Life Insurance Discussion/Worksheet
We're going to talk about life insurance next I'm curious do any of you have life insurance currently currently do you know I do but it's it's lower than it should be I got it when I was single you know it's lower than it should be my husband just got his and it in it's at where it probably should be and I should probably changing mine at this point to but I just I haven't made the phone call you know, I've heard a lot of people who are single or younger or not married yet say there that they don't think that they need life insurance because they don't know much stuff yeah, the only reason I got it was actually because a job said I had having and I know it's silly, but once I did it, I was like, oh yeah somebody's got a yes I'm so really it was really kind of at gun point look at gunpoint yeah really was um and now I'm looking back I'm like I should have done it a while ago so did it make a difference for you knowing that you had that um at that point? No, because I still wasn't in tha...
t realm of thinking about it I guess uh but now like since my husband was just going through it all now it's like yeah, absolutely and with the child coming and we just bought a house it's yeah, absolutely yeah it's hugely important yeah, yeah, it was I mean, my my personal experiences that because we didn't have other I don't have other safety nets to pull that life insurance one was was huge the right now that's our biggest safety net right and what we didn't have was disability and I don't have the disability and that's what? Yeah yeah so um the chances that you would need disability you know, the number from the social security office is usually three in ten or about you know about about three out of ten people about a third of folks at some point in their adult life are going to be disabled for an extended period of time. So while life insurance is important safety net tohave for many people um you're it's less likely you're going to use it right? But if we want to look at the math, why it's less expensive disability for our female office worker um is probably probably cost more per month than life insurance does from the numbers that I just played with last night just different scenarios and are thirty five year old smoking male who works outside yeah yeah, it's cost more because you're likely more likely to use it yeah yeah these statistics just true for the united states do you know internationally if the how different these numbers are as faras are americans more likely to use disability than in europe? Do you have any idea that's a great question so the numbers I've been focusing our on sites that are pretty specific to the u s um and some of these it insurance companies in some of these other places will may or may not be international a cz well when we get towards the end of this section, I want to talk about, um the other ways that we manage risk a cz well and it's interesting that there's more a lot of studies that I found about other ways to ensure a long happy life that are much more international as well about how how to not just protect yourself if something happens but what are the kinds of free insurance that we can get right like how about how about not smoking all right? Like if you don't smoke your chances of being healthier living longer, higher quality of life there's there's these they're different lovers we pull all the time, right there's risk management options that we think about every day and there's even ways that we changed that over time or even quickly, right? Like I remember being young mothers against drunk drivers was a new organization and they weren't necessarily welcomed back in the day it was like the's crazy moms who are going to try to take my drink away are, you know not everybody clearly but it was it was not taken seriously and now if somebody drives over to your house drunk like that is not ok yeah, I mean it many situations I'm not somebody may have different opinions about that but the climate of risk management changes over time back in the seventies o r before the seventies auto insurance wasn't required until people kept getting hit by folks and their lives were ruined because they had somebody else hit them and then they were not responsible and so built and seatbelts exactly we didn't use to see bill and now texting again you know, texting and driving is is something so there's ways that we notice things are risky and then we modify our behavior to cover that right and there's things that we do this isn't just a damage control situation there's also things we do to make things better to do things so we have the things in our lives that we want being pregnant I stopped drinking because I want to have a better pregnancy you know you don't you know drinking alcohol while pregnant is now something we know you're not supposed to dio I also worked out like a crazy woman so I could be more fertile I stopped drinking coffee like I got acupuncture I like clear heard my ci I did everything I could still get pregnant so I was like about upping my helping my chances for what I wanted downing the chances for what I didn't want so these air these air life lovers this is about what we do and who we are it's not just about something we buy and they send us something in the mail every month, right? Yeah so clear your cheek way and we're going to go into life insurance um to answer the question from a few minutes ago there basically two categories and this is a huge industry with a lot of people specializing in so let's just be cool with the fact that we're talking about this very, very generally just a dip our toes in it and giving you some tools and resources and some questions to ask to go figure out what it is you want to d'oh so it