As long as humans have been taking risks, we have been looking for ways to mitigate those risks. Insurance, while a very popular risk transfer tool, can be complex and easily misunderstood. On this episode of The Unlimited Podcast, Brian speaks with Simon Kay of IPS insurance, who provides an Insurance 101 lesson, focusing on insurance for individuals and families.

Brian and Simon discuss different types of insurance, how to determine how much insurance you need, individual vs. group coverage, and more.

Simon is the President of IPS Insurance, a specialized insurance advisory firm with a very unique private underwriting approach to determine insurability. Simon is an insurance industry veteran, having started his insurance career back in 1988 as an insurance agent at London Life. More recently, Simon is a founding investor in Fairgrounds, a free-to-join racquet club focusing on Pickelball and Padel – some of the fastest growing sports in the word.

Timestamps

0:00 Disclaimer, History of Insurance, & Intro

8:58 Needs & Efficiencies

14:22 What is insurance?

18:23 How do insurance companies work?

24:06 permanent vs. term insurance

34:38 Tax benefits of insurance

39:01 Who is each type of insurance for?

45:23 The importance of disability insurance

53:22 Individual vs. group insurance

56:44 What is Fairgrounds?

1:02:25 if Simon could do anything, what would it be?

1:05:07 Outro & disclaimer

The original article for Brian's summary of the history of insurance can be found here.