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4 Ways to Buy Term Life Insurance

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
November 4, 2020 7:03 am

4 Ways to Buy Term Life Insurance

MoneyWise / Rob West and Steve Moore

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November 4, 2020 7:03 am

Having a wide selection of products is usually a blessing when you’re shopping for groceries or clothing. But having a variety of options can be confusing when you’re buying life insurance to protect your loved ones. On the next MoneyWise Live, hosts Rob West and Steve Moore walk us through the selection process. It’s 4 ways to buy term life insurance on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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When you buying a car you probably look at everything in your price range having a wide selection is usually a blessing to be confusing when you're buying term life insurance. There are several ways to buy term insurance to protect your loved ones and the Internet has added yet another layer of complexity that a financial planner and teacher Rob West watches through the selection process manager falls on anything financial at 800-525-7000 800-525-7000 nine Steve Moore ways divide term life insurance. That's not right here on moneywise life give a tip of the head were expert Clark Howard for identifying how different companies sell their policies. We almost always tell folks choose term over whole life policies are your universal life but today we want to show the different ways that you can do that right well that's right Steve, because as you said, it can get a little confusing to say the least. Scared me so let's start with buying directly from an insurance company. By the way, no matter how you buy a term life policy. You always want to choose a company that has an A+ plus rating and you can do that in a M. Best.com so buying directly from a company.

This is for folks who like to deal with an older established insurer and most of the big-name insurance companies would fit into this category. Many of these companies have been around for more than a century and a great stability when you buy through them. You'll probably have to deal with an agent on the phone who will take you through the process. Okay, that seems reasonable and mean, how else I would you buy life insurance. Well several weights. In fact, I'm glad you asked. Another way would be to use a comparison site of this would be for folks who want to price shop in a hurry. I'm not going to name them, but you probably hear ads from them all the time. These actually aren't insurance companies themselves. What they do instead is gather price quotes from several different insurers as a convenience to you and when you choose the policy you actually buy it from the company that offers it and they get to a small kickback okay buying a policy that way one would assume would save lots of time it just because you only have to enter your information. One time in stead of having to do it over and over again a lot of different insurance company websites. That's the good part. The bad part is some of these comparison sites only deal with a select group of insurers, so you might not see the best quote.

If they don't have an agreement with that particular company you don't. You mention kickback. I am curious about how these comparison sites make their money is that pretty much the way they do well to ways. In fact, they might sell ads on their site so if they generate traffic. Obviously they get paid for each of those views and then commissions from the insurer you choose a policy with yet I didn't mean to suggest that kickback was anything bad or illegal.

Maybe commission might be the better word here to down what's the next way you can buy term life. You can also buy a policy through a new company or brand that's associated with one of the bigger legacy insurance companies and how would someone do that well you have to keep in mind that these new companies have the stability of the older companies the back them financially but this is largely in the digital realm that there for folks who don't want the hassle of talking to an agent. I would rather apply for a policy on life give you an example, and this is an endorsement but a haven life is backed by MassMutual company that's more than 100 years old.

So if you find a great quote online from a fairly new company that you may not have heard of before. Check to see if it's backed by one of the traditional insurers if it is you get that measure of reliability while still working completely online.

Interesting okay will that's that's the way number three. What's the last way to buy term life insurance yeah this one is great for people who want to buy life insurance without having a medical exam it's called simplified term or instant issue. How do you do that must be some sort of catcher three. As a matter fact it will get into those in a minute with a simplified term policy. Again, there's no medical exam and you can usually apply online and get an answer right away. Now several smaller companies specialize in this type of policy, but several of the larger legacy insurers offer at least one simplified term policy. These are great for people with pre-existing conditions who want access to life insurance. I do have time to mention those three catches you mentioned maybe we do that right after the break and low impact as I know no medical examination must be interesting, particularly if you just broke your leg to get back to that and will also get here calls on anything financial. This is moneywise live 800-525-7000, open line 800-5257 buying a home is the largest most nerve-racking purchase.

