Liz Weston
speaker
110 appearances
2 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Liz Weston’s voice in public audio — every appearance, attributed to the second.
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Yes, and in this week's episode, we're going deep on insurance that's supposed to help you protect your income if something happens to you and you can't provide for yourself or your family. In other words, you are either disabled or you die. Liz, nobody wants to talk about this stuff. I know, I know, but everybody really, really needs to.
Sean, this is so incredibly important and too many people ignore it. Insurance of all kinds is meant to protect you from costs you couldn't easily pay out of pocket. But too many people who need certain types of insurance just don't have it. And others get talked into buying policies they don't need, right? Yeah. Absolutely.
There's a reason life insurance salespeople don't have, shall we say, the most positive of reputations. But that doesn't mean you should stay away from the concept altogether. Now, we're not here to tell people what to do, but I think it's worth hearing the case for having some sort of financial backstop if that thing you think will never happen to you happens to you.
Yes, one place where people tend to be critically underinsured is their income. How would you get by if you could no longer do your job? How would your loved ones manage if you're no longer here? Disability and life insurance can help fill the financial gaps if something bad or something worse happens to you.
So today we're going to look at all the different types of insurance that can protect your income because open enrollment is a great time to review your options.
We're going to start with life insurance, and our guest is fellow nerd Ryan Brady, who covers insurance. Ryan, thanks for being here. Great to be on, Liz. Thanks for having me. All right, give us a scoop. What even is life insurance? How does it work when you're getting it through an employer plan?
Okay, good. Now, at what point in your life do you want to start contemplating getting this kind of insurance? Should it be earlier in your career, mid-career?
Oh, and I think I know why.
I think a lot of people are in the same boat. They don't think about it until the first kid comes along or sometimes when they buy a house and have a mortgage with somebody else and they realize, oh, if something happens to me, they wouldn't be able to keep the house.
Now, we've been talking about this as a benefit of employment. Don't some employers just give you some life insurance, almost whether or not you want it? And how much is that usually?
Ryan, is that generally enough coverage? And if not, what kinds of coverage could you get maybe through supplemental insurance from your employer?
And we'll have a link to that in our show notes. Now, Ryan, do you have to do a medical test to qualify for that extra coverage?
Okay. Now what happens to all of this if you decide to quit and go work for another company? Can you take these policies with you?
And you mentioned when people are older and less healthy, group insurance can be a better deal. It sounds like the flip side of that is if you are younger and healthier than your average coworker, you might be able to get a better deal on your own.
Now, let's say you bought these policies and you're covered when you die. Is there anything that can happen that could keep your loved ones from getting a payout?
If you're contemplating getting more life insurance and you're automatically offered, how do you decide between going for a supplement through your employer or getting outside insurance? What are the upsides and downsides of these options?
All right. Well, I feel like we have a good handle on life insurance. So let's move on to another aspect of employer benefit plans. And this one has a much grimmer name. It's called accidental death or dismemberment insurance. So how does this work and who should consider it?
And what would make you or your survivors ineligible for the benefit? We talked about life insurance exclusions, and I assume they're similar here?
That sounds like a lot of restrictions. Is this actually a substitute for life insurance?
Ryan, you've given us so much great information. Thank you for taking the time to talk with us about these issues today.
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