March 5, 2025

Cybersecurity-10 Threats Every Person Faces & How to Fight Them Now

Cybersecurity-10 Threats Every Person Faces & How to Fight Them Now

Every 2 seconds someone becomes a victim of identity theft. There are over 14 million victims of Cybersecurity out there! Today we are going to develop a personal plan for YOU to help keep yourself safe from these threats. You will take a test and...

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Season 1

Every 2 seconds someone becomes a victim of identity theft. There are over 14 million victims of Cybersecurity out there! Today we are going to develop a personal plan for YOU to help keep yourself safe from these threats. You will take a test and score yourself on how well you are prepared for those who wish to do you harm. Then we will develop a plan on how to address those areas most important to you to improve.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

Ask Good Questions Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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w fourcy dot com. This week and every week, we

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will reach for a higher purpose in money and life,

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as well as a focus on health and wellnent. Now,

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let's join your host, Anita bell Anderson as together we

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start with Asking Good Questions.

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Hello, this is your host, Benita bell Anderson. Thank you

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so much for joining us today on Ask Good Questions.

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I have a special guest today with me, John Johnson,

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and I am going to give you a little bit

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of information about him. Actually, I'm going to start with

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telling you the story of how I met John. So

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I want to welcome John to the studio. And I

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went through a horrific divorce about it's been about twenty

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five years ago, and actually moved my youngest daughter and

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me to Saint George, Utah, where she was attending a

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brand new performing arts high school. And I was just

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in a total funk. And I went to like this

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marketing meeting and I sat next to this guy named

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John Johnson, who happened to be a Northwestern Mutual agent,

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and I said, Oh, I need to restart my life

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and I need to do this and that. So that's

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how I actually started. He was actually helping me restart

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my life. So welcome John, Thank you, Thank you. John

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is actually here in Saint George, Utah with me, but

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he's at in his studio and I'm in my studio.

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So let me tell you a little bit about John.

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He actually had a career before the whole life insurance gig.

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And we're calling today and this was John's I thought

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this was pretty clever on John's part. You have a life,

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you need life insurance. We are going to talk about

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the scintillating topic of having life insurance today. You're going

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to be so glad you paid attention to this episode.

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But let me tell you a little bit about John. First,

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he transitioned from a twenty five year career in ophthalmology,

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biomedical photography, medical education, ANYI research, what's any I research?

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National student health.

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Okay, okay, just in case anybody doesn't know, and clinical care,

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and he left that industry to go into financial services

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and it was really, really, really challenging for him. I'm

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going to have him tell a little bit more about that.

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But he started off with the bank. He completed his

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first year as a special agent. He was awarded Agent

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of the Year. Did you get a big head, John

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when all that happened?

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No, I just I put up with it.

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Yeah. And he was lives leader for a new Northwestern

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Mutual District agency in Saint George, Utah, and it really

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helped get him off the ground with that. Over the

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next twenty six years, he built an insurance an investment

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practice as Southern Utah's senior financial advisor, and he helped

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clients with their personal financial goals, utilizing facts, sound financial

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planning principles, and strategy or strategy or strategies. If I

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could talk, He's a fiduciary, which means he always puts

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the client's interests first, and he built and maintained long lasting,

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trusted relationships over all that time. John was a great

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mentor for me because when I met John was right

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when I was transitioning into figuring out what do I do?

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And it was actually John that said, you should look

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at this as a career. You'd be good at it.

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So do you have anything that you want to add

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to that.

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Well, it's recruiting good people, is what we did. You know,

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we started an agency in southern Utah, in Saint George,

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and we wanted some good people and we didn't have

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very many good people. And I thought you were, you know,

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with your background education, you would be good at what

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you do. So I could see in the crystal ball

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all these wonderful things happening to you over the next

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thirty years or so.

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Right, Well, yeah, it seems crazy that it's been that.

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You know, it's been a long time now, but John

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and I kind of lost track of each other, and

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recently we've reconnected when I became a snowbird and ended

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up in Saint George again, and so that's been really

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fun to reconnect with John. And when I was thinking, I,

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because I do financial topics obviously along with health and

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wellness topics, I thought, why would I Who would I

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go to if I wanted to talk about life insurance?

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And I thought, I couldn't think of anybody but John,

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because he's like the master and he knows. And actually,

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we've got some good stories that we're going to tell,

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both the good and the bad side of why you

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should have something. So we are hoping that this will

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spur you to do that and to look into it.

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If you have any questions, there's a way for you

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to get in touch with me after the show, and

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you can go to the podcast website and all that.

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So anyway, well, John, let's get into it. This idea,

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you know why you need life insurance? We would you

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tell someone if they're going on I don't know if

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I need any of that stuff? Why should I?

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It's a real hard sell because it's not like something

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that you can put your hands on. It's a promise

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from a company that they'll pay something if you die.

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And going through the process of figuring out how much

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life insurance you need is not a mystery. It's a

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matter of replacing a lot of things and taking care

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of a lot of expenses that you want to not

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leave other people that you care about. And that's one

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of the things that we have to think about, is

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if you care about someone, you probably should have life insurance.

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And a rule of thumb has been for many, many

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years to have as much life insurance as approximately ten

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times your income. But I think with inflation and with

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changes and with debt and everything, realistically that's not even enough.

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So you think about if you have a mortgage and

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if you have monthly expenses that you want to take

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care of, you need it really max out as much

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as you can qualify for, right And the key is

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to qualify for as much as you really need and

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then figure out how to put that in the form

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of a life insurance contract that's supportable.

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Right you pretty much? I mean, like my best example

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of someone you know, like young people I remember back

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in the day, right when we were young, And I

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am thinking of an assistant, a current assistant, somebody that's

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working for the registraed investment advisory firm that I'm with.

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She recently lost her husband, thirty one year old guy,

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and you know, just all of a sudden he drops dead,

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and you know, it's like some medical issues that nobody

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knew he even had. So here she is, and thank

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goodness she worked for for us because she had been

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taken care of. But most thirty thirty year olds think, oh,

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I've got lots of time.

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Oh yeah, yeah, our immortality will fool you.

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Yeah yeah, absolutely, Well okay, so you know, I want

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I'm hoping that we can make this as interesting as possible.