basically breaks down the hole and term whole insurance is something that people would consider a financial investment there's an investment ah piece to it so you put money in it grows over time and then that money is yours essentially it's it's kind of like a retirement account almost but in the sunset it's billed as as you go not exactly like a retirement because um if you happen to die, you are paying in and you get you pay for a certain amount of money, so I'm going to buy a whole insurance policy for five hundred thousand dollars that's money that you put in overtime and you're basically kind of paying up to that to that money that you want. The term is temporary it's kind of like buying auto insurance. You buy a policy that last you for six months for your auto insurance? Um, just for example, when that six months is up, it only covered you while you're paying for it so there's usually ten or twenty or thirty year term, uh, policies and depending on when you buy it, when you buy younger, the chances that you're going to die during that ten or twenty or thirty year period is not as good when you buy. So if you buy it thirty, the likelihood that you're going to be alive at sixty if it's a thirty year term is pretty good. If you try to buy a policy at fifty, the chances that you're going to be alive thirty years later are less good and so it's going to cost more. So this is another area where it's about you and what you want, asshole kind of more of a permanent investment type scenario, something that you're into or is term something where you just want to manage some risk? That over the next twenty or thirty years, while your kids are growing and you want to make sure they get to college in the house could get paid off. If something happens to you, is that just something that you want to dio generally, term is cheaper than hole. That is the simplest breakdown of insurance you're gonna get, and there's probably insurance people out there going on, but this under the bed and absolutely generally temporary, permanent, those air the differences. There are a couple of variations that people ask about what about universal on this and the so here's here's a few ways that these air generally talked about as variations. Universal life is a combination of term insurance with a money market kind of investment that pays a market rate of return, there's, variable life, variable, universal life and generally are permanent policies with with some kind of investment fund tied into a stock or bond or mutual fund type thing, the's the rate of return on these is generally not guaranteed, but these airways that people play with investment and risk and and and what works for them. So when you were asking somebody about insurance, if you want to work with an agent, you're asking your office manager, your hr person find out what they offering what may or may not work. You can also look online and there's lots of ways you can get free quotes really, really quickly you want to look at all of the nuances of those but if you're just going to get a general sense for what you need to pay and what it's going to look like it's a good way to get some information going really fast permanent temporary manage risk invest how about anyone else on the wanting to put life insurance on your priority list? It's a but the top yeah, as far as insurance most of our insurance is this squared away disability in life for the two that were actually shopping right now. Really? Well, we just got married she's moving into a new position at work my company, all those things kind of coming together that's our big area known coverage. Yeah, you know, I'm I'm a licensed insurance agent, so that stuff I know okay? License insurance agent what? What else would you add to that? Because that's it that's interesting. No, I mean that mine minus specific really to funeral sort of speak to a larger, you know, should you get a you know, universal or variable? I mean, I know what they are, right? What I was going to say is even being licensed it's like, oh, where do we even start because I mean and I think people fall into two camps with life insurance it's like you come from a term family or you come from a whole family and I mean and that kind of comes from union days of old but um you know, I mean they both have value but it's so overwhelming to look at if you get a decent insurance agent they're like oh no, this is what you need we have to look at what your goals are, what the insurance supposed to do and it goes back to your it depends right? And for me for instance, disability is much more important than life I don't have kids I don't plan on having kids when I die I don't really care if somebody gets paid anything other than you know I have my house that somebody will get in that sort of thing but for having it's not I don't need to make anyone hole if I die if you die, you need to make your family whole you guys need to so that's one of the other things to look at, what is that? So for me disability is much more same thing I'm freelance if I'm not working, I'm not making money and so that's a big deal life insurance when I'm dead I don't care so much that's going to be a life insurance if you're single that's a good question um well, you know yeah like having a family and if you plan you think you'll be married or have a family or independence in the future that's something because as you were saying it's cheaper now it's not just one of the things to again go back to what is that you're trying to accomplish and whole life insurance is actually an investment, but most of them are investment vehicles that you can borrow against and so there it's one of the there's a whole bunch of little levers in that big lever right there so if you're planning