effect, and he did not purchase tail coverage, Bob is the liable party obligated to pay for damages—not his old insurance carrier.

Tail Coverage, or, officially, an extended reporting period (ERP)is an additive option that becomes available only after a policy has been terminated. In effect, a ‘tail’ endorsement extends the limits of claims-made coverage indefinitely. For a claims-made policy to cover claims made after the expiration date, a tail can be purchased to protect the policyholder from past incidents, despite a claim being made post-policy cancellation.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #103- Occurrence made Vs. Claims made appeared first on Dietz Agency.

Sep 19 2019

7mins

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Rank #7: Simply Explaining Insurance #63 Auto Insurance Pricing

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I get calls in my office once in awhile from clients who want to know how their pricing on auto insurance is determined.  This simple question does not have an easy answer.  There are dozens and dozens and dozens of factors that are taken into place to price a policy.

You know many of them.  The age of the driver, the year make and model of vehicle, claims history, and driving record are ones that most people know about.  There are many more that you undoubtedly don’t know about.

Credit is the one that people are becoming more accustomed to.  Prior insurance is another you may not know about.  Did you know your prior insurance limits play a role when you are shopping for a new policy?  Whatever your liability limits were on your old policy, play a role in pricing a new policy.

Two other ones that affect premium are prior severe damage to a vehicle and salvaged titles.  Vehicles that have been severely damaged statistically end up in more claims and costing the insurance companies more money.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #63 Auto Insurance Pricing appeared first on Dietz Agency.

Sep 26 2018

11mins

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Rank #8: Term Vs. Perm- What you need to know in 8 minutes

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Greetings!  In this episode, you will learn the difference between term, and permanent insurance.  Life insurance is the most important product I offer and it is crucial that you know how to protect your family.

https://itunes.apple.com/us/podcast/simply-explaining-insurance/id940721252

music by Roger Clyne and the Peacemakers

www.azpeacemakers.com

The post Term Vs. Perm- What you need to know in 8 minutes appeared first on Dietz Agency.

Nov 26 2014

8mins

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Rank #9: Simply Explaining Insurance #70- Trees falling on houses

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If your tree falls on your neighbors house and no one hears it, is it covered?

I jest a little, but this question gets asked regularly in my agency.  I did some research with a claims supervisor and found out that trees falling on houses, are considered an act of god.   Acts of god are covered on your homeowners policy much like a wind storm or hail storm.

Whosoever house is damaged is whose policy is used.  If your neighbors tree falls on your house, it’s your policy that is used to fix the damage.  I am sure you are wondering, what if the tree was dead and my neighbor is negligent?  You would need to prove with a paper trail, that this topic has been discussed between you and your neighbor. Then you would have to show that nothing was done to rectify a potential hazard.

I discuss a few more scenarios in this 7 minute podcast, including, public trees, trees damaging cars, and how to cover trees on your policy from wind and hail.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #70- Trees falling on houses appeared first on Dietz Agency.

Nov 28 2018

8mins

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Rank #10: Simply Explaining Insurance #74- Deductibles

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Deductibles are a part of just about every type of insurance policy. It is what you will pay in the event of a claim and the higher your deductible, the lower your premium.

I think it’s smart to look at your options and run the numbers. In some cases, raising a deductible on your auto from $500 to $1500 could save hundreds of dollars per year on your insurance.

You could carry a very high deductible on your home. I had a conversation with a client who wanted me to run some different deductible options on her house. We have a ton of options. $500, $1000, $1500, $2500, $5000, $7500, $10000. We also have percent deductibles. You can pick a 1%-5% deductible. This means your deductible would be 1% of the building coverage of your home.

If your house is covered for $500,000 and carried a 1% deductible, you would have $5000 deductible. You could carry a 5% deductible which would make it a $25,000 deductible. This could lower your premium 70%.

You can also carry split deductibles. For example, $1000 deductible but $2500 for wind and hail. All kinds of fun options are available for you out there!

It’s a good idea to talk to your agent and calculate which package is right for you!

The post Simply Explaining Insurance #74- Deductibles appeared first on Dietz Agency.

