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We talk about saving money on auto insurance, homeowners insurance, and - yes - we talk about life insurance!
Announcer 0:00
This is a KUNV Studios original program.
Wesley Knight 0:04
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.
Donald Marquez 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. Good morning. My name is Donald Marquez. This is your Insurance Connection broadcasting right here at KUNV 91.5 jazz and more every Sunday morning from eight a.m. to 830. Bringing you information on your auto insurance, homeowners insurance, yes, life insurance. You know, I I'm a local agent here in Las Vegas and been in the business for the last 30 years. This is an educational program, but I just want to go over some some information I received in the mail from one of our local, let's say, motor clubs. I don't want to say the name, but you know what I mean. We got a few of them, but one of our local motor clubs always send mail to you, me, because they target seniors. I'm a senior citizen myself, so I just want to go over what I'm I receive in the mail because you receive the same information. I'm quite I'm quite sure you do. Let's go over it. So this pertains accidental life insurance, and it disguises itself as a settlement of benefits for life insurance, and it shows four ways to protect you. And and you know what? It says accidental loss of life. They start at 50,000, as high as 400,000 hospitalization, you know it's it's it's a way to make to get your attention, and they get these you know these letters that that stand out and say you know what wow that looks great, and then you flip the page over, and then it shows you you know all the benefits, accident travel airline travel accident motor vehicle motorcycle common carrier bicycle and pedestrian accident. This is all accidental life insurance. You have to beware of purchasing accidental only life insurance. This is why I'm bringing it up on this program today. And you know, like I always said in the past, if you if you're listening to my show, in the past I've been here on 91.5, almost going on four years now, and you know there are many times when people come in for a life insurance review, and they have accidental only life insurance. These policies, these policies that I read, came from well-known resources, companies that you recognize the brand name, but it's accidental only life. Travel accident, you know, travel accident means if you're on a trip, you know there are some accidental death benefits. If you're in transport on a common carrier, there's accidental benefits, but it's all accidental, and of course you know they make it very attractive with the bold letters, and make you know and these big numbers that I see 400,000 up to 2 million and and you know and and the and it goes on and on and on, and the reason why I brought this up is because they target seniors. I'm a senior citizen, and you probably hear the paper folding because I'm flipping pages. I'm trying to see. Oh, here it is. When they charge you these different prices, you know, for individuals or families, they really make it simple and easy for you to apply. No physical required for these accidental-only life insurance policies, but just think about it: if you pass away of a natural cause and you've been paying on this policy for a while, it does not pay for natural causes. And everyone listening to this program right now, I can say say with certainty, more than likely you will pass some natural causes, not an accident. An accidental-only insurance policy is not a prudent buy. It just don't purchase those. I don't offer accidental-only life insurance policies. Maybe if you use a race car driver, yeah, you know that makes sense to me. Or you jump out of par, you jump out of airplanes and you parachute out of airplanes on a regular basis. Yeah, maybe that makes sense to me. But if a regular life insurance policy is going to be a little bit more than this accidental only, and this is why accidental only policies are very attractive, and it's a guaranteed issue for members, not only. For members, but if you there are other companies that are not a motor club that offer accidental only life insurance.