on if you're planning on a sort of your future partnership or you want to put a chunk of change way that may transfer into an investment later that's something that yeah, I mean it's less expensive to do it at thirty and if you say, oh, I probably should have done that when you're forty seven, right? Right? And then they're like no way will but it's expensive and so then I mean, if we'll talk about long term care if you're older and you're like, oh god, something I'm feeling vulnerable here long term care or other kinds of care the closer you already using it could be up to six hundred dollars a month, so she started saving or more I mean it could be a lot, so if you buy a thirty what which like what's the average cost per month do you think it depends? It depends on you, right? But if you were to plug in it can be very, very cheap buying it young khun b a couple hundred dollars a year I mean as as low as you can pay twenty five or thirty dollars a month and this is just I'm spitballing here it's not easily for fifty dollars a month at your age you could get a lot more coverage then somebody else fifty dollars a month twenty years later twenty years older than you and if you wanted to say ok, I'm gonna put twenty five dollars a month into a policy you could shop around and see where that twenty five dollars a month would get you the most and it would be, you know, generally speaking probably at least a couple hundred thousand dollars in the couple hundred thousand dollars area so not a windfall financially but help for somebody. And so I have talked to a lot of younger people single people, people who don't own homes, they who say they don't need a will they don't need a living well, we talked a bit about that yesterday where it actually somebody is going to have to make the choice for you and it would be nice if it's not a stranger and it would be nice if they weren't fighting over you yeah, and it would be nice if they could do what you wanted with life insurance or other kinds of insurance if something were to happen in the likelihood I mean the reason why you're paying less money than somebody else's because it's less likely to happen, but I got a letter a couple of weeks ago from a woman who it was the middle of the night letter essentially, which is that she had just flown back to where her adult daughter lives, who was a few years younger than thirty, had a job, bought a townhouse, had a roommate and something happened something spectacular and unexpected happened and the mother was then coming home to try to take care of everything talked to the doctors and the middle of the night letter came from her rummaging through the house trying to find the will and the living will and that she was relieved that her doctor her daughter had checked the life insurance box at her work um, because this mother did not I have a lot of extra money and so she, you know, her daughter was in a terminal situation and she it was a hardship for her to pick up and leave her life and come need to deal with this which is the priority which almost every one of us would crawl through fire to go take care of our family when we it needed it too and crawling through that fire meant that she might have like lost her home and some financial hardship would come which which was ok with her because she wanted to do this so if something were to miraculously spontaneously happen whether you're young and you don't have a house or something, you kind of want to think a little bit about um who might come to your aid who you have to help you and if they're not in a good place to do that then you could at least leave you know ten grand behind for your funeral right um which I think it's like ten or fourteen is the average price of my right depends upon where but yes yeah so were between seventy five, right? Yeah so so it's kind of about your your such so if you're broke and everybody else you know is broke and we're all struggling and then you die there like god damn now I gotta come take care of your shit and like I'm like I can't do it so if something happens this is about setting it up so so hard time is easier that's that's it make a hard time easier if there's some kind of like any optional suffering let's get rid of that there's it where there's enough suffering is humans you know anywhere from like my friends at lunch won't sit with me to like oh, the humanity levels of stuff right so it's just whatever we can get rid of let's just clear the plate uh yes we should do we should have a neutral worksheet look at this it's just a was faces and super easy this again is an incredibly basic version of figuring out how much life insurance you need there's a couple rules of the first like a rule of thumb that you would hear over and over again where people would tell you is if you don't know generally seven to ten years of your income super basis right this was so we're talking about life insurance specifically um if you want to get a little more mathy about it we can do this so basically it's how much income you have what is it and you want to figure that out next room ago to expenses at all of those up figure out how long you need it for and that's kind of the magic number so let's briefly even if you don't know the exact number you can like rough something in so what if what is your annual income right now? Total annual income one million dollars is the price of gene simmons tongue one point for according to a number of internet celebrity insurance fund fact sites is how much he paid to cover his time say it's time achy paid to cover not necessarily not just work on excellent way tio uh, to break that down? Yes, I actually work for a celebrity insurance companies. You did? Yeah, we just enhance celebrities in l a and it's