Visit the podcast episode here:
https://mvinsurancecompany.com/podcast/the-1-concern-of-retirement-and-how-to-address-it/

Transcript:

Welcome everyone to it’s time to retire, a podcast, giving you insights and examples to help you strategize your retirement. My name’s Jesse Cunningham, the fifth and then the studio. We have my father Jesse the fourth thanks for being here, dad. You’re welcome. Beautiful Day. Thanks for the invite. And it’s a beautiful day. Beautiful Spring Day in Maryland. The trees are blossoming. So we have an article here by Forbes, by a Bob Mcdonald who was the CEO of all the odds. Yeah,

yeah. He’s been around a long time. But yeah, it’s a very large company. So the article was published April 8th, 2019 is a very fresh and it’s called exposing the dirty little secret about retirement planning. So I’m in the article, it goes over a lot of things, but it really hits on one of the most, the biggest concern for a retiree is running out of money in retirement. Right then? Yes, absolutely. We, we feel that, we see that all the time. So someone gets to the end of the rainbow of their working career and you have what you have. So if their number one concern is running out of money, then how to, how do you address that? Let’s just go backwards a little bit and think about it. If you’re, you’re retired and you thought all your financial plans, we’re going to work and you find out instead of retiring at 65 or 67 you find that at 75 you’re going to run out of money.

How would you feel? You know, if you had more month than money, it’s not a good feeling. So how do you bridge that gap? You know, it’s very important and you can’t open up a periodical, the news or radio without hearing lifetime income similar to what so security is, so security’s a lifetime income for hoping and white. So once that gets turned on, it’s there for life. Yeah. Yes. So very similar to say a pension. Yeah. Pension. So that, that is true. If someone does have a pension or a guaranteed source of income, it’s, it’s nice to be able to fall back on that. And hopefully they have some sort of what cost of living adjustment to it. Yeah, that’d be nice. And I know, you know a lot, a lot of planners have different approaches and we’ll talk about inflation and, and those are all valid points.

But I like to keep things real simple and you know, inflation. Okay, so inflation is this percent or that percent. But what if your basic needs, your basic foundation of bills in your lifestyle or not met? You don’t really care about inflation at that point. That’s true. That’s true. And the article it says, nothing has crueler than having no more money in retirement because when it happens, there are so few options available to rectify the situation. It goes on to say, can you imagine how it would be to retire at 62? I’m relying on a seemingly good plan only to discover at age 75 that your plan is run out of money. So, um, he goes on to say no one product or approach. We’ll work on its own. And I think that’s, that’s a really good point. That’s so important because there’s so many different ideas out there.

But, uh, what I like seeing, and I do this for mom and myself and our own life, let’s take care of the three legged stool. Let’s know for a fact that the basics, the bills that health insurance, all your lifestyle is paid for. How would you feel if you knew you had a check coming in that would take care of that for the rest of your life? Then the other products that you may get from a financial advisor investments or what have you come into play that may have a certain amount of risk. But I, I like talking about guaranteeing a source of income income. Annuities are a good way to do that. You need to have a source of monies in the bank for emergencies and fun in the bank. The bank channel is great, great with that. But you know, just think about in your own life if you knew everything was taken care of, and then on this side you had other investments where you could absorb some risk, but you knew the basics were paid for for the rest of your life. Husband, wife, or as a single person. Right, right, right. So there’s a way for people who don’t have it

pension or guaranteed source of income. And even if they do, they can supplement it with their own kind of pension plan, a guaranteed source of income through an income annuity is what you’re saying.

Yes. And you’ll hear people on their radio or what have you talk about private pension plan. It’s not a pension, it’s an annuity issued by of the life insurance company guaranteed and they’re very safe. So they’re just saying as far as getting a monthly check, you could call it a private pension, call it whatever you want. It’s guaranteed monies the rest of your life and insurance companies with properly structured annuity or the only uh, investment concept out there that guarantees that.

That’s a good point. So we’re getting to the meat and potatoes. If someone’s concerned about running out of money, one way to offset that concern is to create your own guaranteed source of income through an annuity. Could be, it could be. And that is an agreement between the consumer and a life insurance company such as Ali odds. This person was used to be a CEO of [inaudible] and they offer annuities. Um, tell us a little bit about how income annuities work. Well, it’s, it can be complex, you know, blind. It’s basics.