Jan 17 2019

7mins

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Rank #11: How a workers compensation policy works.

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Today’s podcast in on Workers Compensation.  This is a vital part of your commercial line protection plan.  The moment you hire a W2 employee you have to put this policy in force and it will pay for their medical expenses if they are hurt on the job.

This podcast covers:  What the policy covers, how the policy premium is determined, the audit process, and the difference between protecting W2 employees and 1099 subcontractors.

Simply Explaining Insurance on Itunes

On Android use Podcast Addict and search for “Simply Explaining Insurance”

My Website

Music by Roger Clyne and the Peacemakers

The post How a workers compensation policy works. appeared first on Dietz Agency.

Aug 20 2015

11mins

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Rank #12: Simply Explaining Insurance #61 Medical vs Liability

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Many of your insurance policies have two lines of coverage called “medical” and “liability”.  The coverage offered inside of these are similar, but they are triggered in different ways.

In this podcast I discuss the difference between the two.  With medical, generally, fault does not come into play.  With liability someone has to be liable.

I had a client recently who had her sister over and she fell and hurt her hip while in his house.  Medical coverage would be available to her regardless of how she hurt herself.  Liability would be available only if the homeowner was liable for her fall.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #61 Medical vs Liability appeared first on Dietz Agency.

Sep 05 2018

5mins

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Rank #13: Simply Explaining Insurance #82- Service lines and Equip. Breakdown

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The carrier that I work for just added two exciting endorsements to our latest homeowners policy. If there was ever such a thing as an exciting endorsement to a homeowners policy, this is it.

This first one is a service line endorsement. It covers things like, the main water line running to the house from the street. If that sucker springs a leak, this endorsement will cover the excavation and repair of said pipe. Many homeowners policies do not have this coverage. You can add this on our policy for a whopping $25 month.

We are also adding an equipment breakdown coverage which covers what I call the “guts” of your house. Things like your HVAC system, your water heater, appliances, etc. This is close to an aftermarket home warranty program. If your furnace goes down, there may be coverage. If a power short affects your appliances and they are damaged, there is coverage. This is all for $35 year.

I have had instances in the past where clients have called up and asked about specific scenarios that did not end up being covered on their homeowner policy. A main water line leak and a power surge. I had to tell my clients that I was sorry there is no coverage. Now there is!

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #82- Service lines and Equip. Breakdown appeared first on Dietz Agency.

Mar 18 2019

6mins

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Rank #14: Simply Explaining Insurance #52- Slow Leaks

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Slow leaks in a home are the worst.  They generally not covered on most homeowners policies.  Water is covered from when the loss is “sudden and unexpected” like a burst pipe.  Things that are generally not covered are wear and tear and neglect.

As houses age, things break down.  It is the obligation of the homeowner to do what is necessary to keep it safe.  What are some things that can be done to locate slow leaks?  Here is a great 6 minute video showing some thing you can do to see if you have a slow leak.  Things like looking at your water meter, checking your water bill, stains on the ceiling or floor, checking your crawlspace for water and more.

This is a frustrating conversation for all parties involved if there is damage that isn’t covered so I wanted to share some things that you can do as a homeowner to prevent these things from happening.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #52- Slow Leaks appeared first on Dietz Agency.

Apr 18 2018

5mins

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Rank #15: Simply Explaining Insurance #91- “You hit me”. “No, I didn’t”

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Parking lot accidents are zero fun. I had a client go through an experience recently that was excactly that. Zero fun.

My client claimed to have barely touched the other’s vehicle. There wasn’t even a mark on her car. The person she hit, claimed that she struck him so hard that it caused his car to leak oil, and it was not drivable.

These are tough situations where I recommend getting claims involved. My client was willing to try and settle this without insurance which I applauded. If it was indeed a scratch and both parties agreed on the damage, handling it on their own is absolutely ok.

When there is such a gaping chasm between one story and another, file a claim. Claims adjustors are trained to be able to tell how much damage was done in an accident and can tell if prior damage is present. If the kid had a leaky engine before the fender bender, the insurance wouldn’t cover that. We would buff out the scratch and that would be that.