amazing the things that they ensure lady with insured hands she's a hand model? Yes, just like really? I would have said it was more behind scene. Can't you wait? Just drop that out. I will say that we did. We did. We did ensure jennifer lopez that's also her voice, I imagine. Right, well, I mean, it's the tongue, this sort of a disability insurance of sorts. Hey, gotta cover the income, so I figured it would have been its trier that well, maybe this was a long time ago that will carry on. Right? Right. Ok, so how much do you make or if you don't? If you wantto that worksheet is intended. Tio, if you died today, we're talking about what it would take to replace your income. Do you have anything coming in from other sources? Sometimes that would be maybe child support or social security. Or you have some kind of investment, or your mom still sends you twenty five bucks a month for food. Buy something pretty, um, whatever that might be, um, so pretty much whatever your income is to really replace you, just kind of, uh we'll add that up essentially is what you need to dio and then for how many years. So the example is, if you make fifty thousand dollars, you don't have anything else coming in. Basically, the amount of money that you need to play replace per year is fifty thousand dollars. We're going to talk about expenses, so funeral and other memorial expenses I put in twenty five because I want to be in an elvis suit buried in a motorcycle, ok, just so you know, not really, but I couldn't do that if you want the average is about ten or ten to fourteen, I think that's, but it does really depend. So say you have some specific requests. You want a celebrity chef to come? We probably can't even do that for twenty five, but I'm we're guesstimating mortgage and other debt. So what do you owe on your house? Do you have credit cards? What do you what do you owe? So if you had to pay off the house so if you paid fifty for it but you put half of it down than two hundred fifty let's say is the number for what you need to pay off if you want to just pay it all off, um, and then, ah, expenses that you can foresee so if you have kids and you want to send him to college, if you have certain things coming that you know, we're going to cost money or certain priorities that you want to make sure happen if something happens write it in college tuition is not cheap anymore well, the range the range is even exponentially and then a bigger range yeah, eighteen years from now it's going to be yeah so let's say for example, you're very general list is that you want to have twenty five thousand dollars put away for your funeral it cost about two hundred fifty thousand tio pay off the house and you want to make sure you've got two hundred thousand dollars for tuition, so when you add that up it's for seventy five plus the number that we had from what our expenses are our income so incoming expenses basically is about seven hundred twenty five thousand dollars so there's all the money that you're not getting any more and all the stuff that you still have to pay for essentially. And then um if you want tio remove the money that you already have, you can or you don't have to, but if you already have two hundred fifty or if you have twenty five thousand dollars set aside, maybe that's what's going to pay for the funeral if you have a retirement savings of about fifty thousand dollars you could take that out, assuming that this is money that you have that that's already accounted for on def, you have a life insurance policy, a separate one or one through work or an old one. Essentially, um then what you're going to do is you're going to subtract that, and so now basically, how much money you need and what you have to pay for it comes out in this worksheet scenario to be about six hundred and fifty thousand dollars what yours might be much, much higher or much, much lower, and so six hundred fifty thousand dollars is a good chunk of money, and so what that is is also in the first one, we I multiply that by ten, so what we're talking about is what your annual income is if it's fifty thousand dollars by ten years, let's say we want to make sure that I'm a life insurance policy covers me or you or someone for ten years, and you're thinking about that ten year number could be for a lot of different reasons, like I want nothing to have to change for ten years, the kids can finish college, and then my partner or my sister or somebody can finally get her college degree. And take a couple of years to get back into the workforce and then be able to finally support herself and then after ten years and that is the plan we discussed then we should be fine one scenario out of many, but how much money do you need to replace? What do you got to pay for? Added up by how many years? And that's generally a number of about how much life insurance you want to shoot for and that's a starting place to start thinking about what kind, how much you need. And then what are the other lovers and buttons that you can pull? One million dollars is less dolly parton insured part of her body parts for less than one million dollars really less, according to numerous celebrity insurance fund fax websites. Yes, she did. I can't imagine what right? Okay, so I want to hit really quickly a couple of other kinds. So long term care is something that we talked about really briefly and it's something that, um, that people think about and people worry about or at the very least should know what it is generally so very, very quickly, another way to manage long term care costs and the same way that disability has probably got a lot of different specificities this does and most insurance policies do to like with life insurance policies um and with some other policies there's