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We talk about saving money on auto insurance, homeowners insurance, and - yes - we talk about life insurance!
Unknown Speaker 0:00
This is a key when the studio's original program. The following is a paid program sponsored by your insurance connection. The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada, Las Vegas or the Board of Regents of the Nevada System of Higher Education.
Unknown Speaker 0:25
Good morning. This is your insurance connection. I'm your host, Donald Marquez, on your insurance connection. We talk about saving money on auto insurance, homeowners insurance. Yes, and we talk about life insurance. Welcome to the show.
Unknown Speaker 0:46
Good morning. My name is Donald Marquez. Welcome to another edition of your insurance connection. Broadcasting at K you envy 91.5 Jazz and more happy Sunday morning. We still had you who is hot in Vegas. I'll be glad when it cools off. I was talking to my engineer West, he was telling me last weekend was the hottest days on the entire planet. And we need to cool down, we have about eight more weeks of the heat and then we'll get into end of eight weeks from now we'll be closer to the end of September going into October can't wait for that to happen. But in the meanwhile, everyone stay hydrated, stay cool. And try to try to you know put a little sunblock on when you go out and stay out of the heat. That's all I can say I tried to as much as possible. My name is Don Marquez, my show is all about insurance, talking to you talking to you about insurance. So you can understand, you know, people buy policies all the time. And you know, when he puts his policy, sometimes even life insurance policy, they only open up the envelope. You know, it just sits and when I say offer no obligation reviews to come in. And let's sit down and talk about your current life insurance policy. This Well, you know, I've never opened it. I never opened it up and read anything about it. I had a young lady come in, you know, last week again, that happens quite frequently, when I talk about insurance reviews, she had a loan on her policy. And she's you know, throwing money at the loan every month, and nothing has happened. And she's trying to pit a loan down. But the interest rate increases. As she's trying to pay the loan down. She's paying a regular payment. But you know, there are strategies I can put together to get you out of the loan, put cash value in your pocket, start a brand new policy and every situation is different. Every situation is different. And I look at every situation differently in and if you have to pay the policy up, and maybe because your health change, I would recommend when you come to see me with your life insurance policy, I give recommendations. So this is where you are, this is your roadmap. If you continue to this course, this is what's going to happen in the future. Now, again, keep in mind, you would have to bring your policy and I cannot pull it up online. Or if you don't have your life insurance policy with you. And we're doing everything over the phone. But what we can do is contact your life insurance company. You give me permission to speak in your behalf. And I'll find out all the important information that we need to know I check out your beneficiaries to make sure we have current beneficiaries, contingent beneficiaries on the policy, also going to look at your cash value to see where you are with your cash value, what your interest rate is on the loan, if you have a loan out next thing in balance on your loan, how long would it take to pay the loan off? Sometimes these life insurance policies a universal life insurance policy is what we call a flexible life insurance policy. You may or may not pay that will we call the target premium. What is the target premium. Now when you buy a universal life insurance policy, or this is the policy that offers the flexible premium payment, you could pay a certain dollar amount for an example when you when you receive your life insurance policy and it says flexible premium. And the payment is like right after dollars a month. Okay, so it's $50 a month for your life insurance policy 400,000 We just use it. what if scenarios. On this scenario, you paying $50 a month you and now let's say you're in your mid 50s But you're only paying $50 A month because it is a flexible premium policy. Now when you first initiated your policy, the insurance agent told you well your payment is around $50 a month and you pay that you took a loan out on the policy and you still only paying $50 A month a couple of things are happening. First of all, you're not paying enough money into the policy premium each month because you need to pay what we call the target premium. And now Now did you take out a loan because the cash value is built up you taken out $1,000 loan on your life insurance policy that policy's accumulating interest rate of about 7% annual interest rate around seven, maybe even more 789 percent interest on the money borrow. But you said he said it's about money, I can borrow it. Yes, you can, however, that that loan that you took out, you know, is accruing interest in every seven years, the $1,000 loan could double every seven years, it's called a rule of seven with interest. Now, you're paying $50 a