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And even if it's if it's like, oh I don't

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want to hear this, I want you to listen because

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this is super important. So John, let's talk about the

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different types of insurance first, because those young people they

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should get what well, initially.

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Initially most people, most younger young people have a budget,

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and everyone should have a budget, but you have to

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budget accordingly. And so if you set aside so much

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in your budget for life insurance, you figure out what

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kind of insurance that would be, it probably would be

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term insurance. Term insurance is the absolute least expensive insurance,

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and term insurance is great because it does its job

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whether you need an hour later. The price on term

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insurance generally either stays level for twenty or thirty years,

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or it goes up a little bit each year after

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a certain age, so it does get pretty pricey after

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a while. But you know, when you're young, and I say,

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when you're young and you don't know some of these things,

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a lot of people will just say, well, I'm going

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to buy term and invest the difference instead of no,

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not at all, buy term and invest the difference. And

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people never invest the difference. They just they buy a

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term and then they spend the difference. And so it's

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important to explain educate how best to buy insurance. It

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comes in a lot of flavors. Okay, it's like you

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can buy whole life insurance, you can buy term insurance,

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you can buy a hybrid and hybrid policy that has

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a lot of term insurance in it, which reduces the

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cost of it. But it depends on what you want

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that insurance to do. If you want it to be

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in place when you die, tell me when you're going

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to die, and I'll tell you how much turb insurance

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to buy it. So it's that simple. Now, if you

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don't know when you're going to die, then you might

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want to consider buying something that is flexible and will

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work in the event of many problems that people have

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is paying premium. Sometimes down the road we've had people

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that lapse their policies and don't have insurance at the

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time that they need it. So it's important to to

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plan accordingly and give all the options of the types

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of insurance and price them according to what the person's

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budget is, what it can stand. The other part of

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it is that you know, we wouldn't even be interested

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in life insurance if we didn't care about others. We

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don't care about having, you know, to pay off pay

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off a lot of debt, payoff of mortgage, payoff a heelock,

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or credit cards, and have monthly income. So some people

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think that if you have a million dollars of life insurance,

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that's really about all you need, and or two million, okay,

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that can go really fast. And some people would say, well,

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I can just live off the interest. Well, what kind

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of interest do you get today? Maybe four or five percent?

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Maybe maybe so you know, maybe if you get four

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or five percent on a million dollar or two million

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dollar policy, that might get you in a comfortable spot.

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But I think using some of the planning tools that

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you and I've used and that you currently use, I

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think that you can really narrow it down and pinpoint

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some of the better numbers that people are interested in

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versus estimates, right, and then find the cost of that

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insurance contract that will do the job. But you know,

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insurance is such a it's a hideous thing to try

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and sell. I'm sorry, it's it's it's not fun. It's

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you know, like and the people that sell it is

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you know, it's like insurance salesmen are like someplace maybe

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a little bit above the car salesman or the used

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car salesmen, or the lawyer or the attorney.

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Well you don't think you don't think twice about insuring,

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you know, doing the homeowner's insurance or the car insurance

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exactly exactly. People a lot of times don't even don't

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think about it ensure in their life. Now we'll get

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all the crazy things that that happened on a rate

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and like there's been all these plain disasters lately, Holy cow.

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Those people would never, you know, in a million years

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think I'm not going to see tomorrow.

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Yeah, so you can't put a dollar amount on your life.

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I mean, try to put a dollar amount on your life,

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and and that's that's where you start thinking more about

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what you're worth.

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Yeah, yeah, Well you know what I'm thinking is I

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think that stories are the best way to talk about

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life insurance. So you told me a story about your

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grandfather that I would love to have you tell.

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Oh, okay, well yeah there.

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Was you have Do you have the picture? Can you

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00:14:52.039 --> 00:14:53.480
show it? Can put the picture up?

225
00:14:53.480 --> 00:14:57.360
And I don't have it. You know, I didn't get

226
00:14:57.480 --> 00:14:58.799
up and go in the other room and get it.

227
00:14:58.799 --> 00:15:04.320
But I'm just saying that my grandfather was a businessman

228
00:15:04.559 --> 00:15:08.720
in the twenties, well, ye know, in the early twenties,

229
00:15:08.919 --> 00:15:16.440
nineteen twenties and before that. So in nineteen twenty nine,

230
00:15:17.879 --> 00:15:22.480
he and his wife were going to a mother's day

231
00:15:22.879 --> 00:15:29.200
outing and they had a car accident and my grandmother

232
00:15:29.320 --> 00:15:34.399
was injured enough where she passed away within a day

233
00:15:34.480 --> 00:15:40.000
or so. But my grandfather was injured and he lived

234
00:15:40.120 --> 00:15:46.000
another five months. And when he died, he had made

235
00:15:46.720 --> 00:15:54.360
arrangements for his three daughters, who survived the accident, to

236
00:15:54.720 --> 00:15:58.080
have enough money to go to college. They had he hired,

237
00:15:58.159 --> 00:16:04.840
he had an executor of the trust, and they that

238
00:16:04.960 --> 00:16:08.639
person was responsible for taking care of all the bills,

239
00:16:08.720 --> 00:16:13.159
and the house was paid for and I mean it's

240
00:16:13.200 --> 00:16:18.840
just like such a nice transition to security because he

241
00:16:18.960 --> 00:16:20.279
had life insurance.

242
00:16:20.600 --> 00:16:22.399
Were the ages of the girls.

243
00:16:23.360 --> 00:16:30.240
Eleven, seven and four, So they lived in the home

244
00:16:30.279 --> 00:16:34.200
where they were. Where they were living, they never had

245
00:16:34.240 --> 00:16:37.360
to be farmed out to other relatives. They were taken

246
00:16:37.440 --> 00:16:39.159
care of and everything worked out fine.

247
00:16:39.840 --> 00:16:43.879
And except except their parents.

248
00:16:44.039 --> 00:16:49.000
Except the memories, you know, of course, But you know it.

249
00:16:49.159 --> 00:16:51.600
Once I was in the business of life insurance, I

250
00:16:51.720 --> 00:16:57.679
was told by my mother, who was the seven year

251
00:16:57.679 --> 00:17:03.799
old at the time about her dad and the businesses

252
00:17:03.840 --> 00:17:08.720
and the things that he was doing with real estate

253
00:17:08.759 --> 00:17:11.880
and insurance and things, and so it gave me some

254
00:17:11.960 --> 00:17:15.799
confidence to go out and sell something like life insurance

255
00:17:15.839 --> 00:17:16.960
because it was more meaningful.