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This Jesus who died for you and me. The Jesus who rose again. Do you nine this Jesus, I ask for you that is robbing you of freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt percent faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not or call 800-557-1985 today is moneywise live, your host is Rob West taking your calls today at 800-525-7000. I'm Steve Moore were talking term life insurance for just a few minutes and we open the lines for any sort of financial question before the break we were talking about something called simplified term or instant issue term and apparently with this type of life insurance policy. You don't have to have a medical checkup, work room will that's exactly right now. I keep in mind, the death benefit with a simplified term policy tends to be smaller. Also, the term is likely shorter and finally and it will probably cost more than a regular term policy that includes a medical exam but essentially it's for people with pre-existing conditions that don't want to go through medical underwriting. They're willing to pay a little bit more again take a little bit last with the shorter term and the insurance countries are willing to do it because you're just paying the mortality expense and an elevated rate, but the bottom line is there are multiple options we get so many calls from people asking whether they need insurance how to go about it.

Hopefully this helps you as you explore some price shopping and looking for the right fit for you in terms of who needs it. Let me just finish with this steep hill. We always say the same thing you need life insurance of someone else, usually a spouse or dependent child needs your income. It's intended to replace lost income should something happen to you.

So if you don't have any dependent somebody counting on you, who would either be harmed financially through your loss of income at your death or somebody who would incur an additional expense or liability as a result of your death and you don't have any of those people in your life and you don't need insurance. Perhaps you've gotten to a place where you have the proper savings and maybe you're not even working anymore, so there's no reason to pay for what would often be very expensive life insurance premiums in that season of life. When that is unnecessary. So the goal is to not eat it any longer and to drop it.

But while we need it. We need to make sure were properly insured and the very best, most cost-effective way to do that is term insurance Rob what about buying life insurance because you want to leave some sort of inheritance to your children and you've not done a great job in saving and investing, preparing, and that reality yeah you know that's not my favorite option.

Keep in mind, you would have to have a policy that last throughout your life, which means it would get very expensive because insuring you up to death in an older age is not done well. Talking about something unforeseen happening during your working years. If you wanted to policy the last throughout your life. It would get very costly in those later years, so putting all that money into a policy just for inheritance. I'd rather see you only have the death benefit you need for the years that you needed pay as little as possible in an insurance premiums and then save save save and other vehicles that aren't attached to an insurance contract make sense okay and we get the phone number one more time. 800-525-7000.

In addition to the phone number let me also remind you that if you'd like to send a brief email question to Rob you can do that.

Just a couple of lines. If you want to hear it read on the year and that address is questions@moneywise.org questions@moneywise.org and Rob. We just happen to have one that came in recently. This is from Teresa. She says we have four kids and need some guidelines for them to handle their own money.

We like the idea of having them tied. Save and spend what percentage should each category be and how should we handle the money given as gifts for birthdays versus money that they've earned from chores. Yeah, let's break that down. Great question into two. The first part of that is how should you encourage your children to break down what they're receiving in terms of give save span. I would say that depends on the age because when they're younger and were talking about smaller amounts of money. Maybe they received three dollars as yellow a being paid for and not a commission but their allowance and so it's very easy to say let's do 1/3 of third third right will put a dollar and give the dollar and save a dollar spent as they get older you want to start to teach your breaking it down into real percentages so perhaps you do the 10th at 10% for giving or 20% and then maybe split the balance between giving us give me saving and spending up so I think you need to approach it. Based on the age the lessons you're trying to teach and remember your training future adults so you want to begin to develop some of those habits. On the second piece of this is should we cheat treat gift money differently than the money that they're getting for allowance or for work around the house and I would say no. Let's start to establish that any money you receive is your increase and therefore we should give on it first and then you help save and then live on the rest so I wouldn't treat those differently at all. In fact okay if you don't mind Rob as an older guy now that I have grandchildren. As I reflect back on this. I just want to recommend and suggest that you you try to make this activity of giving and spending and saving is something that's fun, relax a little bit and if if God doesn't get that extra $0.50 because they bought some bubblegum with that the world will continue to spin.

It doesn't mean your child won't follow Christ as their later years make this you know a reasonably fun activity. It doesn't have to be. You have to play hardball all the time with every child and I'm hoping you'll agree with me on this all absolutely.

You certainly want to make it fun.