month. Here's another thing that's happening, like I said, it's two things is going on, you have a loan, that's accumulating interest. And then you have a payment that you're paying each month a premium payment that Japan each month, it is not enough premium paid into the policy, because it is a flexible premium, you are flexible, making the premium payment. But what you're going to do, you're going to exhaust the cash value, but what happens is, they pull the cash value from your life insurance to fun, the money that you should be paying monthly for the life insurance. Hopefully, that was a simple way to put it, your cash value is depleting each month, because it's a portion of your cash value goes toward the payment, you're not paying enough money into the policy playing on only the minimum, to keep the policy active, the money's gonna have to come from somewhere to keep the policy going. Now, again, they told you at $50 month when you initiated a policy that says to flexible premium, but unfortunately, you have a I hate to say this, and this shows true, but you have a lot of people out there to sell an insurance, because often insurance to their clients. Unfortunately, when the policy is delivered, they don't, they don't go over the policy with you. Or maybe they don't understand the policy because they're new in the business. I've been around for 28 years in the insurance industry. And when it comes to a flexible premium payment policy is not the bad thing about it. Nothing is really I'm not saying it's not a bad policy. But you need to understand in the long term, what happens as your policy premium goes up, probably won't. But the the time is going to end quicker. In other words, now you're in your mid 50s, you take out a policy out you've been paying on it for last 20 years, the minimum payment of $50 a month taken out a loan on the policy, now you have exhausted cash value, so they can't pull from the cash value to fund the premium payment. Because your payments instead of $50 a month should be $150. I'm just using rough examples, right? It should be $150 month so they're pulling $100 a month out of your cash value to fund the premium payment to fund the premium payment now instead of having a policy that will last you to age 100 Probably only allows you now to probably eat at 7978 Because now you're paying into tour 20 years ago 20 years policy could be over because you've started in the time you've defined the policy. For more information. My name is Donald Marquez, my contact phone number is 702-236-2624 702-236-2624 located on the corner of Sahara ranches, my office is located right on the corner Sahara Rancho. In the US Bank of building my office hours are Monday through Friday from 10am to 5pm. And I will work some Saturdays by appointment 702-236-2624 My name is Donald Marquez, if you want to check me out, and I've asked some people you know who want to check me out. And that's fine, I encourage you to do so you can contact the division of insurance. And you could no complaints in 28 years have 28 years of experience selling auto insurance homeowners. Yes and life insurance, boat and motorcycle insurance. What I do know about life
Unknown Speaker 8:52
insurance is is time time people kick the can time is going by you know we can make more money. But we can't make up time. Time is an asset for all of us every single day. We have equity within time with time. Time is something that we cannot take for granted. Now if you're on the fence about buying life insurance to secure your family's future time is not your friend. Time goes by every single day. And I know you say to yourself one day I'm gonna call Donald Marquez I'm gonna get make that phone call. Um you know make an appointment time has gone by and now three months have gone by four months have gone by time is you can't make up that time that time has gone and during that period of time waiting and procrastinating. Your health could change. I want it I want you know whether you are healthy or unhealthy I can find a policy for you. This is what I do but it's better. You can get it fine. I give me more is better with me when you come in a little bit more healthier because I have more options. But you know either way I can find a life insurance policy for you. If you have Alzheimer's dementia, organic brain syndrome, ALS, Garrison's disease, heart condition, liver condition, kidney condition, CP, see, you know, when people come in and have the window, oh, COPD, when they smoked a little bit too much at what drug and alcohol abuse and a complication of diabetes, I can get your life insurance policy, multiple sclerosis, multiple sclerosis, get that right. You know, let me do my job, I can find a policy for you. And you know, I know you worry about what is gonna cost because of my age, I'm in my 70s. What is going to cost your family? Think about that? What is is it going to cost your family how much money is going to cause your family? With no life insurance, something is better than nothing, I can find a policy that will fit in your budget time is going by every single day. Time is your equity, everyday, use your equity wisely. Use your equity line wisely. You know, are you retired, no life insurance is very difficult to save money and keep that substantial savings account, things come up AC