Business Innovators Radio - Money Pryor-ities with Darryl & Alicia Pryor- Unlocking the Secrets of Life Insurance

Episode Date: March 28, 2025

In this podcast episode, Alicia Pryor and Darryl Pryor discuss various life insurance options with Todd Bothwell, focusing on the evolution of life insurance products, including whole life, universal life, term insurance, and the increasingly popular index universal life. They explore the benefits of living benefits, the importance of tailoring insurance to different life stages, and the role of life insurance in financial and estate planning. The conversation emphasizes the need for proactive financial planning and regular policy reviews to ensure that clients' insurance needs align with their life changes and financial goals.TakeawaysLife insurance has evolved significantly from traditional products.Whole life insurance offers guaranteed premiums and cash value.Universal life provides flexible premium options and potential for higher death benefits.Index universal life allows for investment in market indexes with downside protection.Living benefits can provide financial support during critical illnesses.Regular financial reviews are essential to adapt to life changes.Life insurance can play a crucial role in wealth transfer and estate planning.Understanding the tax implications of retirement accounts is vital.Younger individuals should secure insurance while healthy for better rates.Proactive planning can help avoid financial pitfalls later in life.Sound Bites"Whole life insurance is for your whole life.""Index universal life is like a Swiss army knife.""Living benefits are super important.""You should definitely have a financial review.""Life insurance can help with wealth transfer.""Your financial future is in your hands." Chapters00:00 Introduction to Life Insurance Options02:48 Understanding Whole Life Insurance06:04 Exploring Universal Life and Term Insurance08:46 The Rise of Index Universal Life11:47 Living Benefits: More Than Just Death Benefits15:04 Tailoring Insurance to Life Stages18:08 The Importance of Financial Planning20:52 Life Insurance Beyond Final Expenses23:59 Strategic Wealth Transfer and Estate Planning26:59 Conclusion and Future DiscussionsMoney Pryor-itieshttps://businessinnovatorsradio.com/money-pryor-ities/Source: https://businessinnovatorsradio.com/money-pryor-ities-with-darryl-alicia-pryor-unlocking-the-secrets-of-life-insurance

Money Priorities with the husband and wife team of Daryl and Alicia Pryor, principles of DNA financial and associates. You'll get tips and techniques on personal finance, insurance, and tax topics aimed at closing the wealth gap. So if you want to be a player in the financial game, you're in the right place. Now, money priorities with Daryl and Alicia Pryor. Hello, I am Alicia Pryor of DNA Financial Associates. and I like to welcome you to our podcast. Today we're going to have very interesting information I think that you would truly enjoy.

I want to welcome you once again, and I want to introduce to you my partner in crime, Mr. Daryl Pryor. And I also want to introduce you, Mr. Todd Botwell. Todd is a director of life insurance and advanced markets, strategic partner of ours with the broker's choice of America. And he's going to talk to you a little bit about some of the things that we like to share with our clients about life insurance and some of the benefits that you can get when you have those type products. So Todd, Darrell, take it away. All right. Todd, how are you doing today? I'm doing great. Thanks for having me. BCA, Broker Choice of America's our IMO and you're a director of insurance. So we're really excited to be able to let our clients know about the different

services that we provide through BCA. And so I have a series of questions. I think we can really cover some pretty good topics and let them know how they can leverage it. insurance because insurance is not like your grandparents' insurance anymore. It really has a lot of different options now that many people still don't understand the value the insurance brings. So, Todd, could you walk us through the main types of life insurance available, that be in time, whole life, universal, et cetera, and share some common reasons that you might recommend one policy type over another for a client? So there are many different types of insurance, and I think it's important for you to know the differences as to what we draw on and why. We'll start out