Remember modeling. This is the very best way to teach it so since the child asked for something, rather than say no we can't afford that. Take the time to say you know what were not in a buy that because we have limited resources, and by the way Johnny or Sally. We live on a budget and you we have a certain amount allocated to gifts or a certain amount allocated to eating out. I haven had one dad, Steve who told me he cashed his entire paycheck and 20s and 50s, and I piled it up in the middle of the dining room table, got the kids around and actually showed them how quickly it was distributed to all the various categories and there was nothing left, which, at the right age gave them some perspective of how quickly the money goes toward the needs of the family and the other discretionary spending item. So make sure it works for you, but I think you need to find those real-life practical examples as you train your children. This sometimes works when your children ask for something. Tell them ask grandma and grandpa, I'm finding that that that that approach often that it works well on you. I'm sure you let's go to Iowa hey Brenda, how can we help yeah I have a child that is a senior in college, I asked quite expensive college $50,000 a year is doing quite well.

I have a lot of faith and confidence in him at the time that he decided on that his father and I were still together, but we have since divorced and I am financially responsible for him in the course of the time. I have cosigned loans for him and so if anything happens to him. I am looking at being on the hook for about $80,000 in loans on him and I have thought about and look into taking out a life insurance policy on him. He's in Florida I'm in Iowa and the last address was in South Carolina and that's been a problem to get life insurance for him because the agent can't write anything for him since he's got a South Carolina address.

He's not really been in Iowa with me. He doesn't have a Florida driver's license or identification of any help you can give any advice you and I am I doing right time for taking out a life insurance policy on him and any other part of my question is how my previous job I left. I have been able to continue paying the premium for the term life insurance policy hundred bucks every six months for myself. My ex-husband and my kids doesn't really benefit me to continue to pay $30 every six months on my ax in case anything happens to him.

I can be able to get that are not yeah okay so lets us break these down to the first one is related to your son and you cosigning on this. So what will be a large student loan debt and bill under the terms of just about all personal loan contracts the death of the cosigner doesn't relieve the other cosigner's responsibility.

So you are right to be thinking about that even though you unless there's a real medical issue.

Obviously, this would be a very remote situation, but I think you having the peace of mind to offset that risk through insurance, which term insurance for a specified period of time. What's even 10 years of that's the length of time you think you think you will take to pay this offer 15 or 20 years on his life as a young guy who's hopefully so healthy will be very inexpensive so it wouldn't cost a whole lot of money at all to carry that policy and alleviate that stress or burden, and I'm a little perplexed by this issue of the euro his residence versus where he's living right now and the documentation for that in his ability to qualify for life insurance.

I do a little bit more digging on that. Perhaps call some insurance companies may receive. You can find a life insurance agent in your church or you could connect with a certified kingdom advisor there where he's living where his current residence is and asked for some help. You can find a CK a Brenda begun our website moneywise live.org just click on find a CK a and I think that would be helpful to you. Just get a professional involved. You can help guide you on where what state you need to take this out.

What documentation do you need to be able to get this policy in place because I think that makes a lot of sense. Why don't we come back in in just a moment though and talk about the second half of your question if you don't mind holding out like them will do that. Brenda, thanks very much. You stay on the line. This is moneywise the Rob West and Steve Moore. Our number is 800-525-7000 a wrong turn when it comes to money.

We all clear financial potholes this month. Moneywise the magazine is all about helping you make moneywise decisions with explicit articles to steer you in the right direction. You are free inspection is waiting for you right life.#everything makes the perfect people down there sealed thinks we were told God we are told God quite like maybe Journal what ever it would take what we have seen God do you care to carry thinking carry thinking tomorrow we can after time we got when you were going through the question on our mind was coming because their guard followed down here with today's online experience 21 years agree with you more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Alcorn breaks it all down in a simple, easy to follow format that makes it the perfect reference tool if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise on.org five Rob West phone calls of eight 525-7000. Brenda and Brenda will what was that that that last question you asked us about. Yeah, previous job, I was able to bring along termite and I had it relatively inexpensive at the time I had myself, my husband and my kids on it since the night before and I've been paying $30 every six months to keep my ex-husband on their is am I in trouble were not married anymore. I mean no, so this is a policy on your life. Paid to any beneficiary. The question is, what's the purpose of the policy. You know is there to be any kind of financial hardship for any of those beneficiaries. If you were to die so I think that's the question just because the policy is available to you at X dollars a month. I think we've got a backup and asked the question, what's the purpose of it. You know who is that payout for and is there a real need there that's tied to either a loss of income or an additional expense that any one of these beneficiaries would incur upon your death.