256
00:17:18.319 --> 00:17:21.440
Well there was, you had some purpose, yeah, I mean

257
00:17:21.480 --> 00:17:24.680
you had a memory of that. What I mean. Do

258
00:17:24.759 --> 00:17:28.200
you feel like people were more likely to get life

259
00:17:28.200 --> 00:17:29.799
insurance back then than they are now?

260
00:17:31.720 --> 00:17:40.160
Well, I think in a way, they they were if

261
00:17:40.160 --> 00:17:43.640
they could afford it. Period. I just you know, I

262
00:17:44.240 --> 00:17:47.519
don't think, you know, I don't know back then, if

263
00:17:48.039 --> 00:17:52.599
people if they had a choice between whole life insurance

264
00:17:52.680 --> 00:17:57.240
or term insurance, I think they did. Okay, But once once,

265
00:17:57.480 --> 00:18:02.839
once you die, you know, I mean, who's going to say,

266
00:18:03.400 --> 00:18:06.839
we're going to pay this death benefit and uh, it was,

267
00:18:07.200 --> 00:18:10.759
but it's term insurance, or we're going to pay this

268
00:18:10.759 --> 00:18:13.839
this death benefit because it was whole life. You know,

269
00:18:14.200 --> 00:18:18.039
it doesn't matter. It's life insurance. So you know, regardless,

270
00:18:18.160 --> 00:18:24.559
it's something that is badly needed for for all forms

271
00:18:24.559 --> 00:18:28.880
of emergency things. But it's also used for businessing in

272
00:18:29.279 --> 00:18:35.359
terms of a financial planning tool in business for lice,

273
00:18:35.480 --> 00:18:36.400
all agreements.

274
00:18:36.599 --> 00:18:41.519
There's lots of examples of a business losing a key leader,

275
00:18:42.599 --> 00:18:46.240
you know, one of the owners of the business and wow,

276
00:18:46.279 --> 00:18:47.000
what do you do? Then?

277
00:18:47.200 --> 00:18:51.759
Yeah, that happened on my when I was in the

278
00:18:51.799 --> 00:18:56.079
business in terms of you know, a person that had

279
00:18:56.119 --> 00:19:00.680
a concrete business and he was, uh, I think he

280
00:19:00.759 --> 00:19:05.319
was killed in an accident. And fortunately he had a

281
00:19:05.400 --> 00:19:10.640
key man policy, so everything you know, kept going and

282
00:19:12.039 --> 00:19:16.119
knew one of his brothers came over and took over

283
00:19:16.160 --> 00:19:20.200
the business. And without that policy though, it would have

284
00:19:20.680 --> 00:19:24.400
just gone down out or out the door.

285
00:19:24.759 --> 00:19:28.200
Oh yeah, yeah. And then and then my and then

286
00:19:28.880 --> 00:19:34.079
another story on the flip side. I met with a

287
00:19:34.240 --> 00:19:38.480
lady who was getting close to retirement and she had

288
00:19:38.519 --> 00:19:43.640
a husband who had recently gotten rid of his term insurance.

289
00:19:43.680 --> 00:19:47.319
He hadn't paid attention to doing all these wonderful things

290
00:19:47.359 --> 00:19:49.279
that we know about doing, you know, changing it to

291
00:19:49.319 --> 00:19:52.240
whole life and all that he had gotten rid of

292
00:19:52.279 --> 00:19:57.359
his term insurance policy. And then he gets sick and

293
00:19:57.960 --> 00:20:02.759
he uh and then he's not insurable at all. And

294
00:20:03.039 --> 00:20:05.720
then I think it was like two thousand and eight

295
00:20:05.960 --> 00:20:11.880
was when his whatever retirement money he had went sideways.

296
00:20:12.319 --> 00:20:17.680
And so I'm meeting with this gal and he's died.

297
00:20:18.720 --> 00:20:22.400
Now he's gone, and I'm sitting across the table from

298
00:20:22.440 --> 00:20:28.160
this gal, and she's going, now what, there's nothing that

299
00:20:28.559 --> 00:20:31.960
a financial advisor can do at that point that you

300
00:20:32.079 --> 00:20:36.559
are way past being able to have any strategies on anything.

301
00:20:38.079 --> 00:20:41.200
She ended up going to live with a daughter, and

302
00:20:42.039 --> 00:20:44.640
you know, I wish I could have stayed in touch

303
00:20:44.680 --> 00:20:46.640
with that family just to see if that worked out,

304
00:20:46.680 --> 00:20:49.559
because in a lot of cases, you don't want to

305
00:20:49.599 --> 00:20:52.000
have to go live with a daughter, you know, because

306
00:20:52.200 --> 00:20:54.920
hopefully it works out. But you know, I don't know.

307
00:20:55.119 --> 00:20:58.200
I never found out. But you know, it's kind of

308
00:20:58.240 --> 00:21:01.400
like the good, the bad, and the ugly that is

309
00:21:01.440 --> 00:21:04.960
across the board. So it's if I could beat on

310
00:21:05.160 --> 00:21:10.359
people that are younger to I would to take care

311
00:21:10.400 --> 00:21:13.599
of this. My mother used to say, take care of

312
00:21:13.640 --> 00:21:17.519
your business, and what she meant was things like your

313
00:21:17.559 --> 00:21:21.960
insurance and making sure you're saving and making sure that

314
00:21:22.039 --> 00:21:27.039
you're preparing for the future and all of that. So

315
00:21:28.720 --> 00:21:32.440
let's talk about this thing called whole life insurance. That

316
00:21:32.960 --> 00:21:38.279
way too many people misunderstand. Okay, what would you say

317
00:21:38.319 --> 00:21:42.240
if if I was coming to you saying, John, I've

318
00:21:42.279 --> 00:21:45.759
heard that whole life insurance is a terrible investment.

319
00:21:47.039 --> 00:21:50.279
Well, you would be correct. It's not an.

320
00:21:50.119 --> 00:21:52.440
Investment, okay, all right.