with whole life insurance. Whole life insurance is pretty much what it says it is. It's for your whole life. It's guaranteed premium payments and it comes with a dividend that usually pays quarterly. And it's insurance that people buy now and they know that they may use it later for the components that it has. It has like a cash value savings component that people like so they can either borrow against it later if they need some cash. It also has a death benefit component to it. But the reason that people use it is because the premium payments are guaranteed for their whole life. So they know they can count on it. And some people say, well, is that a little more expensive than other types of insurance? Well, you kind of get what you pay for. And it is a little more

expensive, but it's guaranteed. So there's guarantees in whole life insurance that people like that they can't get in other types of coverages. It can be used for smaller policies, for children, grandchildren, parents, grandparents. It's something that we use every day for people who want to have guaranteed savings vehicle. They want to have a big, strong company behind it because they want to make sure it's there when they need it, 20, 30, 40 years from now. And it's a real popular product because it's out of the stock market. It's one of the few insurance vehicles that you can buy that has no correlates.

relation to the stock market. So if people feel like they're top heavy in stocks and bonds and their TSP and their Thrift Savings Plan or their 401k, they tend to want to buy a whole life policy to kind of level things out and get more of a safety type of investment that is not in the stock market. So that's what people use the whole life product for mostly. If you go into other products, if you take a look at Universal Life is usually a flexible premium type of policy where you can put in your monthly payment, you can put in more than your monthly payment, sometimes you can put in less, but it's more of a flexible premium. And people like it because it has an interest rate attached to it. And it's a product that you can buy quite a bit of coverage for. You know,

sometimes when I compare term insurance to universal life, sometimes we get actually more death benefit when we look at universal life. So universal life's another policy that we use. guaranteed universal life is something that's different. It's designed and built for people who want to have a death benefit, but they want to know what the premium payments are going to be for the rest of their life. People who use this type of product or people who they want to leave their kids or grandkids a tax-free death benefit, but they also want to get the biggest bang for their buck. They want to know that it's going to be a guaranteed premium payment.

It's usually older people. 40s, 50s, 60s that tend to gravitate towards this product. They really believe in leaving tax-free money and the way that they can do that, this policy does not build a lot of cash value like the whole life policy is built, but it's strictly designed to leave a death benefit. And we use guarantees to age 100 and a lot of our policies are guaranteed to age 120, which we wouldn't think would be a problem 20 years ago. However, we have a lot of our clients, you know, that are living past 90 and into the So it's important to guarantee the policies to age 120. And then, of course, you know, a lot of people, they hear about term insurance through various

pundits and products and webcasts and things. And the term insurance is exactly what it says it is. It's a temporary coverage. It's for a length of time. It's for a term. It's for 10 years. It could be for 15 years. It could be for 20, 25, 30 years.

But it's coverage that people feel like they're going to need. for a time period. And when that time period expires, the coverage expires also, unless we have a convertible feature inside that policy at that time. So a convertable term means you can convert the policy to a whole life policy, but you have to follow the rules of that particular company. Sometimes they give you a year, sometimes three years, sometimes seven years. It depends on the company.

So if you're looking for like an option play, buying a convertible term policy is something that you might want to into it gives you the term, but it also gives you the ability to convert it into another policy. So I think that's, you know, the lion share of it. However, a lot of term policies are used to cover large car loans. They're used to cover motorhome loans. They're used to cover second mortgages. You know, they're used.

A lot of people use term insurance, and they turn them off and on. They'll buy an apartment complex and they'll cover the note or the liability mortgage with a term policy when they sell that apartment complex. They let that policy go. So different people utilize term coverage is differently based on what's going on in their life. Sometimes younger couples like to buy a big block of insurance, and the cheapest way for them to buy a big block of insurance is to buy term, like on a mortgage. If you get $600,000, $700,000 on mortgage, your term coverage is going to be less expensive, but yet it'll knock out that loan upon an unexpected or a premature death. Our wise coverage for the children while they're growing up.

Yeah, it does, yeah. It's real flexible. There's a lot of insurances, and I know that, you know, Daryl and Alicia, they have got the concepts and they've got the products and the solutions. You just have to tell them what you're comfortable with, what you're trying to accomplish, and then they'll design what you need. Right. Well, you mentioned quite a bit there. You talked a little bit about term life, whole life, universal life. Clearly, the different options that people have to leverage life insurance as a tool.