It’s best to call your agent and in cases like this, file a claim.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #91- “You hit me”. “No, I didn’t” appeared first on Dietz Agency.

Jun 18 2019

6mins

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Rank #16: The Anatomy of your Homeowners Policy

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Your home is probably your biggest asset.  Shouldn’t you know the proper way to protect it?  In 8 minutes you will easily understand what makes up a homeowners policy.

My website 

Music by:  Roger Clyne and the Peacemakers.

Find the podcast here:  Simply Explaining Insurance

For android- Podcast Addict. Search for Simply Explaining Insurance

The post The Anatomy of your Homeowners Policy appeared first on Dietz Agency.

Feb 07 2015

8mins

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Rank #17: Why my kids have life insurance (and maybe yours should too)

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Life insurance for kids sounds like a strange premise.  It can also be a polarizing subject.  I would only ask that you learn about the benefits of the product so that you can make an educated decision of if it is right for your family. Talk to a licensed insurance agent who offers the product and has sold it.

The benefits of purchasing a life insurance policy for your children are:

  1. Guaranteed Insurability
  2. A living benefit that can enjoy compounding interest for over 50 years
  3. A death benefit

Simply Explaining Insurance on Itunes.

The post Why my kids have life insurance (and maybe yours should too) appeared first on Dietz Agency.

Dec 03 2015

6mins

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Rank #18: Simply Explaining Insurance #54- Commercial auto insurance?

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Should you carry a commercial auto insurance policy?  This is a question you should ask yourself if you are self employed, or if you own a business.

A regular personal lines auto policy is there for an average daily use vehicle.  It is for people who commute to and from work, run errands, take the kids to school and activities, going to social events, etc.

Anything on top of that, you want to have a conversation with your insurance agent.  If you are driving your car for work to go to sales meetings there is a provision on some personal line policies called “business use”.  This expands the coverage on the policy.

If you are taking clients in your car, like a realtor, you want to make sure that you have enough coverage on your policy, but your personal line policy, may still be right for you.

You should carry a commercial policy if the vehicle is owned by the business or if the vehicle is used by employees for the business.  If you are going to and from job sites every day, or hauling equipment for the company, you should have a commercial policy.

Listen to the podcast to hear my thoughts on when to consider covering your vehicle on a commercial policy.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #54- Commercial auto insurance? appeared first on Dietz Agency.

Jul 03 2018

7mins

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Rank #19: How you pay, determines how MUCH you pay.

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This is a short and sweet podcast that explains some of the details on insurance billing.  It isn’t the sexiest of topics, but I will teach you how to get the most out of your insurance dollar.  Since you will be paying for insurance for the majority of your life, knowing this can save you thousands of dollars over a lifetime.  Check it out….

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post How you pay, determines how MUCH you pay. appeared first on Dietz Agency.

Mar 31 2016

4mins

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Rank #20: Simply Explaining Insurance #57- The #1 Life insurance mistake

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.I have had some uncomfortable conversations with some clients regarding their life insurance.  It has come from clients I have absorbed over time from other agencies. These clients weren’t counseled properly on how to fund their permanent life insurance policy.

Permanent life policies are a different animal and they require a small amount of constant work.  What ends up happening, is the client funds this policy, but they underfund it.  You can start these policies with a small monthly amount but over time, the cost of insurance in some of these (mainly universal policies) will increase.

These policies have a separate account for cash.  That cash can grow over time.  When the policy is funded properly, it can grow ALOT.  If it is underfunded and you are just essentially taking care of the cost of insurance, it will never do what it is intended to do.  If this is your strategy, term life insurance is the best way to go.

The best course of action, is to overfund these polices from the start so that the cash grows.  As the cash grows, the magic of compounding interest kicks in, and the interest and earnings will greatly outpace the increase in insurance costs later in life.  It is highly recommended that you get with your insurance agent regularly, to make sure that these polices are on pace to perform properly for you.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #57- The #1 Life insurance mistake appeared first on Dietz Agency.

Aug 09 2018

8mins

Play