units go out expressly this time of the year, you know, Oh, I gotta get AC unit that's almost $5,000. Today, for an AC unit. You know, you buy the unit and all of a sudden, now you have to get an installer to put it in and get you going. I mean, people they're selling these AC units all day every day. And I think sometimes they will do overcharged, that's my opinion. They do overcharge for AC unit, not only the manufacturer, but the pillar the person is putting into as well. And now your savings account is depleting. You can use your cash value in your life insurance policy. But if you don't find a way to pay it back and pay it back soon, you know, when your family members need that life insurance to take care of your final expenses, they find out quickly that the policy has eroded because all the cash value is gone. And as a loan against the policy. Now you have let's say for example, a $30,000 life insurance policy, you took out a loan on it, and the loan is now $5,000 plus interest. And the interest could be another $3,000. Now that's $8,000 against the $30,000 policy. Right? That's $22,000. That's $22,000. See, now you found out you know, dad had a $30,000 life insurance policy is reduced down to now 30,000. Because when you owe money on a life insurance policy, and you haven't paid that debt back, you haven't paid yourself back, the life insurance companies will minus it from the death benefit, they'll minus the loan from the death benefit. My name is Donna Marquez, this is your insurance connection our break has right here, can you in the 91.5 Jazz and more every Sunday morning from 8am to a 30. I love when people contact me and so I heard your radio program on 91.5 Jazz and more Sunday morning, and I was getting ready to go to church and use the ILP with church people getting getting ready to go to church, and they hear my broadcast. They contact me, they set up an appointment and they come in. And we have a serious conversation. Now, if you have a life insurance policy, that I feel that you know you should keep, I will push it back to you. So you should keep this and don't ever now if you're on the fence about buying life insurance, and you don't know why what to do. There's so many options, terms and option universal life insurance is an option in whole life is an option. Now we do have policies, you know that you may not qualify for or you may qualify for now, for example, if you being treated for cancer, you're not gonna get $100,000 life insurance policy just not. I had a couple come in last week. They had $250,000 Each on a life insurance policy they just purchased. And they don't mind me sharing their story. They had 250,000 Knees, they're almost 70 years young $250,000 Each on policies, they said I said did you take a physical for these policies? No. I said, Well, I know you're taking cancer medication, pre preventative cancer medication. How did you get this policy? Well, you know, I got a policy and it was still in the envelope. That's it? Well, let's open it up and see what you have. It was accidental only for both of them. as well. This is accidental only. And I pushed it back to the wife. And so this is accidental only for you too as well. Now, these policies, now if you're hang gliding, mountain climbing, and you fall off the mountain, or you're doing some risky activity, and there's so many inclusions, you know exclusions, excuse me, exclusions with an accidental only life insurance policy. When your family is going to need that money and you pass it up natural causes that life insurance policy that is x So dental only will not pay for those final expenses. This happens all the time. But the people heard the show on the radio. They heard the show this program. And as you know, we just heard you. I'm really curious. We heard you talking about accidental only. I don't know what we have just explained it to us, as the insurance agent that sold you this policy, that they come to your home to explain it to you? Is it No? Well, I'm gonna tell you right now, listen, I don't make home visits unless I absolutely have to. Everything is in my office, I can do a lot of business over the phone, 702-236-2624 702-236-2624 everything, my computer's in my office, my printers in my office, everything is there for me. And it's very comfortable. I'm on the eighth floor in the US bank center, right around the corner of Sahara Rancho work by appointment 702-236-2624. I want to help you, I want to help you step by step through the process to make sure your family future is secure. Something is better than nothing with the cost of funerals rising up to you know, $20,000 per funeral. That's a lot of money to come up with all at once. I know it's very difficult because you have so many options. But going online and receiving information in the mail. That's not a wise choice when it comes to purchasing life insurance. I don't I'm not an advocate of self service, purchasing any type of insurance, auto insurance homeowners, you're not an insurance agent. You're not. We are trained to help you make the right decisions. We are trained to understand insurance rules and regulations, the underwriting guidelines, the life insurance companies, the auto insurance companies have us for a reason. We're the ones that articulate to you about the different policies that we offer. 