You know, one of the things that I constantly get hit with is, you know, why should I get a whole life? why should I get a term? You pretty much laid out a lot of those different variables and uses for the insurance. Yeah, another real popular insurance lately has been the index universal life coverage. It's a really interesting concept. The concept behind it is you can invest in indexes and in the market, the stock market, see Klein. They have zero performance or they go negative in a particular year.

You know, the client may not lose any money. They might be posted as a zero percent earnings that year. but at least it protects them on a downside market. The Index Universal I-F has gained a lot of popularity from people who are using it to put money into the policy. Sometimes they're putting money in, what we call overfunding it, meaning that they're putting in more than the minimum required payment. And they're doing that for a couple reasons. One is they may have some extra money to put in.

Two, they want it attached to an index. But they also are putting it in there because they may want to pull the money out to pay off some credit cards or to pay off a high car loan or some high interest debt. So we see it's almost like a Swiss Army knife. It's used for various purposes. It has so many different options. And then, of course, on the Index Universal Life, they have different coverage options. They have an option A where you buy a level death benefit.

And they have an option B where you can have an increasing death benefit. So some people like the fact that they can buy an increasing policy to keep up with inflation and to keep up with the cost of living. And sometimes we project it out so that people can buy a policy and that they can take income out. So people in their 40s and their 50s, they'll buy a policy sometimes in their 30s, and they'll put money into the policy so they can take income out tax-free. And they kind of projected like a 60, 60, 62, 65, A, how much income can I take out? of this tax-free.

And why that's important is the financial planners that are backing this podcast, they believe in the fact of getting some tax-free income out so that you guys don't get hit with the taxation on the Social Security and a possible pension that you have or other distributions that you may have. So it's a real nice vehicle to have the index universal life. And you mentioned some great benefits. The cash benefits for tax-free withdrawals. You mentioned the conversion between whole life and other types of insurance with the term.

But a lot of people believe that life insurance is primarily about death benefits, too. But are there any things such as like living benefits that they can take advantage of? Yeah, it's amazing. If you take a look at any clients haven't been introduced to the new type of insurance. And I think, you know, the old insurance that we used to have, and you can pick it up on a financial review or insurance policy review, the financial advisors will look at it and say, well, you've got the insurance. the older type of insurance that you purchased that didn't have living benefits. It may have had cash value, may have had a death benefit, but the new versions of insurance

really does outpace the benefits of the old insurance. So if you do have one of the older policies, you should definitely have, Daryl and Alicia, take a look at the policy to make sure it's keeping up with the times. The living benefits are super important. It's something that came to be where people were needing to have an advance on their death benefit. And there's basically four living benefits, really. The first one is a terminal illness benefit that came out first. And it advances 75 to 90 percent of the death benefit on the life insurance policy to the insured based on them having a certified letter from their doctor

that states that they have a terminal illness. And some policies are 12 months. Some policies are within 24 months. Then the next benefit that came out was a critical illness benefit. And some people, they buy critical illness policies, but you really don't need it if you have a living benefit rider on your life insurance policy. The critical illness, most of those claims are for heart or cancer. They're for sudden impact where all of a sudden the client needs 60, 70,000 advance to maybe get treatment for cancer at a cancer clinic or they need some work done on the heart that the insurance doesn't cover.

And we can advance the death benefit on the life insurance policy rather than them borrow out of their TSP account or rather than them get a second on their second mortgage on their home or whether they get into credit card debt. So it's a very flexible benefit, but the critical illness is probably the most often used coverage. The third benefit comes out to be the chronic illness, which is usually a whole in a lot of people's financial plans. They're not really protected on if they get a long-lasting illness.

