February 20, 2025

All About Insurance

19 minutes

Hosts: John and David Thompson

Episode Summary:

In this episode of SMPL Money, John and David discuss the various types of insurance—why it is essential, how it works, and how to choose the right coverage based on your needs. They break down the misconceptions surrounding insurance and explain why having the right policies in place is a crucial part of financial planning.

What You’ll Learn

The purpose of insurance and why it is necessary

Common misconceptions about insurance and how to view it as an asset rather than an expense

Key differences between term life insurance, whole life insurance, and investment-based life insurance

The importance of health insurance, employer-sponsored plans, and selecting the right policy

How homeowners and renters insurance works and why coverage should be reviewed regularly

The role of umbrella insurance and who should consider it

When to start thinking about long-term care insurance and how it fits into financial planning

The importance of disability insurance for income protection

Timestamps

[00:00] Introduction – Discussing public perception of insurance

[01:30] Misconceptions about insurance – Why people often see it as unnecessary

[03:00] Life Insurance – Types, benefits, and when to consider getting it

[07:00] Health Insurance – Employer-sponsored plans, HSAs, FSAs, and choosing the right policy

[10:00] Homeowners and Renters Insurance – Ensuring adequate coverage and avoiding common mistakes

[14:00] Umbrella Insurance – What it covers and why it is beneficial

[16:00] Long-Term Care Insurance – Why it matters and when to start considering it

[18:00] Disability Insurance – How it protects your income and why it is often overlooked

[19:00] Final Thoughts – Reviewing policies annually and seeking professional guidance

Resources Mentioned

Insurance Comparison Tools: Policygenius, NerdWallet, The Zebra

Government Resources: Healthcare.gov for health insurance, National Association of Insurance Commissioners (NAIC) for general insurance guidelines

Books on Insurance and Financial Planning:

The Truth About Money by Ric Edelman

The Total Money Makeover by Dave Ramsey

Connect with Us:

Reach out to John and David with your questions or feedback. SMPL Mortgage

If you enjoyed this episode, please like, share, and subscribe to SMPL Money for more insightful discussions. Stay tuned for our next episode where we continue to unravel the complexities of finance in our lives

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By SMPL Team