321
00:21:53.839 --> 00:22:00.000
It is a way to bank money in a policy

322
00:22:00.400 --> 00:22:07.480
after dollar after tax, dollars after tax dollar money inside

323
00:22:07.519 --> 00:22:12.319
a contract where you can build cash value up if

324
00:22:12.359 --> 00:22:18.039
you wish for later use. And along with that it

325
00:22:18.079 --> 00:22:25.440
buys up a death benefit. So it's not an investment,

326
00:22:25.799 --> 00:22:30.799
but it is a great way to save cash. And

327
00:22:32.240 --> 00:22:36.000
taking the other thing I'll jump ahead just for a second,

328
00:22:36.200 --> 00:22:41.079
is that keep in mind that a death benefit is

329
00:22:41.440 --> 00:22:48.680
tax free, Yes, tax exempt for most for most comic

330
00:22:48.680 --> 00:22:52.759
book it's it's tax free, okay, And that's a huge

331
00:22:52.759 --> 00:22:57.200
benefit because you've paid the monies have that the taxes

332
00:22:57.240 --> 00:23:00.480
have been paid on the moneies that went into that premium.

333
00:23:00.599 --> 00:23:03.079
So anytime you put money into a whole life policy,

334
00:23:03.119 --> 00:23:09.960
it becomes sort of shielded from any future taxes except

335
00:23:10.119 --> 00:23:12.960
for how you take the money out. So if you

336
00:23:13.000 --> 00:23:17.279
take it out down to the basis, it's tax free.

337
00:23:17.559 --> 00:23:21.480
Anything above would be taxed at ordinary.

338
00:23:21.119 --> 00:23:25.039
Income, the basis being how much money you've put into it.

339
00:23:25.440 --> 00:23:33.160
Correct, right, So it's not a great investment, I agree.

340
00:23:32.720 --> 00:23:35.240
But the thing that people need to I mean, the

341
00:23:35.279 --> 00:23:38.279
thing that I was taught when I started with Northwestern

342
00:23:38.319 --> 00:23:42.759
Mutual years ago was most people will start with term,

343
00:23:43.240 --> 00:23:46.640
and then there's this thing called convert, a term conversion

344
00:23:46.920 --> 00:23:49.319
where you take pieces of term and convert it to

345
00:23:49.359 --> 00:23:55.000
whole life because basically, if you keep insurance your whole life,

346
00:23:55.079 --> 00:23:58.160
there's going to be different You're gonna have different uses

347
00:23:58.200 --> 00:24:02.480
for it at different times, you know what I want

348
00:24:02.480 --> 00:24:06.640
to talk about, especially because just in case there are

349
00:24:06.680 --> 00:24:14.319
people listening to this who are fifty ish something like

350
00:24:14.359 --> 00:24:18.519
that or above that. The biggest thing about being able

351
00:24:18.599 --> 00:24:23.519
to use some life insurance. Nowadays, more and more and

352
00:24:23.599 --> 00:24:27.880
more of these permanent insurance policies have what's called an

353
00:24:27.960 --> 00:24:32.200
accelerated writer where you if you had a long term

354
00:24:32.240 --> 00:24:35.319
care event way down the road, maybe when you're eighty,

355
00:24:37.440 --> 00:24:39.559
you could take some money out of that life insurance

356
00:24:39.599 --> 00:24:42.640
policy to help pay for that. And I have seen

357
00:24:42.799 --> 00:24:47.359
that a lot in the last several years where that's

358
00:24:47.440 --> 00:24:48.519
become quite.

359
00:24:48.200 --> 00:24:54.400
A look at a nice option, nice benefit when you

360
00:24:54.400 --> 00:24:59.160
can you take from the face amount certain dollars or

361
00:25:00.039 --> 00:25:01.920
long term care as an example.

362
00:25:04.000 --> 00:25:08.680
Yeah, yeah, Like my sister who died several years ago now,

363
00:25:09.720 --> 00:25:14.880
she was fourteen years older than me, and they I

364
00:25:14.960 --> 00:25:17.480
remember one day when I was sitting with her and

365
00:25:17.759 --> 00:25:20.519
caring for her, and we had a whole family thing

366
00:25:20.559 --> 00:25:23.519
going on to take care of her, and she looked

367
00:25:23.559 --> 00:25:27.359
at me and she just shook her head and she said,

368
00:25:27.519 --> 00:25:32.640
I never thought it would go like this. And she

369
00:25:32.720 --> 00:25:35.839
didn't have any life insurance, and so there was this

370
00:25:35.920 --> 00:25:41.640
big family thing along with some hospice nurses and stuff.

371
00:25:41.720 --> 00:25:44.640
But there was a bunch of people that were involved

372
00:25:44.680 --> 00:25:48.759
in helping take care of her. Fortunately, our family was

373
00:25:48.799 --> 00:25:51.400
able to do that, but not everybody has that or

374
00:25:52.039 --> 00:25:56.319
have people that are willing to help like that. So

375
00:25:56.640 --> 00:26:02.000
I actually, back in the day also sold I've sold

376
00:26:02.039 --> 00:26:06.519
a few long term care policies which would become ridiculously expensive.

377
00:26:06.039 --> 00:26:08.720
Now absolutely absolutely and so.

378
00:26:08.880 --> 00:26:14.160
The life insurance is a good option. I guess you

379
00:26:14.200 --> 00:26:17.920
could say to be able to take you know, something

380
00:26:17.920 --> 00:26:20.079
out of the death benefit and use it. You know.

381
00:26:20.160 --> 00:26:24.920
That's why they call it an accelerated living writer, because

382
00:26:25.000 --> 00:26:27.640
you're taking the money out before you die.

383
00:26:28.240 --> 00:26:32.319
Correct. Yeah, Now, the options and the changes in some

384
00:26:32.400 --> 00:26:37.319
of the whole life policies have been very advantageous to

385
00:26:39.559 --> 00:26:42.720
put in use there, put in place for people that

386
00:26:42.839 --> 00:26:45.480
have maybe a history of Alzheimer's.

387
00:26:45.119 --> 00:26:50.599
Yeah, or other diseases, you know, to make it you know,

388
00:26:50.960 --> 00:26:55.880
I'm thinking to kind of drive home the the idea

389
00:26:55.920 --> 00:26:58.240
of how this can be really useful.