We learned this not only through COVID, but we learned it through other. long-term diseases and where people need to have money for more than one year at a time. And so that chronic illness is advanced at usually around 24% of the death benefit or somewhere in that range where they can advance a death benefit or a percentage of the death benefit on a monthly basis to kind of assist with the cost of care, whether it be home care, assisted living care, sometimes nursing home care, sometimes memory care. But it's a nice benefit it's an option play again that if these things happen to you, that you can draw on your policy while you're alive called the living benefit.

The fourth living benefit that's out there is the critical injury. The critical injury is really critical from the standpoint of auto accidents being a really high claim for insurance companies. And when people get in auto accidents, they sometimes need to have, particularly, I think traumatic brain injury is a big thing. When you have close head injuries where people have heads, hitting the windshield. I think at that point, you know, they sometimes need time to settle down and to

recollect, sometimes their speech, sometimes their thought process. But the critical entry is another rider that comes with a lot of the insurances that we offer. That's a lot of, you know, those living benefit, they're major, to inform about what they are and what they can do for them. We would talk about them in our workshops and seminars, and so we definitely believe the education is one of the key enablers out there. Absolutely. Yeah, and some companies include it in their policy, and they don't charge it until people go on claims.

Some companies charge for it. So, yeah, we'll definitely disclose to you which is which, whatever policy you're looking at. Right. Okay. So how does the client's goals, lifestyle, or financial situation factor in deciding whether they might benefit more from a term policy or permanent policy, such as whole life or universal life? Yeah, I think as people age, it's kind of hard to throw a, everybody into a category. But I think we have to a little bit. We have to take a look at the amount

of income people are making, you know, from, say, age 18 to 30. They're usually getting married. They're having children. They're starting out in their career. So they may not be at their high income earning years. And they're just trying to do the right thing. And what they're trying to protect against is really a premature death. They're trying to protect, get as much coverage as they can, to protect in case one of them has a premature death. And I have a story of when I was writing insurance when I was younger, I did write a policy for $250,000 on a couple. And they had a couple small children in the house at the time.

I think she was like 32 and I think he was 36. And, you know, we talked about the difference between $100,000 and $250,000. But I got a call like six months after we wrote that application and that policy was issued. And the 36-year-old did die. He was watching cartoons with his children, and he just slumped over and died. And I don't think anybody ever expected that. But I do know that she used that money to put it into an investment,

and she ended up stabilizing the household. She continued to teach and got those kids through high school. Matter of fact, the one boy graduated with my boy the same day. And I watched the full circle of life insurance being invested. And then what it was for was to educate, keep the family together, and it did. So, you know, the younger couples, I think they're like, well, we don't have a lot of money, but they still need coverage because they still have to protect for that death that could occur. And then you go into the next phase of life, you know, where you're starting to accumulate some assets.

You might be maxing out your 4K or your TSP. And then you're starting to look for other savings vehicles. And then I think that's when people start looking into the index universal life. looking into the living benefits. They start wanting to build up the account so it has time. A real key variable here is having enough time to compound. They keep that money growing for you and to put it away. So I find that the next space people are thinking about is, well, you know, how are we going to educate our kids? How are we going to pay for that college funding? How are we going to build up some cash besides the equity and the home? They all want

to go buy a home, so they'll get a home. They'll get a couple cars. They'll be in debt. and then they start moving up the ladder and making more money. But I think the younger ones that are really tuned into this, they get it. And they're like, you know, if I put money in earlier and I start socking money away into a cash value like in an index universal life, that I can actually borrow that money out if and when my kids go to college, because they may not go to college, they may go to a trade school. But it gives you that flexibility of taking that money out of the cash value and using it to pay for school if they go to school. and you're not tied down and restricted in that account at all.

Plus, you're in control because you still own that account. So I think a lot of the younger people are really starting to realize, hey, you know what, I got to get a whole bunch of money in these life insurance policy. Yeah. So much so that you even hear making songs about it nowadays, you know. Yeah. We meet with clients ready to have that discussion. You know, sometimes people aren't sure of what they should be asking and everything.