702-236-2624 That's the number you need to know. Put it in your phone, you can always text me to as well, at 702-236-2624. I'll contact you make an appointment. And then we'll sit down. And we'll go over your policies line by line no obligation reviews, have people coming to you know, after we sit down for an hour, well, how much do I owe you was now you don't mean anything. If you buy if you purchase a policy, that's how it works. If you purchase a policy, this is how I'm compensated. And whether you have an insurance agent or not, whether you have me or not, and you go online and you purchase a policy, the price is the same, the rates are based on your health and your age and the medications you're taking. Say that again. I said a little fast. The rates are based on you, your body dictates the rates. Your age, whether you're smoker, nonsmoker, the medications you're taking. And sometimes policies do want to know height weight, but I do have policies don't ask, height and weight. If you need a final expense life insurance policy because you don't want to you don't want to have to test and that's and that's fine. And you've been turned down for life insurance. I do have policies available up to $35,000. In coverage. benefits are paid within 24 hours whenever when the beneficiary notifies the life insurance company they go to work right away to get that claim played. Now, the firt one of the first things that funeral homes are going to do
Unknown Speaker 18:31
is contact the life insurance companies to make sure the policy is active, and there's no left coverages. And if there is if there, in fact, is a modified life insurance policy, what is a modified life insurance policy, some companies will charge you up to three years for a modified life insurance policy. That mean they're not turning you down because you have underlying health conditions. But you have if you're unemployed for 49 years and younger, and let's say you have a history of taking cancer medication, you're going to be on a three year wait period on a modified policy, not Some policies offer that Some policies offer only a two year modified policy. Now what is modified? What does that mean? This is the conversation most insurance agents don't like to have with their clients, but I'm straight up I'll tell you just like it is. You're not being turned down but you are being offered insurance on a modified rate program. Now what that means is you pay into the policy the first two years after the first two years, you are insured for the full benefit of the policy when you pass that now you still continue to make your payments after two years. However, if you do pass within the first year, your beneficiary receives all the money back paid into the policy plus an additional 10% interest. If you pass a second within the second year, within the second year, less than let's say to 18 month, you beneficiary receives all the money paid into the policy plus and Additional 20% On top of paying all those premiums into the policy of 18 months, but an additional 20% interest on top of that 18 months premium payments, and that's your benefit. Now, the individual, not two years go by really quick. I mean, we could think of Wiggum. Two years does for most of us like a blink of an eye. Oh, because as I was saying earlier, time is equity. You can't go back for those two years, you can't, you know, those two years are gone. But it goes by really quick. And this is why it's not a good idea to procrastinate. But once the two years is over with the face amount of the policies is available now you still continue to make your payments, and your policy is billing the cash value asset. My name is Donna Marquez for more information 702-236-2620 470 to 236262. For most people qualify even with health issues, underlying health issues, there's no health examination to apply just a few health questions. One easy page application that I'll fill out for you. I'll do I'll go on the computer and I asked you a few health questions. Do you? Are you a smoker? Yes or No? Have you been turned down for life insurance in the past? Yes or no? And you know, disease of heart, including heart attack or surgery? That's a yes or no answer. Disease of the circulatory system, including stroke, aneurysm or been advised to have surgery to improve circulation. These few questions I do ask I'm just rattling, I'm just letting you know what we're looking for. Do you have cancer other than basal sales, skin cancer, disease of the lungs, including COPD, or emphysema, other than asthma, that means if you if you if you have asthma, we're not gonna turn you down for life insurance, we can offer your policy up to $35,000 with asthma. And it really depends on the medications you're taking. But if you do have asthma don't don't give up, you know, disease of the liver or kidney or had an organ transplant within the last few years. Within the last few years. Now, some of you can be in remission. You know, cancer seven years ago, you no longer taking the medication, we only go back two years, two years, this is the only insurance company that I know will go back for two years and up to $35,000. In whole life insurance coverage to help you and your family. When that day comes in, it comes for all of us to give your family that peace of mind and give