Sometimes you get it from your credit unions. They offer accidental only life insurance, and you know they make it very convenient for the family. They have your name, your address. They have all your you know all your basic information. They just want you to make it real simple, real easy. Put your credit card information on there. Pick out your due date between the first and the 28th of a month, and they say guaranteed acceptance, no matter what. But again, you have to pass from an accident. I do not recommend accidental only life insurance policies. I've been an agent now for 30 years. 30 years. I received my license in 1996, right here in my beautiful home state, Las Vegas, Nevada. I've never offered my clients accidental only life insurance. To me, it never made sense. You know everyone has their preference, but if you're paying on accidental only life insurance, and this has happened many times, your loved one pass, you take this accidental only policy to the funeral home or mortuary, whatever you want to call it, and they refuse to pay because the person passed of natural causes. Hey, your dad had a stroke. He had a heart attack. You know, he died of cancer. It's just, you know, your dad had diabetes. He wanted a diabetic shock. It's just many different reasons why you don't want to purchase an accident-only life insurance policy. Well, he didn't die from an accident. He died from natural causes, and all the money you've paid into this policy over time, you know the insurance companies collected. The life insurance companies say, "Oh well, you know, hey, and they call them up and say, "Hey, you know, we're filing a claim for that $400,000 life insurance policy. Okay, well, how did your dad die? Oh, he died. He had a heart attack. Oh, he you know he just passed. He was getting up there in age, and he passed. Well, sorry, we don't pay out for that. Has to be accidental only. I cannot tell you enough how many seniors purchase these policies. They're convenient. Comes in the mail, no physical, a lot of life insurance for low cost. It's a win-win, right? You think it is, but it's not. It's not, and your loved ones will be shocked to find out this is the life insurance policy you purchase to protect your final expenses. It won't, unless you pass away of an extreme accident, it has to be extreme. Now you may say to yourself, "Well, what? You know, if I die of a car accident, it'll cover that. Not necessarily. A lot of times, these accidental-only policies exclude car accidents. You know, you know, when they talk about common carriers, they're talking about an airplane, bus, or train. They're not airplane, bus, or train. Not your car. Not is called a common carrier. You know they're talking about commercial vehicles in transport. If you're on an airplane or a train or a bus, and then you have an accidental accident, okay, then it pays. But how often you hear that happening? You know, airline travel is the safest travel in the world. They say, you know, I. But don't buy accidental only. It's it's just a waste of your money. You know, I would not. I would never have wasted my customers' time talking about accidental only life insurance. Now, when you buy a regular life insurance policy, it covers all losses, accidental included. Yeah, you know that's the conversation I will have for my clients. Not saying you know get accidental only and this will take care. No, I would never do that because I'm doing you a disservice as an insurance professional. I want to make sure you at that very difficult time the families go through, and and it's very difficult. I've been through it quite a few times in my lifetime, and the older I get, the more frequency I see losing not only friends but loved ones too as well. And you want to make sure that all your paperwork is in order because it's going to cost someone a lot of money to take care of your final expenses? I've said this many times on this program. It it's around about $70,000 or up to close out one's estate.
You know that's a lot of money to come up with all at once, and it's not hard to figure out a funeral. You know, averaging costs around anywhere from 20 to 25,000 for a funeral today? Yes, with the headstone, the plot, everything, and and some families don't want to be buried in Nevada. They want to be buried home, where they came from in a different state. Sometimes even a different country. Who's going to pay for the transport? People have to take off from work. You know, you have to pay. For the church facilities, you have to pay for the mortuary, for all the services they provide-the casket, the container, or whatever the the vault, whatever you want to call it. The casket goes in the vault today. The dirt doesn't hit the casket anymore. The headstone, the price just keeps adding up. Now, let's say you leave behind bills like a car payment, car has been paid off. Someone has to pay for that car payment, or you have to turn in the car, take time off from work, and now you have a home. You have to move the furniture out out of the home to close it out. You may have to make some rental payments. You know, you may have to make some house payments. Now, if you don't make the rental payments, of course, you know the landlord is going to lock lock lock up the the rental property up, and then you know it's going to be all your personal or your family's personal property. You know it's going to get distributed because landlords are like this. I'm a landlord. If there's a death in the landlord home, and no one is there to do what they need to do to take care of the final expenses when it comes to the property, you know the landlord has every right to lock up the home, clear out all the information, change the locks, clear out all all the property that's in there, and this is good information for you. So, if you have a family member that's renting a property, they pass. You live in another state. You have to fly here or drive here or however you get here. You need to close out that apartment. You need to close that that business out. And by doing that, you may tell a landlord, "Well, you know, I can't do it right now because I'm taking off time from work. I have to go to the funeral, and after the funeral, we could we could move all the furniture out of the house so that you can get your apartment or your home rent ready. Now, let's say you don't do that, the landlord has every right to change the locks, and you know, and get rid of the property so they can rent out their home. This has happened over time and time again in my career. I've had people come to me and tell me a lot of different versions of what I just explained. You know, don't don't put your family members in that position. No one lives forever. Let me say that again. They have to knock on wood. No one lives forever, and don't ever say to yourself, "Why do I need life insurance? You need it because someone has to pay for your final expenses. We have a thing in life when we go. There's an expense attached to it, and it's called final expenses. My name is Donald Marquez. My contact phone number is 702-236-2624 702-236-2624. My business hours are Monday through Friday from 10 a.m. to 5p.m. I'm located Sahara Rancho on the corner, exactly on the corner of Sahara and Rancho in the U.S. Bank Center, eighth floor. I work by appointment again. 702-236-2624. If you don't want to come in the office, that's fine. It's a little warm outside. I get that. I do a lot of business over the phone. I can write a policy, home, auto, life insurance, right over the telephone. 702-236-2624. Now, a real life insurance policy looks a lot different from the one I just explained to you that was accidental only. A real life insurance policy is going to show you the years you pay into the policy, the cash value buildup. If it's a whole life policy or a universal life insurance policy, that's what I offer, right?