So what are some of the key questions, the prospective policyholder should ask? themselves or financial planners such as us when choosing the right coverage or policy structure. Part of it is, you know, life's kind of, you know, you can't really predict it 100%. But I think if their goals, when they start having children, oh, if they have an idea, are they going to have one child, two children, three children, four children, the concept matters because the cost to raise children is so expensive, right? And I think it has to align with their goals of their career.

You know, are they in a career? are they just working a job right now to go to the next level? Are they working a job to have a career there? Are they going to work 20 years and retire from the federal government? Or are they going to try to do it a different way with maybe work for a tech company and stock options and things? So I think they have to have an idea of the track that they're on, really. And that will give you guys an idea about how to help them design the policy and how to help them figure out what they want to have. But I think a lot of it has to do with disposable revenue.

You know, we have to think about how much in the budget we have left, how much money we have left realistically in order to fund a premium payment. And if their income is up and down, then we may have to go with more of a flexible premium. But the questions they should be asking is, the coverage that I have now, is it going to do the job between now and when I retire? And the answer is maybe they might have to have a couple policies. So you can apply policy now, maybe to cancel out the mortgage, maybe like a term policy. And then as they go through the next phase of life, they might want to pick up a couple policies that have the cash value and maybe like an index universal life. And then I think as time goes on, they're going to be glad that they have coverage.

Because the one thing that I have learned and that I can testify too is that as your health changes as you get older, you become more about a defense. You know, when you're younger and you're 30s, you're on offense because you have really good health. Then if anything in your health starts changing, you have a couple of things. One, you may not get the insurance that you want, and you're going to be really glad that you bought other insurance policies when you're younger, because that's probably all the insurance you're going to get. Well, I always like people to buy a lot more insurance than they may think they need, because you can always buy a letter to an insurance company and lower the coverage.

It's just that you can't always just go out and buy another policy. So I think it's important to secure the insurance so that you have it secure so that if you lose your health, you know, you have some type of cancer or some type of DNA disease passed down from your parents or your grandparent. I think at least you can protect yourself, get a policy, and that keeps you on offense for a real long period of time. And if you want to go get another policy, you can, but you're still on offense. But once you get declined or once you get rated where they charge you. you more, they charge you more for the same coverage they charge somebody who's in perfect health, that's when you start saying, boy, I'm really glad I bought insurance when I was younger. So I think it's kind of a phased in thing based on age and based on lifestyle, based on what they

want to have happen. We still are dealing with divorce at a 52% rate. And that, you know, splits a household up, but it could split two policy holders up also. So, you know, there's all these real life events that we have to manage around. When we meet with our clients on the annual review, We really talk about the things that have happened during the year or whatever and whether or not they need to make adjustments. But the key anchor to that is really having a good financial plan. It kind of walks and through and then they can assessment on how much additional coverage and stuff they need throughout the year or what they're playing in the upcoming year. Yeah. I think it's really important that, I mean, as many times when you'll look at their life insurance policy on a policy review and you'll say, hey, I see two children, you know, are named as the contingent beneficiaries.

But you just told me you have four children. Right. We're going to have to change the beneficiary and add all the kids because your family's growing really bad. And I think that's important, too, because people get so busy in life, they should meet with their financial advisor as much as they meet with their dentist, right? I mean, the dentist has got us coming in every six months to check to see what's going on with our mouth.

But I think that people, there's so much that's changing, people changing jobs, people getting married, people having kids, inheriting money, you know, there's just all sorts of stuff that's moving all the time. The only way that you guys will know about it is if you meet with them and they tell you this is what's changed in our life. Right. That communication is so important, you know. Right. And that's the only time they stop to think to look at what has changed in their life also.

Right. And they're ready to have to stop. So you're absolutely right. Sometimes you have to put that little bumper in the road to slow them down enough just to. Absolutely. For sure. And, you know, something else that people tend to think about. When I think of life insurance, oftentimes they think about death.