390
00:26:59.359 --> 00:27:02.920
Can you think think of in your Northwestern Northwestern mutual

391
00:27:03.039 --> 00:27:06.200
career some of the disasters that have happened, and do

392
00:27:06.240 --> 00:27:11.359
you have any stories around ways the company and the

393
00:27:11.400 --> 00:27:13.000
agents have been able to help people.

394
00:27:14.279 --> 00:27:19.119
Well, I think the biggest issue, or the biggest tragedy

395
00:27:19.839 --> 00:27:25.440
was nine to eleven. Our company actually set up shop

396
00:27:25.960 --> 00:27:37.759
there to take applications for policy distributions. I mean they

397
00:27:37.880 --> 00:27:43.720
took very very seriously and put a team of people

398
00:27:43.759 --> 00:27:47.880
there to work with because you know, in the towers

399
00:27:47.880 --> 00:27:56.720
there were a lot of Northwestern mutual policy owners lots.

400
00:27:54.799 --> 00:28:01.279
And I think I heard that in some cases there

401
00:28:01.359 --> 00:28:02.680
was nobody that was ever.

402
00:28:02.519 --> 00:28:06.519
Found and they paid their claims.

403
00:28:06.559 --> 00:28:10.400
Right, and they went on the strength of the agent's

404
00:28:10.680 --> 00:28:13.599
relationship with the family. And you know, like if the

405
00:28:13.640 --> 00:28:17.119
wife said, yeah, he was at work, he was in

406
00:28:17.200 --> 00:28:22.200
the second tower and he was at work, right. Yeah,

407
00:28:22.279 --> 00:28:26.559
crazy stuff like that. You just don't know. It's it's

408
00:28:26.759 --> 00:28:30.480
just that I remember because I was a brand new agent.

409
00:28:31.200 --> 00:28:33.480
Yeah, you couldn't.

410
00:28:33.200 --> 00:28:38.000
Have a better example of a company taking care of

411
00:28:38.039 --> 00:28:42.599
its clients. And that horrific example. And another one going

412
00:28:42.640 --> 00:28:49.839
back to your grandfather, I remember hearing about Northwestern Mutual

413
00:28:49.960 --> 00:28:53.759
having boxes of cash in their main office, their home

414
00:28:53.799 --> 00:28:58.000
office in Milwaukee, and during the Great Depression, people would

415
00:28:58.039 --> 00:29:00.720
actually go in there and get loans from their policy

416
00:29:00.920 --> 00:29:03.960
from the cash that was in those boxes. You know,

417
00:29:04.200 --> 00:29:08.799
that's way back in the day. But yeah, you know,

418
00:29:08.960 --> 00:29:13.720
super interesting that people were able to turn to life

419
00:29:13.799 --> 00:29:19.640
insurance policies when they when they didn't have any place

420
00:29:19.680 --> 00:29:20.519
else to turn.

421
00:29:20.839 --> 00:29:25.119
Right, And that's the advantage of a mutual company, and

422
00:29:25.720 --> 00:29:31.400
that the mutual companies typically pay dividends. Yeah, and you know,

423
00:29:32.319 --> 00:29:36.039
there are a lot of good mutual companies out there,

424
00:29:36.680 --> 00:29:42.640
and a lot of them pay a pretty hefty dividend, yeah,

425
00:29:42.799 --> 00:29:44.200
even in today's dollars.

426
00:29:44.880 --> 00:29:49.200
So, John, So if you're going, Okay, I'm convinced I'm

427
00:29:49.200 --> 00:29:51.480
going to get some what do you do? How do

428
00:29:51.519 --> 00:29:53.960
you go about getting some life insurance?

429
00:29:54.839 --> 00:29:57.160
You need a worksheet to find out how much you need,

430
00:29:59.039 --> 00:30:00.839
You need a budget to find out how much you

431
00:30:00.880 --> 00:30:03.799
can really set aside and feel comfortable about doing it

432
00:30:03.880 --> 00:30:09.960
and not stop your premiums in two or three years.

433
00:30:11.599 --> 00:30:14.240
And you have to feel good about it. You know,

434
00:30:14.279 --> 00:30:17.720
it's a good feeling to know that you're taking care

435
00:30:17.759 --> 00:30:22.319
of something that you care about and taking care of

436
00:30:22.359 --> 00:30:31.319
it the best economically economical way that you can. We

437
00:30:31.400 --> 00:30:37.799
can always, we can always buy policies that are overpriced

438
00:30:37.960 --> 00:30:46.480
and underperformed. And my goal was always to sell something

439
00:30:48.880 --> 00:30:52.960
that the client wanted to purchase because he knew or

440
00:30:53.000 --> 00:30:56.799
she knew it was what it was supposed to do

441
00:30:57.119 --> 00:30:58.839
what it was supposed to do for them.

442
00:31:00.680 --> 00:31:03.799
So it's kind of like, there's so many The term

443
00:31:03.880 --> 00:31:08.599
that comes to mind is it's guaranteed protection. There's not

444
00:31:08.759 --> 00:31:14.079
very many guarantees in today's world, right, but this is

445
00:31:14.640 --> 00:31:18.920
this is a contract between you and an insurance company,

446
00:31:19.119 --> 00:31:25.680
and if anything God forbid happens, then your family's covered. Yeah,

447
00:31:25.720 --> 00:31:26.200
and you have.

448
00:31:26.200 --> 00:31:29.640
The power on that contract because you can you can

449
00:31:29.960 --> 00:31:35.480
stop payment and cancel it. Yeah, and take the cash and.

450
00:31:35.440 --> 00:31:42.079
Run right right, Well, tell me more about you know,

451
00:31:43.920 --> 00:31:46.960
not many people probably even understand the difference between like

452
00:31:47.000 --> 00:31:52.160
a mutual company and a stock company. And you're referring

453
00:31:52.240 --> 00:31:56.440
to dividends, and so a mutual company is kind of

454
00:31:56.599 --> 00:31:59.319
like if you think of these grocery stores that are

455
00:31:59.359 --> 00:32:02.680
owned by employe it's kind of the same sort of thing.