a few exclusions like if you're a skydiver generally they don't like that they remember they asked when I did my life insurance I think it's I think yeah no see planes flying seaplanes sometimes mountaineering. Oh, really? I didn't know that it yes, yes. Um so anyway, if you are, if you are a if you liketo sky plane that's not the right word what is this season going outside? It's kind of like the sky sea plane dive, jump out! Maybe you make sure that that's that's cool, right? And then sometimes there's other ones about, uh, life insurance off often assumes accidental death or death by disease. They don't there are sometimes there's a little paragraph sometimes about intentional death and you might wantto just be aware of what that isthe there's usually a two year suicide clause. Yes, is that so? If you kill yourself within two years of of taking out the policy, they don't pay that oh it's just standard for life insurance. Generally I wish I had another dolly parton quote for you but thing and, you know, just, uh, through personal stories that I've heard that's not that's, not a paragraph that hasn't been looked at before it happens and that's why it's in there um and that very, very significantly impacts the people left behind that the policy was supposed to protect so long term care we're living longer we're not and we're living longer we have a lot of medical advances that keeps us living longer even while we're still manage it keeps illnesses lasting longer in some ways um and we're not saving as much for retirement as we used to so there's this there's this um long lovely golden finish line where we went on just go yes you know and have and have our seashell collection pacing them on on logs I want to make baseball hats I want to be that woman who walks around in the purple bikini who has way too much sun later because it's really really late I want to be the woman who it is got the way too much sun so to do that how are we gonna take care of ourselves if you have way too much sun long term pairs another policy you khun by and essentially it covers some things about home care or facilities or dave services sometimes you need somebody to come help take care of things during the day sometimes people need help with just house maintenance or addressing or feeding themselves that it gets expensive sometimes the family can't do it where you can't do it all the time or you would prefer the family not to do it a lot of different reasons but um that's something that can get very, very expensive and when you talk to different people about it a number of folks will say that medicaid and services provided to you and or the health care that you have right now doesn't cover a lot of this and or if it does it doesn't cover the fact that the costs are very, very, very high um it depends on the age that you buy it of course, but here's some numbers that we were in a brochure from the aarp's decide create share program they're a little old so it's probably more but if we could just mean just for reference it's about two thousand dollars a year for a forty year old two thousand three hundred a year for a fifty year old three thousand roughly for a sixty year old but six one for seven year old so as you need it you pay more to cover the costs of how likely it is that you'll need it there you go. So umbrella an umbrella policy is something that people ask about so often what this is is an extension of liability very, very generally often you get it through a home or auto policy and what it basically means is that if you it's injuries or damage that you cause or somebody else causes that are above and beyond the policy that you own for your car or your home and or the policy of the person let's say, who hit you in the car? Or you get sideswiped or it's a hit and run? Or somebody sues you for a certain reason. So there's damages property damage is, um, it costs roughly again about one hundred, two hundred dollars a year for the first million and another hundred a year for million up, and I believe generally they go up for about five million and maybe sometimes ten. But um, according to this daily finance article, who was like, who should have it? Why should I have it? If you want a house and have a retirement count and other investments, an umbrella policy of a million dollars or more should cover your plan. And the reason why is that if you have very, very low super example low, low, low auto insurance, you hit a very wealthy person and there and they're injured to the point where they can't work and you then may or may not be liable to replace their income. And if your insurance policy pays up to two hundred fifty thousand dollars or one hundred thousand dollars, that might be what they make in, like a month, right? And so what they can do in some circumstances is come after your personal assets. And come after your retirement account they can you could be sued and chances that this happens are not you know it's not like walking down the street getting rained on in seattle right? It doesn't but aa lot of people have an umbrella policy because they want to protect what they have um it's additional extra liability coverage over what you already have a couple other scenarios that I've heard where people get it to make them feel more comfortable is if you own a house and you're renting it out because you're going abroad for a year or you bought another house um having other people living in your house if they fall down the stairs super super random example I have some friends who were really really excited to get a big trampoline for their backyard until all the neighborhood kids came over and they realized oh god like they're pushing and shoving each other by king of the hill and so they're like god so if