Yeah. Can you share some examples of how life insurance plays a role beyond just covering final expenses, such as estate planning, retirement planning, or wealth transfer? Absolutely. You know, I think in today's world, a lot of people who have been successful in saving money, whether it be through the Thrift Savings Plan or 401Ks, but disciplined investing, right, where they're putting money in every two weeks, they've accumulated large sums of money in these accounts called qualified accounts or, you know, Thrift Savings Plans, 401Ks, 403Bs.

And in order to pass them to their errors, these are taxable accounts. These are accounts that have not been taxed. These are accounts where the Internal Revenue Service really has a claim of up to 50% on those accounts. So people might think, well, I got $400,000 in my thrift savings plan. in reality, you've got like $200,000, and the IRS gets $200,000. They still have a partner in that plant. So I think part of the transitioning of thinking, knowing that you've got a time bomb called an IRA or a FN, it's a time bomb because of the taxation from the federal upon your death,

but there's also taxation upon the state that you live in, and then there could be taxation on the estate if there's an estate tax. So I think a lot of the planning that we do is strategically, passed via life insurance, sometimes passed through the beneficiary, like on an annuity, where it escapes the probate process from the estate planning standpoint. We try to make sure that their assets are titled properly because the title does take precedence over a lot of things. We're talking about passing assets, but I think it's super important that people understand

that if they're building wealth, that they're building it in the right vehicles. Are they building it in a vehicle that's going to be passed down into a tax? taxable situation, or are they building wealth that's going to be in a tax-free? A lot of the calls that I get on a weekly basis are I've got this money in this qualified account and I'm a little concern because if I pass this million dollars to my children, then they're going to lose half of it to income taxes because they have to take distributions out over the next 10 years, added to the fuel that the spouse is working, added to the fuel that their son or daughter is working. And it's like pouring gas on a fire, where if they can reposition the money into a more of a tax-free vehicle,

like life insurance, I think people are starting to get the message now that I've got this big sum of money now. Now I've got to figure out how to take it from the accumulation stage, and I've got to take it into the tax-free distribution stage. And I think a lot of families are starting to go through that now, which kind of, you know, couples with the estate plan, like, what is our ultimate goal? Do we want to transfer this money all to the kids? You know, I had a call last week where the people just wanted to make sure that all the money in the IRA, that the required minimum distribution that it was going to a charity. And they said, well, maybe I'll put some in a charity and I'll put some in a life insurance policy

for the kids and grandkids. So it just depends on their goals and objectives. And, you know, usually if there's a charity that help people or help somebody in that family, I noticed they have a tendency to give money to that charity. But I think it's being important. I think the estate planning, it all comes together. So, like, you know, the financial advisors are asking you questions, not to be nosy. They're asking you questions that they strategically need to know and to determine to help you as to what program to buy and which one to put in because they have the experience of knowing that some of these accounts are going to be fully taxable.

Could you repeat that one more time? Why do we ask questions? No one's never asked me that before. Well, they probably should have. You know, the things that we worry about are the big numbers, right? We worry about big numbers, like, you know, 35% tax brackets coupled with maybe a high state tax. Things that we can do something about. Inflation is talked about, and, you know, it's a political football sometimes.

But, I mean, the bottom line is we have to focus on the big numbers. What can we really help you reduce strategically on a year-in, year-out basis? And I think taxes and the way that our country currently has tons of money in these retirement accounts. I mean, eventually the money's going to be taxed. We just got to think of strategic best ways to do it. And they need planners like you guys to do it because it's hard to navigate all this, you know. That's why they need a good financial plan based on their unique DNA, as we like to say. Absolutely. Timing is everything. 100%. So you've covered it quite a bit already, but I'm trying to drill down to maybe a couple of examples. How do you think insurance should be