456
00:32:02.720 --> 00:32:07.680
Would you say, Yeah, it's the policy owners in a

457
00:32:07.759 --> 00:32:15.599
mutual company own the company. Per se. They they don't

458
00:32:15.640 --> 00:32:19.480
have a board of Uh, it's not owned by stock

459
00:32:19.880 --> 00:32:27.880
stock holders, owned by the policy owners in the policies

460
00:32:27.880 --> 00:32:28.480
that they have.

461
00:32:29.319 --> 00:32:30.559
Right.

462
00:32:30.680 --> 00:32:37.400
So the mutuality has its benefits and it's it's something

463
00:32:37.400 --> 00:32:41.680
that you don't buy on the stock market, per se.

464
00:32:41.920 --> 00:32:45.519
It's although there have been some mutual companies that have

465
00:32:45.599 --> 00:32:49.920
gone stock and are now on the stock market.

466
00:32:50.160 --> 00:32:56.559
So, well, what are your tips for getting a life

467
00:32:56.559 --> 00:32:57.559
insurance policy?

468
00:32:59.200 --> 00:33:05.559
I would say, fine, and a good honest agent, right,

469
00:33:06.400 --> 00:33:09.559
our financial representative, by the way.

470
00:33:09.400 --> 00:33:13.160
I've got several of those I can think of in

471
00:33:13.240 --> 00:33:19.160
my office. And John you are, you probably have some

472
00:33:19.319 --> 00:33:21.799
that you could think of too. But if anyone needed

473
00:33:21.920 --> 00:33:26.240
a recommendation, I think you and I could let people know.

474
00:33:26.440 --> 00:33:29.599
So find a good reputable agent. Are you going to

475
00:33:29.680 --> 00:33:32.000
do that? How are you going to know? How are

476
00:33:32.039 --> 00:33:34.039
you going to look for a good reputable agent?

477
00:33:34.480 --> 00:33:46.279
Okay? Most most life insurance salespeople are also licensed to

478
00:33:46.319 --> 00:33:50.920
sale securities. And one thing that you can always do

479
00:33:51.119 --> 00:33:57.119
is go online at FINRA dot org and check the

480
00:33:57.319 --> 00:34:03.039
financial broker Right registry. Find out if there have been

481
00:34:03.119 --> 00:34:09.519
some situations for this broker that that he's not telling

482
00:34:09.559 --> 00:34:14.239
you or she's not telling you about. If you don't

483
00:34:14.239 --> 00:34:17.039
see their picture in the post office, that's a good sign.

484
00:34:18.480 --> 00:34:26.920
And I would say word of mouth organizations that through

485
00:34:28.599 --> 00:34:33.920
through the chamber office or the streamer of Commerce office,

486
00:34:35.039 --> 00:34:39.719
certainly the state office of the National Association of Insurance

487
00:34:39.719 --> 00:34:47.239
Commissioners can help you locate a good honest agent. It's

488
00:34:47.280 --> 00:34:49.679
sort of like trying to find a doctor or a lawyer.

489
00:34:49.880 --> 00:34:55.519
You know, you know, you know, and if you can

490
00:34:56.639 --> 00:35:00.559
find somebody that you feel comfortable working with, generally want

491
00:35:00.599 --> 00:35:02.800
to find somebody that's a few years younger than you.

492
00:35:03.679 --> 00:35:11.880
Yeah, Well, usually it's kind of like if you're going

493
00:35:11.920 --> 00:35:14.079
to get some life insurance, the sooner the better.

494
00:35:14.000 --> 00:35:18.039
Because the biggest thing that we know is that your

495
00:35:18.079 --> 00:35:21.840
health doesn't necessarily stay the same or get better the

496
00:35:21.920 --> 00:35:26.039
older you get. Why is that important, John.

497
00:35:26.239 --> 00:35:30.519
Because you can't get anything. You can't get any insurance. Okay,

498
00:35:31.360 --> 00:35:38.119
four years into selling insurance, I was I had health

499
00:35:38.159 --> 00:35:43.199
issue and I was disqualified from getting any more life insurance.

500
00:35:44.719 --> 00:35:47.519
So it makes it. It makes a big difference.

501
00:35:47.880 --> 00:35:52.800
So I have a daughter that experienced cancer when she

502
00:35:52.960 --> 00:35:56.320
was pregnant. It was heard. This was back in twenty twelve.

503
00:35:56.320 --> 00:36:00.639
It was a horrific year. Unfortunately, I had got Northwestern

504
00:36:00.719 --> 00:36:05.199
Mutual policies on those kids good before this, and so

505
00:36:05.960 --> 00:36:09.360
here she is. She was able to get past the cancer.

506
00:36:09.400 --> 00:36:11.960
It was a horrific year, but we got past it.

507
00:36:12.480 --> 00:36:16.760
And now, remember the thing we called term conversion. She's

508
00:36:16.840 --> 00:36:22.480
been converting. So I'm like, thank goodness that even as

509
00:36:22.480 --> 00:36:26.360
a young agent, I knew to talk to my kids

510
00:36:26.360 --> 00:36:28.880
about that and get that going because we had no

511
00:36:28.960 --> 00:36:30.440
idea that was coming down the pike.

512
00:36:30.880 --> 00:36:35.079
Yeah, yeah, yeah. The guarantee term conversion. At the age

513
00:36:35.079 --> 00:36:38.280
of conversion, they give you seven options, seven years, seven

514
00:36:38.320 --> 00:36:42.280
different ages. I think It is where you can take

515
00:36:42.320 --> 00:36:47.119
a portion of insurance and convert it without any underwriting.

516
00:36:47.800 --> 00:36:52.159
Right at least that's what the what the Northwestern Mutual offered.

517
00:36:52.239 --> 00:36:57.079
There are other companies that offer similar programs, but no

518
00:36:57.239 --> 00:37:02.119
that that has been a lot lifesaver for a lot

519
00:37:02.199 --> 00:37:02.679
of people.

520
00:37:03.000 --> 00:37:08.039
Yeah, there's other writers too that are not you know

521
00:37:08.480 --> 00:37:10.760
like that. The biggest one is one that we talked about,

522
00:37:10.840 --> 00:37:14.440
like the Accelerated Living thing writer that is for long

523
00:37:14.519 --> 00:37:19.320
term care. But there's another one that is common that's

524
00:37:19.360 --> 00:37:21.880
for disability. You want to talk about that a little bit.