Whole life, universal life, and term. Now, term has no cash asset. I've said that many, many times on this show. No cash asset at all, but if you do have a whole life policy, and you need to borrow money because it's an emergency, borrow it on a temporary basis and pay it back. Now, every time you make a payment, if you borrow money from a life insurance policy, when you make those payments, none of the money that you pay each month, those premium dollars that you pay each month does not go toward the loan. Now, if you let's say you were paying a certain dollar amount, you took out a loan, and that certain dollar amount stayed the same after taking the loan out, you have to understand none of those premiums go toward your loan. You have to make arrangements with the life insurance company to pay an extra amount and for the loan for the loan. So take out loans. That's okay to take out loans, but you want you have to have a plan to pay the loan back. Now, if you don't pay the loan back, then that's that's your option. That is your option. They will once you pass. Your loan would be taken out plus interest from the death benefit. Now, if you have a small $30,000 life insurance policy, and you have an $8,000 loan against it, that reduces that policy down to $22,000. $30,000 life insurance policy, you've taken out a loan against the policy over time, and has accumulated interest, and that interest could be anywhere from seven to nine, maybe even 10% annual interest on the money borrowed. Yeah, yes, it is your money, but if you don't pay that money back every seven years, that loan amount could double. I offered no obligation reviews. You bring in your life insurance policy, and if you don't have your policy, as long as you have the the company name and phone number, I can call in behalf of you, the company, and we'll go over the line by line the details of the life insurance policy. 702-236-2624. My name is Don Marquez. I'm here to help. I'm here to help you to help your family during a very difficult time. If you have a home, and this comes up quite often, I have this conversation with a lot of people. If you have a home, and I don't do this, I have people that will do it for me. If you have a home and you're a single person, or you've lost your spouse or your significant other, and you're the only survivor left. You need someone on the deed, or you need a trust or will to make sure the home doesn't go into probate. Now, by putting a person's name on the deed, it puts them in a beneficiary position of, you know, that way it could avoid probate. It could avoid probate. I've been a beneficiary of two homes because my loved ones passed. You know, actually more than that, but you know, just right off the bat, two homes my mother passed and my mother-in-law passed, and I was every recipient of those two homes because my name was on the deed. Now, when you put a person's name on the deed, they cannot sell the sell a property or take a loan out on the property. They're just in a beneficiary position. Now, let's say if there's a divorce or a separation, and you have a person, significant other on the deed, you can always change the deed, as well as you could change your life insurance beneficiaries. Yeah, if you want to say, you know what, I just had a divorce, a breakup, I need to change the beneficiary information on the life insurance policy, and don't let that linger and go on and on and on because you know something can happen to you. You could pass, and you haven't taken care of your final expenses. Now, it's always good to have all your paperwork together. You know your bank accounts. You know your your all your information together. If you have a mortgage, this is the name of the mortgage company statements. If you have a car loan, hey, write it all down.