Does that make sense not a question okay that I missed the Dragon sorry there is 100,000 on me with Mike. It is the beneficiary right and then. Like a $50,000 policy on my husband and I sent yes okay on something and then each of the kids. I think I like either 10,000 or $20,000 policy on by some really good benefit at work and so I'm I miss that. You obviously is always your paying for that policy. It's on his life, you're the beneficiaries. The question is who's the policy owner and that would be the operative question, but to the extent to help his passing would create a financial hardship for you.

Perhaps a loss of an income stream that you are getting yelled during his life, even though you all are divorced, then this the proceeds of this could to continue through the death benefit there, so there's nothing wrong with that or unethical about it.

The question is just if you're the policy owner is that something you want to continue to pay on because it makes sense for you to have it so hopefully that's been helpful to you and and by the way Brenda as to your first question Steve. I think our next caller may have some insight there on how to help her son get a policy that's what I'm seeing Joe's in Michigan. Joel, how can we help you and how can you help us see if I can help it out it all with the light agent that have been for many many years and I'm just talking about her son being in Florida, South Carolina. She was in Iowa rules nontraditional life insurance just on basic term insurance as long as the agent is licensed in the date when a person live. That's where the policy is signed everything fine. So the agent does not have to be living in Florida, the agent, like for example, rather than Michigan. I could be licensed in Florida which exit I was like what so I'm actually like to Florida I could write a policy on individual Florida long as the policy document is signed in Florida in the agent licensed in that state define yeah yeah sure does John. That was really helpful and I'm sure Brenda's listening right now and I can take advantage of that information, making sure she finds an agent either there or someone whose license there and can write the policy so that her son could sign that there in that state and the coverage could be put in force that's greatly loved Joe and we appreciate your generosity and your willingness to help us out today. Thank you very much to Utah John just a couple of minutes what your questions are pretty quick for most my working years. I had a term life insurance policy and about $100 a month.

325. In the event I die. It won't change until I'm 70.

And then obviously it jumps way up and in my smart just keep doing that right up until can't look yeah John you know I think obviously it's very inexpensive. I think the question would be is there a point at which prior to age 70. You no longer need that death benefit and you could recoup that money put it right back in your monthly spending plan because you you've saved and you now have other income sources, and if something were to happen to you. Nobody is depending upon you for that death benefit if that's the case then I think you could drop that policy early. As soon as that is the reality in terms of a spouse or dependent child John, thank you very much hope that helps you and were glad you're able to hang on so we can get you today.

Thanks very much. When we come back and say hi to Jules and perhaps take your call because we have three open lines at 800-525-7000 miles a great time to get in 800-525-7000 investing is more than just return it's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian at eventide. We design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining truly are Christian values and commitments.

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Find it all in master your son John Scott Joe Biden living above ground state of Wisconsin securing the state electoral votes. The president's campaign has requested a recount. Wisconsin victory for Biden bumps about 248 electoral votes, the president, with 214 now it takes 270 to win the presidency president from's campaign says it's going to temporarily stop the motel in Pennsylvania claiming lack of transparency, Justin Clark, the president's deputy campaign manager says the campaign is suing to stop Democrat election officials from hiding the ballot counting and processing from our Republican poll observers.

Clark also said the campaign would seek to intervene in an ongoing Supreme Court case involving the deadline for receiving mail in ballots such rallying on Wall Street that I'll pick up 367 points today. The NASDAQ had 430. This is SRN use first that I really like to know why situations are particularly custom situations that were all going through in our country today is from Philippians Philippians 4 do not be anxious about anything but in every situation by prayer and petition with Thanksgiving present your requests to God and the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus love that verse 800-525-7000 Minnesota and thanks so much for holding what you question for Rob West and have about 350,000 cash that we have capital one right now were temporary living at our cabin we can find a home in the area that money available immediately for a quick money and capital one right now you know I would be fine and with you having it in any bank, probably a savings account. The FDIC insured. What you may want to consider coming. You may be willing to have it in one institution. Typically, you would move it into two institutions because the FDIC's insurance policy just simply says that you can have FDIC insurance up to 250,001 bank and so it's per depositor per FDIC insured bank.

