Ashlynn reviews a client's whole-life and mortgage-protection insurance policies and recommends consolidating several small ones to cut overlapping costs. One employer policy stays as is. They do the math on premiums and coverage, then chat about the client's recent 70th birthday.
Questions this video answers
$63,600
$38,600
$333.75
Mortgage protection $115; another policy $95; one policy $57.50; Lumico $65
70 ("you've got 70 years young" / "you just turned 70")
Chapters
The paperwork. Okay. Okay. So the sika is. The purpose of it is to pay the loan for nine months. Right. So who are you wanting to pay the loan for? Okay. Okay. Okay. So you mentioned you have other whole life policies. What other whole life policies do you have? Okay, so you've just got a. This is what I'm going to do. Because you've got a whole lot of policies out there, and I really think that we need to consolidate. Okay. Do you know who his name was? Okay. Okay. Okay. Okay. You know what his name was? Okay. That's. Okay. Okay. I like the honesty. Mm. That's crazy. Okay, I'm not going to hang up on you, I promise. Okay, so the other one you said lumico. Okay. Do you know how much you're paying on that one? It's usually on there. It's usually like the second or third page. Does it say annual? Because I can do the math for you. Okay. Does your premium go up? Okay. Okay. Okay. So it goes up. Okay. Okay. Okay. That's what I was gonna ask. Okay. Okay. So it does. It goes up. It seems like every couple years it's gonna start going up. Yeah. Okay, that makes sense. Okay, and then your other one, I have that one pulled up so I can pull that one. Let's do this. Divided by 12, so it's 57, 50. Okay, so tell me if I'm wrong, but you've got 1, 2, 3, 4, 5 different policies that sound right. Okay. Okay, let's do some fun math here, because the one I'm not gonna touch and look at even consolidating is your work 1. The reason I'm not is because that's good. You're not overpaying for that. It's 25,000 for 51 bucks. Leave it. Make sure you pay it every month. So I'm going to include the work one at first just so you can kind of like, we can kind of see how much you have total with the work one. And then I'm taking the work one out of it because to. Because like I said, there's no reason to touch it. There's no reason to touch it. So. Okay, so let me put the work one in here. See, I was never good at math in high school or in any grade, so I have to use my calculator. I have to use my calculator. Okay. Let me make sure I've got this all. 1, 2, 3, 4. Okay. Yep. Okay, so including the work one and your mortgage protection, you've got 63,600 sound right. Including the mortgage protection. The reason I'm including the mortgage protection because I'm going to be honest with you, mortgage protection is a form of life insurance. It's just. It was just created to pay. The whole point of mortgage protection was to. It was restructured. Yep. Yes. So it was. Mortgage protection was restructured several years ago. It used to be part of the loan. It used to be taken care of when you closed on the loan. It's not anymore, as you can tell. And so you own it, you control it. But any way you look at it, mortgage protection is a form of life insurance because it will pay out if you passed away. So that's why I'm including the mortgage protection. So all of it together, you've got 63,600. Okay. Now taking your light, not your life, but your. Your life insurance through workout, even though you're retired. Right. And you just took it with you from work, which is super nice that they let you do that. Most of the time they don't. Yeah. Most of the time when you leave or you retire, your, your employee benefits, like what you had for life insurance or health insurance or any of that goes away. So it's really. And they make you pay the increase. So the fact that they let you take it, keep it. Maybe. Hey, those are some perks. Moral code. We like to see it. Okay, so when we take that insurance policy out, then you've got $38,600 in coverage. That's including the mortgage protection that you already have. So what I'm going to look at is because what happens is when you have it all split up to all these different policies, you end up paying more than you need to. Does that make sense? Because you've got 115 for the mortgage protection, 95 for the other one, 57 for this one, and you've got 65 for Lumico. So out of those, just those four because we're not touching the work insurance. So out of those four, what you're paying monthly. If my calculator. My fingers will move quicker. Is. Let's see. Okay. Where you're paying monthly is $333.75 for all four. Okay. And then if you include the work one, It's. It's about 400. Okay. We'll call it 400 or 370. Whatever it is, it's a little under 400 when you include the work insurance, but without the work insurance is 333. But you're paying 333 for 38,000. And you're only 70 years young. Right? You just turned 70. Oh, you just had a birthday. Did you have a good birthday? Good. Did you get spoiled? Oh, that sounds so good. You're making me hungry. That sounds really good. Do you have any grandkids? Okay. Okay. Any great grandkids? Oh, I love that name. So you don't have any great grandkids. You're too young.