525
00:37:22.079 --> 00:37:28.079
Oh yeah, if you're if you're losing your job, or

526
00:37:28.119 --> 00:37:32.039
if you become disabled, Well, how does that work.

527
00:37:33.000 --> 00:37:34.760
I'll tell you a story about that. I have a

528
00:37:34.800 --> 00:37:39.480
friend that one of my clients who became disabled and

529
00:37:39.599 --> 00:37:41.519
he thought he would be able to go back to work.

530
00:37:42.920 --> 00:37:47.519
But while he was disabled, I applied for a disability

531
00:37:47.559 --> 00:37:53.280
waiver of his premium, and his premium was well, he

532
00:37:53.360 --> 00:37:56.280
had term insurance. This is anything about term insurances. You

533
00:37:56.320 --> 00:38:00.559
can put the waiver of premium on the term insurance.

534
00:38:01.079 --> 00:38:05.239
So if you did become disabled, you could actually convert

535
00:38:06.320 --> 00:38:10.719
that term insurance policy and let the company buy it

536
00:38:10.760 --> 00:38:14.840
for you and So this situation was he had a

537
00:38:14.880 --> 00:38:20.840
million dollar term policy. He became disabled, and it was

538
00:38:20.960 --> 00:38:24.000
pretty pretty definite that he was not going to be

539
00:38:24.119 --> 00:38:30.119
able to get undisabled, and so we converted it. And

540
00:38:30.880 --> 00:38:33.840
you know, at his age, I think the premium, if

541
00:38:33.840 --> 00:38:35.840
he had to pay for it, was right around forty

542
00:38:35.880 --> 00:38:41.440
thousand dollars a year. So he has been accumulating his

543
00:38:41.880 --> 00:38:46.800
annual premium in that policy for probably close to twenty

544
00:38:46.880 --> 00:38:51.199
years now. Oh wow, yeah, so just do the math.

545
00:38:51.559 --> 00:38:54.800
Is that a benefit or what? On a term policy?

546
00:38:55.280 --> 00:38:59.280
And he never paid another dime into his insurance policy.

547
00:38:59.440 --> 00:39:03.480
Wow. That you can't even put a price on them.

548
00:39:03.679 --> 00:39:07.400
No. So yeah, because he could.

549
00:39:07.159 --> 00:39:09.280
Turn around and use it for retirement income.

550
00:39:09.840 --> 00:39:12.000
Yeah, you can pull it right out of the policy

551
00:39:13.639 --> 00:39:21.920
and as an income stream during retirement and still have

552
00:39:22.000 --> 00:39:25.119
the death benefit intact minus whatever he pulls out.

553
00:39:25.519 --> 00:39:25.719
Yeah.

554
00:39:27.239 --> 00:39:31.880
So it's a very flexible, very flexible financial planning tool

555
00:39:32.719 --> 00:39:37.079
for planning for the best and hoping for the best

556
00:39:37.159 --> 00:39:40.679
and planning for the worst case scenario too.

557
00:39:42.119 --> 00:39:47.719
Yeah. It's just when I'm just thinking of my mom

558
00:39:47.760 --> 00:39:50.280
again and saying, you know, take care of your business.

559
00:39:50.719 --> 00:39:53.000
It's the most loving thing you can do for your family,

560
00:39:54.199 --> 00:39:59.840
and for me, I never dreamed I would be going

561
00:39:59.880 --> 00:40:02.920
in to the financial services industry. And if it wasn't

562
00:40:02.920 --> 00:40:05.239
for John saying you should look at this, you might

563
00:40:05.440 --> 00:40:08.440
do it. I would have, you know, if I wouldn't

564
00:40:08.480 --> 00:40:10.559
have had that massive left turn in my life with

565
00:40:10.679 --> 00:40:16.639
getting divorced and then having to restart my life. Part

566
00:40:16.639 --> 00:40:19.039
of one of the things I thought about was restarting

567
00:40:19.719 --> 00:40:25.360
and relooking at my life insurance and now I was

568
00:40:25.400 --> 00:40:30.960
a single mom and going forward wanting to have protection

569
00:40:31.199 --> 00:40:32.719
for my three daughters.

570
00:40:33.119 --> 00:40:33.320
Right.

571
00:40:34.239 --> 00:40:40.079
And also there's let's say something about divorce. Okay, Oh yeah,

572
00:40:40.760 --> 00:40:43.719
I'm just saying. I'm just thinking of when somebody gets

573
00:40:43.760 --> 00:40:49.239
divorced and you have like a guaranteed payment that the

574
00:40:49.320 --> 00:40:52.639
spouse is supposed to pay to you or something. Do

575
00:40:52.679 --> 00:40:55.079
you think it's important for you to have life insurance

576
00:40:55.119 --> 00:40:56.039
on the ex spouse?

577
00:40:56.360 --> 00:41:00.280
Oh? Hey, if I if I were no mean to

578
00:41:00.320 --> 00:41:03.159
sound sexist, but if I were a female and getting

579
00:41:03.159 --> 00:41:07.199
a divorce, I'd make damn sure that my ex had

580
00:41:07.239 --> 00:41:10.199
life insurance and I was the beneficiary and I owned

581
00:41:10.239 --> 00:41:10.920
the policy.

582
00:41:12.119 --> 00:41:15.960
Right. Why is that important? John? Why is it important

583
00:41:16.000 --> 00:41:17.639
that she would own the policy?

584
00:41:18.119 --> 00:41:20.639
Well, she can add to it, She can reduce it,

585
00:41:20.760 --> 00:41:24.719
she can do anything with that policy that she wants to.

586
00:41:25.320 --> 00:41:29.360
Because another thing would what if he stopped paying the premium?

587
00:41:29.960 --> 00:41:34.000
Well, then you see that's where you have to have

588
00:41:34.039 --> 00:41:38.440
it in a contract of sort from the attorney. It

589
00:41:38.480 --> 00:41:43.039
has to be a court ordered policy so.