yourself the peace of mind knowing that when that day comes and it comes for all of us, your family has money to take care of your final expenses. And I know many of you want to you know want to be transported, while your remains to be transported on the state you grew up in. Or this is what my family is buried. We have plots and different states. And I want to be transported who's going to pay for all that. Who's gonna pay for it. It's a lot of money. You know, you don't have to buy a plane ticket. The Funeral Home has to transport the remains to the airport. And they put the airport put the remains in a container. And oh, before all that happens, the remains have to be prepped because they're not going to put a body on the plane without it being prepped. First. I mean, the embalming process has to take that has to take place first dress you get your golf prep, get your reading put you in the casket puts you in a container, take it to the airport remains to the airport, your your your loved ones about a one way ticket, the airport will put your remains on the plane fly to the destination. A funeral home the mortuary on the receiving end will pick up the remains and take it to wherever you Your destination is whether it's a funeral home, or the cemetery for the final resting place. All that costs money. All that costs a lot of money today costs a lot of money today, who's gonna pay for it? And if your family members don't have access to your savings or checking account, what they're supposed to do now your family members already have bills. They already have the bills, obligations they're paying for. And all of a sudden now they have to pay for a $20,000 funeral. Is it fair to them? Is it fair to them to pick up your final expenses is very affordable. Don't think it's not it is? Let me take you step by step through the process. 702-236-2624 702-236-2624 centrally located right in the heart of a beautiful city, Las Vegas, Nevada across the street from the palace station Hotel Casino tall brown bill and you can't miss it. And as US Bank at the top work Monday through Friday from 10am to 5pm. By Appointment by appointment. I know some of you have dropped by hours just now nearby, I heard you on K, u and v 91.5. Jazz and more, I just want you to go over my car insurance, I look at my homeowners insurance, and tell me what you can do. It doesn't work that way. Work by appointment, because if I'm in the office, and I may be in the field, when you contact me, I'll just stop by the office, maybe in the field. And this is why, you know, as a courtesy, I work by appointment that way, I can give you the dedicated time that you need 702 to three 626 24. Now, if you have a life insurance policy, and you know, you don't need as much insurance as you used to, because now your young children has grown up, and they don't You don't need all this coverage anymore. And you say so well, you know, I have a large life insurance policy. I'm paying a lot on it. My children are grown and they are very left home finish college already left the home. What can I do? Do I continue to keep the policy? Or do I just cancel the policy altogether, I never say cancel policies. I say if you're going to do you want to you want to surrender your policy, they may be cached assets when you surrender the life insurance policy. However, you can reduce the face amount of the life insurance policy. Now for an example, you have a $300,000 life insurance policy chosen a gun, you want to reduce the face amount to lower your life insurance premium payment, you can do that. You just contact your life insurance company, they will show you step by step how to do it is called a reduced face amount of the policy. Don't Don't ever counsel your policies don't Don't you know, don't do that. Without talking to me first. It's always good to talk to me first. Now, there's no reason that counts. But if you hit the lottery, you might want to or, you know, you stock your stocks have hit and you may want to you know, there are options but still keep your policy, we could go over that line by line or transfer no ownership transfer of ownership on a life insurance policy means that maybe one of your family members has Alzheimer's dementia or they're going to an into a nursing home, you want to transfer that ownership. So that policy will not be an asset for for the nursing home. Keep that in mind a nursing home could take a life insurance policy, you want to do a transfer ownership now you could be the the owner, the beneficiary and the payer the policy to help your loved ones out change beneficiary form. This happened this is this is the most used form of audible mol because sometimes your primary beneficiary pass or you may get a divorce or you may get a divorce, and you want to change that beneficiary to a different beneficiary and my name is Donald Marquez. This is your insurance connection 702-236-2624 702-236-2624 located on the corner, Sahara Rancho. In the US Bank building on the eighth floor, I love to talk to you about all your insurance policies, no obligation reviews, home auto yes and life insurance. Boats motorcycle 702-236-2620 For everyone have a lovely Sunday. Stay cool. Stay hydrated. No Till next week. Just keep it crispy. Thank you for listening
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