So in that case with a joint account you want to have that at the two different FDIC insured banks as to capital one over any other.

I like the online banks are getting a little better yield their capital one span 1/2 a point right now on their high-yield savings so you could use Marcus, which is the retail arm of Goldman Sachs, you could look at Ally Bank. I think they're both paying .6% you get a slightly better rate. But again, the one consideration beyond rate is just whether you want to spread it over to different institutions, but I like the idea of wherever you land linking that institution or those institutions up with your checking account so that you could transfer that money electronically on a moments notice when you're ready to make that purchase and the key here is to obviously not have any risk have the liquidity have the access, but earn a little bit of interest while you're waiting. So I think you're on the right track here. I would just consider perhaps spreading across to banks, to some extent not only all right and God bless you. Thanks and let your next you're calling from Akron Ohio home of the LLC home of the soapbox derby is, am I correct will. How can we help you with your mind today request in my AAA auto company anyway.

They wanted to show me a insurance policy for accident and it would be like $29 semiannually from me and $50 annually for my husband retired. We both retired and it offers hospital care, recuperation, outpatient care, and loss of life train debate. Should I get this policy or not. You know I this is obviously inexpensive and I think the key is being able to compare this against something else you know there are other policies out there that provide specific coverages like this, whether it be cancer insurance or a death benefit of some kind, and the question is for the benefit you're receiving is that an appropriate amount of money now that you're paying in terms of the premium and is it the right of your product for you in terms of what you're looking to accomplish AAA in terms of the strength of the institution is rated very highly excellent. If you look at the various rating companies and in terms of gap insurance or moped coverage or whatever various types of insurance they offer. I think the key is just make sure that you understand what you're buying and that there's not somewhere to buy it at a more cost-effective rate so I wouldn't say automatically get it. I think the key is what is it you're looking to cover and then do some price shopping and see if there's not a better place to pick that same policy up a great website to compare this particular type of insurance to AAA versus others would be nerd wallet.com Skype a silly website name, but they have great information nerd wallet.com they rate all of these and so I think you could look at this and compare it against another.

Some other options that does that help limit yet nerd wallet. Any RD wallet.com and should we take should we take their website seriously. Yeah there is one great site. Now it really is not a guy. Great information there on a whole host of issues whether you're looking for a credit card you looking for insurance options, student loans, savings accounts, there great comparison site and their editors do a great job with reviews in particular right and here's another email Rob it's from Eric he says dear Rob and Steve. Is it too early to think about taxes. Do you think a computer program like TurboTax will get me the same deductions as paying for alive accountant. The programs I ask all sorts of questions about my business and also the deductions only see by reading that correctly the programs as also some questions about my business and all the deductions.

I'm not sure if he suggesting he doesn't like that aspect of it or not, but to what he felt. Well I have some thoughts I would just say no because I hear the word business which tells me that you're self-employed. I would say no.

I would encourage you to connect with a tax professional CPA who can prepare your return. It's worth the cost to have somebody that knows what they're doing. The can look to maximize every deduction, especially with the business there so many nuances to that and deductions that you want to get right. I would say those online or software-based tool. Steve, although they can be very cost-effective in some cases even free. I would say only use those if you have a very basic return that your filing you're a W-2 employee. You're taking the standard deduction. There's really nothing out of the ordinary going on and even then I would consider a CPA if you have the ability to do so right great again. Our phone number if you'd like to get in. This is a good time to call. We have open lines available for you right now on anything financial 800-525-7000 toll-free obviously 800-525-7000 Rob with the events of yesterday and still a lot of things being kind of murky. Some people might be wondering why what does that mean what does the uncertainty of all that me maybe to the stock market Wall Street and in my retirement money any any thoughts about I do. Steve, you know, here's the bottom line. Economic uncertainty is certain and what we know to be true in every situation is that God is on the threat.