590
00:41:42.880 --> 00:41:45.519
That that premium would have to continue being paid, so

591
00:41:45.559 --> 00:41:48.320
that it would staying well. And also so if the

592
00:41:48.400 --> 00:41:52.800
policy was in danger of lapsing, she as the owner,

593
00:41:52.840 --> 00:41:56.599
would receive a notification. Right, your policy is going to lapse.

594
00:41:56.599 --> 00:41:57.760
You don't want that to happen.

595
00:41:58.320 --> 00:42:02.559
I had a situation where a lady was her mail

596
00:42:02.719 --> 00:42:07.719
was diverted by a nasty ex boyfriend and the premium

597
00:42:07.760 --> 00:42:12.079
notices never got to her and she was injured in

598
00:42:12.119 --> 00:42:18.760
a car accident and died and the premium hadn't been paid. Wow,

599
00:42:19.440 --> 00:42:21.559
because he had diverted her mail.

600
00:42:22.199 --> 00:42:27.599
Wow. Yeah, So if you have a life, you need

601
00:42:27.639 --> 00:42:28.400
life insurance.

602
00:42:29.039 --> 00:42:30.880
Yeah, yeah, that's for sure.

603
00:42:31.360 --> 00:42:33.079
What are some of the other one liners?

604
00:42:33.159 --> 00:42:40.559
John, If you don't have a life, forget it, forget

605
00:42:40.639 --> 00:42:45.679
about it, you know, I mean no. I think the

606
00:42:45.679 --> 00:42:50.239
big line that we use in a way or throwing

607
00:42:50.280 --> 00:42:53.119
guilt on a situation is that if you don't love

608
00:42:53.159 --> 00:42:58.440
your wife. I guess you don't need life insurance. Yeah

609
00:42:58.599 --> 00:43:03.559
it's not good. Yeah, yeah, but that's not me, that's

610
00:43:03.599 --> 00:43:07.079
not me speaking. That's that's a smart mouth.

611
00:43:07.119 --> 00:43:10.119
And yeah, just here, you're just a smart alec. But

612
00:43:10.119 --> 00:43:13.039
but that's okay because it is it can be a

613
00:43:13.159 --> 00:43:17.039
very heavy subject. But we're just we're just trying to

614
00:43:17.039 --> 00:43:22.800
bring to the surface today that this is important. Don't delay,

615
00:43:22.960 --> 00:43:26.760
get it done. If you need some help and where

616
00:43:26.800 --> 00:43:32.039
you go to navigate this, you can contact me. Yeah,

617
00:43:32.079 --> 00:43:34.480
and I can. I can confer with John if I

618
00:43:34.559 --> 00:43:34.880
need to.

619
00:43:35.559 --> 00:43:38.840
It's a relationship building that you need with your agent.

620
00:43:39.079 --> 00:43:41.639
You've got it's just like the doctor. It's just like

621
00:43:42.400 --> 00:43:46.679
your ministers. You've got to have that good relationship and trust.

622
00:43:47.519 --> 00:43:50.760
If you don't have that, then you know, keep shopping.

623
00:43:52.519 --> 00:43:55.719
Wouldn't you say that? I mean, I you know, having

624
00:43:55.760 --> 00:44:00.320
been in the industry for twenty five years and you

625
00:44:00.320 --> 00:44:04.119
you know the long career you've had too. I believe

626
00:44:04.199 --> 00:44:06.679
that when you have a good relationship with your clients,

627
00:44:06.719 --> 00:44:11.320
you become friends. You know them, they know you. It's

628
00:44:11.440 --> 00:44:14.360
not it is something that is a it can be

629
00:44:14.360 --> 00:44:18.320
a special, special relationship and it's somebody that they know,

630
00:44:18.480 --> 00:44:20.440
the client knows that they can count on you.

631
00:44:20.599 --> 00:44:21.760
That's right, That's right.

632
00:44:22.840 --> 00:44:26.440
So that's important too. That is a man, you know,

633
00:44:26.519 --> 00:44:28.559
if we could say, you know, that's that's something that

634
00:44:28.599 --> 00:44:29.440
you want to look for.

635
00:44:30.119 --> 00:44:31.159
That is John.

636
00:44:31.639 --> 00:44:34.000
I can't believe that we've spent all this time talking

637
00:44:34.000 --> 00:44:41.480
about life insurance. The time is almost up. It's just

638
00:44:41.639 --> 00:44:46.519
it's it's gitter done, right done. So what would be

639
00:44:46.559 --> 00:44:47.960
your final thoughts?

640
00:44:51.679 --> 00:45:00.719
Be realistic and nobody lives forever, and uh, just just

641
00:45:00.800 --> 00:45:04.000
be realistic and plan plan ahead.

642
00:45:04.480 --> 00:45:10.880
Yeah, all right, Well, with that, thank you so much

643
00:45:10.960 --> 00:45:14.599
for joining us today, John, And this is this is

644
00:45:14.679 --> 00:45:18.800
such an super important topic and we hope that people

645
00:45:18.840 --> 00:45:21.559
will take it to heart and will act on this

646
00:45:21.719 --> 00:45:25.480
advice today. And thank you so much for joining us.

647
00:45:26.760 --> 00:45:30.559
Thank you contin you make sure Yeah, the name of

648
00:45:30.599 --> 00:45:35.239
this podcast is ask Good Questions. I learned that from

649
00:45:35.280 --> 00:45:38.960
making a lot of mistakes in my life. So we'll

650
00:45:39.079 --> 00:45:42.159
end with make sure you start with asking good questions

651
00:45:43.599 --> 00:45:47.800
in the area as well as anywhere else. All right, okay, bye,

652
00:45:47.840 --> 00:45:48.880
bye bye.

653
00:45:52.639 --> 00:45:56.239
Today's episode is over. But we did ask good Questions again,

654
00:45:56.400 --> 00:46:00.599
didn't We don't miss out as we broadcast live every Wednesday,

655
00:46:00.639 --> 00:46:04.679
six pm Eastern Time on W FOURCY Radio at w

656
00:46:04.840 --> 00:46:08.920
fourcy dot com. Joined Benina Bell Anderson next week for

657
00:46:09.000 --> 00:46:14.639
more conversations with experts on finances, retirement, behavioral finance issues,

658
00:46:14.719 --> 00:46:19.360
health and wellness, and more. Until then, remember to ask

659
00:46:19.559 --> 00:46:20.800
good questions.