tailored to give recommendations for clients at different stages? life. You know, we have, for us in particular, we have the young professionals, the family with children, and then we have those who are getting close to retirement. We like to tell people, you know, you should plan through retirement, not just through retirement, but the earlier you begin, the more options you have. Absolutely. I think when you see the projections that you can do, like on an index universal life proposal, and you can show people how 100 or 200 a month, how it will build up to be at a certain value and what type of income that can predict. produce tax-free at a certain age, I think it really does open their eyes a lot because the

compounding of money is such a fabulous thing, but it's not fabulous if you don't utilize it and you don't execute and you don't impact it until people sign the applications and activate some of these strategies and plans, you know, the talk doesn't really matter. They really have to take action. And I think they have to take action before they lose their health. And sometimes I think that people think, well, are they trying to sell me something? Well, not really. What we're really trying to do, we're trying to take a snapshot, a picture of your health, the day that we're talking about it.

And if we can protect your health that day and take that picture and that snapshot, that we've got you covered at that point, if down the road, you know, your blood markers change and you have some different things that enter into your body makes you uninsurable, or at least a risk of being surcharged, I think you're going to be real happy that you take action when you're younger, you know, and I think more people, they don't think of it that seriously. They think of it because they're at a point in their life where, you know, nothing's going to really happen to them.

I'm young, I'm strong, I'm awesome. But the bottom line is things happen to everybody. And so I think getting them to take actions, the key, and they'll thank you later for doing that, particularly if something changes in their health. And I am seeing a lot more MS. I'm seeing a lot more things that I didn't see over the last. 30, 40 years on younger people. You know, you take a look at the autism rates that are really spiking.

You take a look at there's all sorts of different things that are happening. And I really think, you know, it starts with, you know, getting your children covered, too. I think some of these children's policies are underrated where you can ensure the parents, but you can also put a policy on the children. And what that does for them is it protects their health in case their health changes. You know, the guaranteed insurability is an option for children. where I think it gives them, you know, future advances to get more coverage. If they are in poor health, they still get a letter asking them, do you want this coverage?

Do you want this coverage? You know, do you want this coverage? And I think that is probably the only policy that some of those children will ever have, particularly if their health changes. So when we're talking about children's policy, people say, well, I don't know, is that necessary, you know, well, it's for the guaranteed insurability of your children. It's not for the death benefit. So I think they have to understand that too.

Again, that's why we ask a lot of questions to help them understand where they or find out where they are and understand where they are so we can make those recommendations. Absolutely, yeah. And, you know, the information that you guys have to make decisions on is only as good as the information that they'll give you. So I've always found the more information they'll give you about everything, about their health, about the DNA of their parents, their grandparents, you know, so that you guys can kind of get a feel for what's going to get possibly past.

down to them. I mean, it's not that we're nosy. It's because we need to know these things so we can help you make proper decisions. Yeah, so we covered a wide array of topics. I can't wait to our next conversation because there's any one of these topics we could have drilled down in maybe the party. You briefly skimmed over like even annuities that people are oftentimes frown on or whatever. But, you know, they're not for everybody, but to some people or a lot of people, they are the right tool for building that foundational retirement and helping through various tax situations, but more importantly, being able to pass on some of that legacy, too. So absolutely.

This is a good overview of life insurance and all the various types. That's what people get kind of confused, you know, what is it? What are all the various types and what do they really do for me? So this is really a great conversation today. Todd, we thank you. Absolutely. I'm spending us today. I look forward to the deep dives now.

every one of these products so that our listening viewers and audience and get a better understanding of what each product can do for them. What do you say, guys? Absolutely. Just let me know. You know our current clientele. Well, thanks again for joining us, and we look forward to connecting again. Thank you for tuning in to this episode with DNA Financial and Associates. We hope you found our discussion insightful and valuable.

For more tips and resources on financial planning, visit, our website at DNA Financial and Associates. Remember your financial future is in your hands. And we hope that you got a lot of information and know that we are here to help you every step of the way. Your goals, our strategies. Your success is in our DNA. Until next time, stay informed, stay empowered, and take control of your financial destiny.

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