So here's the thing we were talking about how we manage God's money, whether that's money worth managing and spending on a daily basis or spending plan or money in our 401(k) or in the stock market. We always want to seek God's wisdom. James 15 if you lack wisdom, let him ask and we should be asking inviting God into our financial lives, and that applying his principles to how we manage money. So what is the principal regarding investments was pretty clear we should seek a return and we should invest for the right to reasons with the right time horizon. We should also be properly diversified.

If you're doing all of those things. Don't let an election in the pandemic. Anything that might result in temporary gyrations in the market thwart you from implementing a long-term investment strategy. Stay the course with God's money and over time, thanks very much. The financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst, and it splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later.

Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button money wise law. I.org hi I'm very tired. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of the layman and now is the time how many of you will you be good today who are lost in the terrors of what's happening today don't have the peace of knowing that God has everything under control for God loves.

I and want to spend eternity with him and is using all this chaos to get their attention. God done the heavy lifting to getting their attention and now he wants to work through you to guide them to him. Can you possibly comprehend the eternal significance of your next conversation. Every conversation you have a nonbeliever. The eyes of Jesus, knowing that once you get to heaven. The only thing that will matter will be how many other people are in heaven because of your influence because of your taking the time to talk with them today. They will be your eternal rewards.

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Money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button money wise live.org today so that we have a great team behind us, pushing all the funds pulling all the snow that's not right. Pushing all the buttons turning all the knobs pulling all the levers they would aim me and Gabby. T is down the hall today that he of course stands for top notch and then Jim Jim Henry our own Jim Henry taking up space in our coastal offices. He's taken down the inflatable pumpkins now putting up a 6 foot tall inflatable turkey. And you certainly want to take the family drive by with the family and see that that's quite the quite the thing Miami, Florida hello Jenny what's on your mind Margaret and mortgage that we had modified back in 2012 and I would like to know that Irene finance, are we not modify the Mac mortgage company date they they can try to re-modified again, but I wanted that the best option that we can go goal try to get information on refinancing.

Yeah, okay, very good.

Let me ask you Jenny what is your credit score.

Do you know about about 800 well okay and what is the current rate under the existing terms of the mortgage have okay and what you owe on it today and what you think.

The home is worth all nine and a whole lot about fixed 600 okay very good. Yeah, I mean a refinance seems like it's is going to be the way to go. Loan modification is not going to be somebody, the best option for somebody in your situation you got great equity you got a great credit score and a lesser something here that I'm missing. I would absolutely look for a refi at this point I think the key will be as long as you to stay in the home you are planning on selling anytime soon. And as long as you try not to extend the term so it was a 30 year mortgage of a pain on it 10 years and you have 20 years left. I look for a new 20 year mortgage. Instead of starting over 30 years, but other than that your bring the rate down considerably with that kind of credit score that equity you should be able to get a 20 year loan of 2.62.7 percent somewhere around there which would be considerably lower and allow you to have a shorter-term and probably not see the payment of piety to a point where it's not cost-effective for you, but jargon need to take a look at that and make sure that you understand what that payment is. You also don't want to shop this around and make sure you don't overpay in terms of the expenses. This can run you from 1 to 2%, and that you'd want to find the longer you not have a deep discount points to buy the rate down. But where you can get a mortgage that you pay some money. This can be several thousand dollars, but you want to find somebody who's going to do that on a really reasonable basis so you could start a bank rate.com you could look at any number of other options. Even your local bank to get started, but I think a refi's can be the very best option for you Jenny thank you very much. Let's stay in Florida from Miami to Tampa and Gabby what you question for Rob. I gather you with this hello Gabby, okay we lost Gabby for some reason. Maybe we can get her back. Gabby are you there okay Nashville, Tennessee, Glenda, are you there yes ma'am now about no open type of format. I'm raising grandchildren. I'm still working but the only thing that will have no need to be buying insurance. Yes, well, how yes well I think the key here is something were to happen to you. Who is going to be caring for these children who would be there guardian if if something were to happen, you will okay all right and would she have the ability would would your death create a hardship there financially.