This is the my auto loan company, how much I owe on the car, the date and the time, you know, and credit card bills. Now, credit card bills, and now if there's a surviving spouse, and that's how credit card bills work on these final expenses. So, like you'll know, so final expenses can get very expensive. This is why I'm talking about this right now, if you and your significant other or you and your wife purchase a credit card together, you still could be responsible for that debt. Now, if you individually take out loans or credit cards, you know then your spouse or your significant other may not be responsible for your debt. Closing out one's estate, it gets very expensive, and you know it's always it's bad enough. You know you're hurting, right? It's always situations where you know you're hurting. You lost that person. You won't see that person anymore. There's an empty chair at the table. Will never be filled by that person again, you know. The memory's gone on and on. Sometimes it doesn't give you time to grieve in peace, because everybody's coming at you and they always say the same thing, don't they? Was if there's anything I could do for you? Well, you you could help me pay for this funeral. Oh, George didn't have any life insurance, you know. It comes; the tone changes when people come up to you and says, "You know, I'm sorry for your loss. Is there anything we could do for you? And you say, "Yes, I need a lot of money to bury my husband. I need help. And the conversation, the tone changes. Well, wait a minute. I didn't. I didn't mean that. I mean, what did you mean then? Because when you tell people, "Is there anything I could do for you? You just put yourself out there on the line to put yourself in the position of saying, "Hey, can I help? And then now you're turning down that you can't help. Because I can't afford to pay for you know someone else's funeral, I have my own bills to pay, and then with everything going up-gasoline, from gasoline, televisions, barbecue grills-I mean, you name it, everything has gone up quite a bit. So that squeezes less money in our pockets and more money in the in in you know people that don't need it pockets, I say the the business owners pockets, but for life insurance, you know tariffs have nothing to do with the life insurance. You know the economy, it is what it is, but the fact is that you know I talk to people that own funeral homes, and they tell me the cost of funerals today, and it's just mind boggling. You know which I didn't know. I found out just recently that the caskets come from China. Yeah, so the tariffs are on the caskets, and they have to charge more money at the at the funeral services for their service. You know, that's a unique service. You know, owning a funeral home or working at a funeral home. You know, no one gets pop-ins. Hey, I just want to come by and see how everything's going. How much you know? People just don't pop into funeral homes unless they absolutely have to go there. Now, there's two reasons you want to go to a funeral home. Number one is because you lost a loved one, right? And you have to make arrangements. And number two, if you're going to a funeral at a funeral home, other than that, people really just don't stop by like you going to you know like you go into one of these department stores just to check on things just to see what's what's new. We don't do that. No, we only go to those places where we absolutely have to, and when you have to go to a funeral home to to take care of your loved one's final expenses and put your loved one to rest at peace. You know it's always good to have a life insurance policy. I can help you step by step to get your loved one a life insurance policy.