You know, being independent. I can go to nationwide, any company out there and they all have different bells and whistles. You know, what is the situation? How old is a person, what’s their longevity, how, how healthy, or do they have health problems? Can they put aside a certain amount of money in versus putting in it and CD, let’s say, and make them 1% and get taxed on it. Can they put these monies with a reputable insurance company? You’ll leave it alone for five or 10 years and then let that income rider buildup. There’s different types of income riders and they usually charge about 1% fee. I have some, I’ve seen some as low as 0.6. Oh, so the fee to have that benefit of a guaranteed income, the rest of your life insurance company, Sharon’s companies are always to make their, their, their revenue, right?

The reps get paid, but an insurance company takes your hundred thousand hours or whatever, 500,000 or 50,000 and they’re holding it and they’re, they’re bundling it with all their billings of assets. There were making money, but they have to guarantee in this state that you live in, that they will pay you per the contract. You have to play by the rules for the rest of your life. Right. Now, one of the things about annuities is they’re not 100% liquid day one, right? That’s right. So that’s one of the rules. I think we should hit on that. Um, just as a CD has rules where, you know, you can’t touch the CD for x amount of years. Yes. And annuity has some rules associated with it as well. Can you hit on that? Exactly. And I tell people, as long as you play by the rules, it can be a very good, uh, technique.

Um, for instance, playing by the rules, you go ahead and say you don’t need the money. You don’t need to touch it because you have monies in other buckets if you will, or banks or accounts, other liquid assets. But you can usually access 10% free withdrawal every year. No questions asked. Right. Okay. There’s surrender charges. The way you lose money in a concept like this as if you don’t play by the rules, someone didn’t explain it to you properly. I do a lot of reviews, been doing this 30 years, we’ve done a lot of reviews for people with different types of annuities are products and a lot of times people don’t know what they bought. So as long as you know, you can take out 10% free withdrawal every year. And most of the time our clients say, well I don’t need it. I say, but it’s there anyway.

Right. What’s the biggest concern? What’s the biggest concerns? The biggest threats to their money’s usually people will say it’s the market. Okay. And it’s health. If you’ve ever known anyone that’s gone down the path and nursing home or this or that, and they need to come up with a lot of money cause they can’t plead poverty. Right. And it can’t hide their monies. The better structured annuity products will allow you if there’s a terminal illness or a chronic illness. Oh, you take out all the money, no questions asked. Some of them even have a different type of rider that, let’s say you were receiving $600 a month as a lifetime income and you became chronically ill or needed really a high level of skilled nursing. Some companies will double that from 600 to 1200 now again, it can be confusing, but you have to read the contract. You have to sit down with someone who knows what they’re talking about and he’s a straight shooter. Cause I’ve heard people say that, you know, that’s kind of like longterm care insurance is not, but it’s a benefit. If it was 600 a month coming to you and now it’s 1200 okay, that’s a benefit.

It’s a good benefit. In the article it says annuities can be a good option for retirement plan seeking income, but not just any annuity will do. And he says for a variety of reasons, too complicated to detail in this article. Insurance companies offer more benefits than a buffet. In other words, it’s endless. Every company tries to outcompete the other company and offer a better bell or a better whistle to, to, you know, try to get more clientele. So they’re always competing. And that’s the nice thing about capitalism. We do get things for the benefit of the consumer in my opinion because they are competing. But at the end of the day, the consumer has options with humongous companies. For instance, we mentioned nationwide, Allianz, what does another big name, Aig, no,

so many out there and insurance companies, they have to have a dollar for dollar. Every reserve backed up. And you know, you go back to the depression, people couldn’t get their money’s out banks but they could get their monies out. Life insurance plans. And uh, something else we didn’t touch on is what if you’re a husband and wife? Some of them in that type I picked for your mother and myself, have joint pay payouts. That’s very important. And what that means is if the husband passes away because women usually outlive it and that these are longevity, a annuity concepts, whereas people are living longer, right? So if the husband passes away first, then that same income goes to the wife for the rest of her life. So that payout would be a little less, but it will be for two lives versus one. And then people may say, well, what if there’s $50,000 left in there at the end of the rainbow in the cash value accumulation? Well, that goes to the kids and we make sure we do all the beneficiaries and then we help with their state planning issues there, but the joint versus a single apps, and that’s an important issue in some companies or much better on joint. Some companies are better, their sweet spot is singles between 50 and 70 they’re all different. And that’s why we always recommend seeing are independent to really get all the different options out there.