You okay so that would be one thing to look at. Obviously it's going to be more expensive. I think you said you 67 still absolutely possible to get a policy but it's it's going to be somewhat costly. So you probably looking at a 10 year policy just to get them to where they're in a little bit older and where it still fits into your budget, but that you know that might be something to consider.

Apart from that, you know, if there's nobody that's depending upon you yell at your death, your home would be sold to pay off the mortgage and as long as everything can be covered in there's money there for in savings and so forth for funeral expenses. I don't really see a need for a policy apart from again. You know you wanting to have something in place to provide for those children and that could be done in the trust of some kind to provide assistance directly to them as opposed to paying it to a beneficiary, such as their mom or somebody else and that way you would know that the money is being used for their benefit. Beyond that, in terms of the types of policies we all need that we need. Of course, auto insurance and homeowners insurance. It's probably good for most folks that have assets of over 1/2 million dollars to have an umbrella policy we need health insurance we need disability insurance, and then term life insurance and that at some point, probably your age I would be considering long-term care insurance. You know, beyond that, I think anything else is is additive for and you know something that would be there to give you peace of mind.

But as long as you have resources saved. You have income and you got these key types of insurance in place. No, I don't see the need necessarily to add anything else but we appreciate you calling in today, Glenda and thank you for the great work you're doing to care for the sweet to the grandkids appears that God bless you. God bless you Glenda, thank you very much of Victoria in Ohio. You've got some coins. What's this situation there will claim long time a lot different kinds of quarters water bottle like going there and Corey a claim for each one.

What happened anything where can I catch well I wouldn't do anything to Tory necessarily because of the coin shortage. The going shortage are talking about is coated related has to do with people not using as much physical currency because the people have been staying home, obviously more, which means they're using electronic means of payment over the Internet with credit cards or other digital payment options, and just physically at the Mensa because of the social distancing and some of the stay shelter in place that we had earlier this year there was just limited workforce there at the US men, so they just were producing as many coins that will take care of itself over time. I don't think that has necessarily affected the value of collectibles. I think the key is to look at these as an investment or an asset and just evaluate apart from their intrinsic value to you as either a hobby or collectible something that has some value to you. That's nonfinancial.

Apart from that, I would just evaluate whether or not this is the right place to keep you know your your money stored in the form of these coins and if if they have a news new I'll get it right numismatic value to them. I would have them appraised by a registered appraiser who could look out to the value of these coins see what you should be able to get by selling them this would be an independent third-party appraisal and then you'd have an idea. At that point of the coins value and its potential for increase in then you could make a decision at that point as to whether or not this is something you want to hang onto. So I think at this point you need to answer those questions and then decide if you want to go and get it appraised and that I think what you have that information, it will become clear what you should hang onto them or go ahead and sell Victoria thank you very much Mary in Chicago. We have like 90 seconds. So how can we help you in a 401(k) and I was wondering and also crowdfunding loans because I'm trying to get my I don't know what sure the first one of first so the idea here with the 401(k). As you can roll that out, not to a Roth IRA directly you grow into a traditional IRA and that would give you plenty of options as to how you want to manage that you have unlimited investment options essentially for you to be able to you then direct your own investments and not be limited to the options inside the 401(k). You also wouldn't have the fees and expenses associated with the 401(k) so I like that a lot.

If you want to then move it to an IRC be a Roth IRA through you know a conversion. Then at that point you could certainly do that you have to pay the tax on it, but the benefit would be. At that point you could grow tax-free.

So I think that could be a great option in terms of the student loans. I think you're probably staying with a traditional lender is going to give you a better option. If these are not federal loans or you're willing to give up the flexible repayment options.

I'd be careful about that. But if you are, you could certainly look at some private lenders you could get a student loan hero.com to compare those private lenders and see who has the very best rate, but I think that's gotta be the most cost-effective solution for you Mary. Thank you for that. I have heard of crowdfunding to pay off your loans. Apparently some people have done it.

I don't have a lot more information on it other than then what about you saying well you know it's mainly focused on individuals and their personal stories and trying to raise funds that way through go fund me your other options like that crowdfunding not for just the average person of average people. You're not to listen to this program.

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