And I had a young lady come in my office Friday, and she said, "You know, I listen to your show on on the radio at KUNV 91.5 jazz or more, and you were saying if you have all these channels and you don't watch television that much, you're you're wasting money. You could take that money and and and get yourself some life insurance. I had a lady contact me. It wasn't that long ago, and she said I listen to your program. I go to the coffee house every day and buy my cup of coffee. At the end of the month, I spend close to $300 a month on coffee because I go to the coffee house every single day. That's that's my vice, and when I add it up, listening to your program, how much I'm spending on coffee because one program I said, if you go to the coffee house every day to get a cup of coffee, right, with the whatever it is, a latte, a whipped, and all the, I can't even go into these coffee houses today. You have to learn a new language. I make my own coffee at home. I grind my beans, and I pour my coffee and I drink my coffee, and you know. So my expense is getting out of bed, going downstairs, and grinding my own coffee beans and pouring my coffee in a cup and enjoying my cup of coffee, without having to get in my car. You know, when you're spending close to $300 a month just for the coffee alone, think about how much money you're spending in gas. Yeah, it really adds up then quickly, because you're spending money gas and coffee. So let's throw all that in. And lady said, "You know what? I listened to your program, and you're right. I'm spending way too much money on coffee. The money I spend on coffee, not including gas, I can get a life insurance policy. Let me help you step by step. I can find a life insurance policy that is affordable. You can make it work. We can make it work together, and a lot of times too, I'm gonna cut right to the chase. Where is your budget? You know, because I can throw out numbers all day long. Where are you, and what you want? What are you? What are you trying to cover? And some people want to cover their mortgage. And let's briefly talk about mortgage insurance. If you just recently purchased a home or your homeowner, from time to time you may receive some information in the mail about mortgage insurance. Mortgage insurance is a policy you do have to qualify for. In some cases, you know it's a term life insurance policy. Now, true mortgage insurance life insurance policy, they make the beneficiary the mortgage company, and as your mortgage goes down, right, so does the faceted amount of the policies. For an example, if you have a $300,000 mortgage and you took out $300,000 on a mortgage only a mortgage life insurance policy, as your mortgage reduce, so does the face amount of the policy. Now, if you pass during the period of why you're paying on your mortgage, the mortgage company receives the benefit to pay off the mortgage. And people say, "Well, what's wrong with that? Well, there's nothing wrong with that if that's what you like, but I prefer all. In a policy that the face amount does not reduce over time, it stays where where it was when you purchased the policy. It stays right there. So if you purchase a $300,000 life insurance policy, over time it'll still stay at 300,000. I rather make your beneficiary a person the beneficiary, right? Instead of a company, and they can make that decision what they want to do, because a lot of times too, when people living in a different state or even in the same home state, they will sell the property. They'll say, you know what? I have a home. You know, that house. I have to put money into it to bring it up to rent it out, and I don't want to deal with the renters. You know, being a landlord as long as I've been a landlord, and God, I've been a landlord over 25 years. My mother got me to be a landlord. I had to be a landlord at her property.
She told me, "Well, I'm buying another house. I'm gonna keep this house, and I want you to be my. I want you to be my landlord. Take care for me, Don. I said what? So I had to learn the rules to being a landlord. That was 25 years ago, and I'm still a landlord today. But you know, it's not easy being a landlord. It's really not. Takes a lot of time, a lot of patience. People, you know, just keep in mind when you leave that home to your loved ones, you know the first thing they probably want to do is just sell the house. You know, it's like you know I don't want to deal with tenants. You know I don't want to deal with that. That's another expense. You know so by putting the money into the beneficiary's hand and make them, they can make the final decision what they want to do with the house. They have the tax-free benefit of a life insurance policy. There are sometimes too people have paid off policies from a life insurance. Now they want to sell the house. They took a tax-free benefit with the life insurance policy. Let's say you get $300,000 life insurance benefit, and your house is you still have a mortgage on the house of 300,000, right? You take that 300,000, you pay off the mortgage. When you sell the house, there may be taxes on the house you just sold. You just took your $300,000 was a tax-free income, right? And now you're trying. You pay the house off. Now you want to make that property taxable. So when you sell it, you got to pay the taxes. For more information, my name is Don Marquez. This is your insurance connection broadcasting right here at KUNV 91.5 Jazz and more every Sunday morning from eight a.m. to 830. My contact phone number 702-236-2624. All review your policies. I do not charge a fee to come to see me. My location is on the corner of Sahara and Rancho, in the U.S. Bank Building, located on the eighth floor. A work bar appointment 702-236-2624. Now, if you don't want to come in, that's fine. We could do a lot of business over the phone again. 702-236-2624. All right, we we you know what? It's gonna cool down next week a little bit. We're gonna get out. We're gonna break down into the the cooler weathers coming up pretty soon. So just we all need to hang in there just another more couple of weeks, and hopefully we start cooling down in this beautiful city, Las Vegas, Nevada. My name is Don Marquez. This is your insurance connection. We'll do this again next week. Until then, everyone, thank you for listening and stay safe.
Transcribed by https://otter.ai