something happens and you have a scenario in your life where you have something you want o protect and or just have it just in case it's not that much and depending it might help but again it's liability the nice thing about it too is one and reason it's called umbrella to is one umbrella policy covers both your auto and your homeowner's so you don't need a separate policy for both of them so and then the other thing you do have to have your under I used to work in insurance also right? I'm also in surplus lines although we didn't do body parts get into body parts body later to know we did other fun things. So uh but one of the things your underlying policies so you will have to have a certain amount of liability on your homeowners in a certain amount of liability on your auto and then the before the before s so you can't go, like, get the lowest cheapest thing and they buy an umbrella policy goes under the bridge that delta usually have to get I think it's like the medium persian it depends very state varies from state to state but you have to have good enough. Yeah. And already eso it's not again. Yeah, a way to get around something it's a way to provide extra ten but being an insurance and seeing what medical claims cost for people it's scary how high your coverage gets eaten up it's so very quickly yeah, a day and I see you based on my experience cost about forty thousand dollars one day so yeah, maria skin was three to six thousand dollars or one scan, right? Right? Yeah it's crazy to look at the bulls when the itemized bills from my mom's on this is crazy at one point I had a stack about this high I started a spreadsheet and then I was like I can't I can't even do it so but you had a number of different things to six months right of chemotherapy radiation uh she was impatient for a month and a half so they break it down into hospital and then doctor on procedures and also and I mean it was in the first month it was a quarter million what happens if your insurance money runs out like if your policy doesn't you know mercifully she didn't make much she had just retired and she didn't have a whole bunch I mean I don't know I mean you go bankrupt you get I mean if your insurance uncovered that's medical bankruptcies huge I mean fortunately she had gotten enough ducks in a row that her insurance covered a aarp that policy covered a lot of it medicare plan b all that I mean it's like you all of a sudden you're like can swimming trying to get through it horrible and on top of the illness you know you've got to go through fighting cancer and then you've got this stack of bills that just managing the paperwork itself can become a full time job there's a of blog's and different people who talk about how you spend all day on the phone talking to people about what to pay and what covers what um depending on the situation but if you are if you are in the hospital let's say because of an accident there's auto or whatever other things in there then there's also whatever your medical care covers usually there's like a lifetime limit of what you have to pay out and then there's a much bigger number for what they'll pay over the course of ah lifetime and often that number's pretty big but it can get eaten up pretty quickly as well so that's why you want oh you know take a look at the lovers so the one thing I will say is it really really depends and we've talked about all of these things and we all like yeah that sounds like a smart thing to dio yeah that's probably a good thing to do oh yeah that's a good thing to do and they all are not bad things to do right but when you add it up it it isn't necessarily easy for everyone to do everything all at once or all the time and so this is basically a very general not exact um look at if I were toe get everything if I would have gotten everything around the same time that I was a little bit younger healthy I'm very healthy I qualified is super healthy I was very exciting it just adds up really really fast and so this isn't exactly my scenario but it's roughed out to be someone like someone like me so life insurance maybe fifty bucks a month disability insurance you know, maybe I'm older or maybe I had, you know, let's say something happened and I have to pay a lot more for something long term care you know, get a little maybe a one hundred fifty based on the earlier number from somebody else who's forty or forty or fifty umbrella policy just a little one you know, one hundred two hundred dollars a year break down like just an extra fifteen a month auto maybe a hundred bucks depending on my car and if I have another driver on a turn on if you have a young driver that goes really, really high um medical, you know, paying for one hundred dollars a month for medical is not an unusual scenario and that's that's not that's, not bad um and renters insurance you don't have a mortgage but you're paying for renters insurance so if you add that up that's like nine hundred thirty five dollars a month of things that are a good idea but there are also becomes then a big number tow look at and figure out what you can afford and what you need while everything is smart to do now, some of the insurance is required most of it is recommended in many situations but this is another look at why not everybody has got all of their not everybody has every single kind of insurance either because we don't know about it we don't think we need it or you just can't afford it you're forced to make a decision and you're forced to make choices about about which lovers you think you're going to need to reach for first and then of course there's the question about here's all of this money for risk management right? You're paying a thousand dollars a month for nothing that you can see it and you're