GMB Ep #140: Here’s Exactly What To Do With Your Old Life Insurance Policy

In our financial planning firm, we come across many people who are raising the question of whether or not their old insurance policies are worth maintaining. However, it is important to know that there are certain ramifications and complexities are associated with getting rid of an insurance policy. In this episode, Grant dives deep into important considerations related to choosing, maintaining, or terminating insurance policies.

 

 

Show Notes

[02:28] Purpose of Insurance – Grant discusses the purpose of insurance policies and how they create a safety net for you and your loved ones.

[05:50] Do You Really Need Insurance? – Grant explains how to determine whether you really need life insurance, given the nature of your existing insurance policies, your financial status, and income streams.

[09:08] Types of Insurance – Grant describes the two main types of life insurance and how to determine which is the right type of policy for you.

[13:00] Cost Breakdown – Grant explains the cost breakdown of insurance policies.

[17:01] What to do With a Permanent Policy – Grant shares some options for people who no longer need their permanent policy.

[28:33] The Right Option – Grant explains how he helps clients decide which option is best depending on their financial status and goals.

[31:59] Insurance Products That Actually Make Sense – Grant shares his take on some of the legitimate use cases for some common insurance products.

 

Resources

GMB Ep #99: Maximizing Workplace Benefits With FSAs and HSAs

 

The open enrollment period for Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) is approaching. During the enrollment period, employees can enroll in or amend their contributions for the future year for FSAs and HSAs, which they can use to pay for their healthcare-related expenses. We dedicated today’s episode to taking a deep dive into several vital facts related to FSA, Dependent care FSA, HSA, and the numerous ways to maximize your workplace benefits under each of them. 

 

 

Show Notes

[04:37] Flexible Spending Account (FSA) – Grant explains what FSA means, how it works, and who can contribute.  

[07:55] Plan the Health Expenses – Why it is essential to forecast the health expenses to pay them on a tax-deferred basis through FSA versus paying out of pocket. 

[09:18] Spend the Fund at Pharmacy – Beneficial features of FSAs, such as the ability to spend the funds at a pharmacy, and why having this option is significant. 

[10:10] Dependent Care FSA – Grant explains the purpose of a Dependent Care FSA, its benefits, and several facts to keep in mind if you are considering using one. 

[15:30] HSA – How to contribute to and HSA and the fantastic tax benefits and investment opportunities that come along with it 

[19:12] Eligibility for HSA – Grant explains the eligibility requirements for HSAs, including having a High-Deductible Health Plan (HDHP). 

[26:00] Connection to the employer – Grant discusses the connection between your HSA and your employer, and why employees can take their balance with them when they’re switching employers. 

 

Resources

What Is a Flexible Spending Account (FSA)?
investopedia.com/terms/f/flexiblespendingaccount.asp 

 

What Is a Health Savings Account (HSA)?
investopedia.com/terms/h/hsa.asp