in the moment so for someone that doesn't make that much money so it's a lot of money for if something were to happen and some of it you know like health and auto those are just things you have to dio but but a lot of it is if something happens if or when something happens on dh then the question comes to if I'm paying out this much money um is that getting in the way of my other financial priorities which are maybe getting an emergency fund planning for retirement and doing all of the other things that are also on my list that we're going to talk about next so it's really just getting a lay of the land about what things are and then having conversations I mean if you have the opportunity to do everything that you'd like to do then that's great I don't think everybody is in that in that position but at least knowing that and making informed choices is a lot better than keeping our heads in the sand and being like I don't want to know I don't want to know that often doesn't help in most situations right? So we're talking about managing our life we're talking about managing risk we already talked about the things that we do already to be safer getting designated drivers wearing a bike helmet you know getting ergonomic keyboards, getting mental health help and medication for whatever we need there's lots of ways that we are being healthier and safer all of the time so this isn't there are things that we can do that well I like hell free insurance right what's the free insurance you can add to your life health is a big one we all know this you know like if you look at health and happiness online you get a lot of pictures of women holding scarves and breezes you know what I mean help them happy and wearing like I'm going oh that's right you know and so that's great but if you're doing yoga if you if you doing the scarf pose and then you are you know like doing really risky behavior it looks pretty but maybe you're not actually you know turning your dial in the right direction so we know that living a healthy lifestyle makes your life better right? We just know that we know that things like diabetes our office some kinds of diabetes, our life style impacted and or caused leisure activities are important physical activity is one of the things that's most strongly correlated to being healthy the the average death of people in this one study who swam, walked or did gymnastics or something lived longer than those didn't. So this is this is you know, this is a study by the by the swedes writes that like we're been with that play, this is our international is our international perspective um also, you know, diabetes epidemic clearly tracked to lifestyle substantial evidence that we have done little to eliminate or delay disease while we've prevented death from diseases so that's the thing where we're living longer but we're extending sometimes illnesses or we are having mohr illnesses, we're not we're not having less in some situations, so on average also, according to this harvard study, we're living longer but two to three years of those years are spent without mobility more than ten years ago, so we're living longer but we have less time of it being mobile moat motility and mobility is a is something that people talk a lot about as as a high indicator of quality of life, so a recent study found that four bad behaviors smoking, drinking too much, not exercising and not eating enough fruits and veggies are very clear indicators onda two thousand ten study talked about, you know, there's a lot of several money buying happiness and money, causing less stress or more stress in your life. The magic number seems to be around fifty two, seven hundred fifty thousand dollars, so a lot of things, a lot of stress and, um, reasons why we don't have insurance, and a lot of, you know, happiness factors are based in a lot of ways on on scarcity or stress, or not having options in our lives, not having those levers to pull, if we know of them, and we want them at a certain point, usually the study save anywhere between, you know, fifty to seventy five thousand dollars, the line between how much money you make doesn't necessarily impact your health or happiness after that, after that, it really becomes about you and choice and a lot of ways, so health and happiness, and what you can buy isn't always necessarily correlated. Tio, how much money you make and how much you can spend on it is what I'm trying to say. So because of that there's, this thing called the world happiness report, and then there's, like gross national happiness, and so it's, I love seeing the way that we're measuring life and quality of life in ways that are not just about gross national product and how much tons of stuff come in and tons of stuff come out. But that mental illness we know, is one of the single most important things that cause unhappiness, that impact your quality of life. And that hopefully reading better and better about that. That the u s is ranked number seventeen and our two north american neighbors you're on top and below us scored higher than we did on unhappiness, not a lot. But they did, um, and that which factor has a strong positive link with your life is having someone to count on and having companionship or allegiance is one of the things that makes us most happy too. So it's it's a life insurance policy, but it's who we are and what we do and how we spend our time and who we spent time with that are often the indicators of whether we have that quality of life, you know? So it's your scenario by what you can get all the free insurance that's possibly out there for you and get greedy about it, you know what I mean? Like love yourself up some of that free stuff, so this was insurance, and we're going to talk about money next.