Right. So you have an option to go with an independent agent or a captive agent or there’s plenty of options.

Yeah. Pacific life is an example of very fine company and allow bankers used Pacific life

and they’re good, they’re good. But we have them in every one else. So I’m not familiar with the joint annuity. How does, so you have husband, wife, they purchase an annuity. Say they put half a million dollars into it, why would you do joint over just a single um, annuity?

Right, right. Well we look at it, you think, okay, the man worked at, that’s just use an example. Lockheed Martin and he picked the option on his pension that he’s getting 100% a larger amount and then punk death, his wife gets nothing. Or maybe he’s just, he’s picking a smaller amount and then his wife gets 30% I’ve seen all different ways, right? Well with a joint income annuity, if you want joint payouts, I’ll use again, my mom, me, you know, instead of I want it in my heart and every being, you know, at fiber in my, my, my, my body, my soul, I want to know that my wife has a lifetime income for the rest of her life is something happens to me. Of course I have life insurance, but it’s an emotional thing. It’s a tool. It’s a tool whether you’re giving an insurance company 50,000 or like you said, half a million. Then we’ve had high income people say, why wouldn’t everyone do this? Right? So it’s, it just depends on your situation. But if it’s joint in, let’s say the spouses not in good health, you probably wouldn’t do a joint.

Okay, I see. So it’s situational and I think too, to your question, why wouldn’t everyone do this? It depends on the person. So you may have more upside potential if you were to do something else aside from an annuity. So an annuity is a very conservative product in nature. Yes. So with that, you may have options that have more potential. But if you want to guarantee, I propose there’s, there’s not better guarantees you can get aside from a life insurance or an insurance company. That’s what they’re in the, in the market for the guarantees, we guarantee an income. This is what we do at guaranteed this. Whereas if you have your money elsewhere, there may not be guarantees. It depends on your goals and there can be a blend of all these things and that’s what we hit on in the beginning. Annuities are great, but you know, they’re not perfect for everyone that are good for some people. It depends on how old you are, what your goals are in a blend of, you know, conventional invest in annuities, life insurance, disability insurance, all these different things add up to a good three legged stool

you were hitting on. That’s right Jesse. And you know, you look at it is peace of mind. I’ve heard people call it sleep insurance. We insure our homes, we insure boats are cars. Why shouldn’t we have a portion of our retirement insured? And think of it this way on the three legged stool, if you know the bedrock is paid for for the rest of your life. Okay. And you know that those monies will come in forever for husband and wife aren’t just, you know, sing, whatever situation. How easy is it to you for you to adjust then your lifestyle when you know that it’s guaranteed income rather than hoping it will. Right. You know, there’s a difference between, I know so. And I hope so. Right, right.

I know. So money and I hope so. Money, there’s a big difference. We were just talking to someone yesterday and with the use of an income annuity that they’re deferring for as many years as they can. That’s another big point. Annuities are able to be deferred if you can push back turning on the income. So there’s a button you press on the annuity. Once you press that button in the income starts. You can’t reverse that.

Right? Well, there’s some riders that you can and that’s why they are complex and I eat, breathes this stuff in and you look at the fine print. Um, the, the, the most recent one that mom and I did, we can’t stop it. They can’t stop, came to start but used to be, you’re exactly right. Jesse used to be, once you turn it on, that’s it.

Okay. So I defer to you obviously on this topic, but once we did turn that income on and they’re able to defer it as long as possible and, and that’s a nice thing. You can turn it on today or you can wait as long as possible as your income allows you. If you wait longer, that income source will be larger. And we told her the only way you know with this income, but it’s not going to work out is if you drastically change your lifestyle, if your expenses all of a sudden goes from 40 to 80,000 and that’s no fault to the plan.

That’s just the lifestyle change. I can tell you, I have sat down with many, many people and you can just see in their face that the calm and the peace when they get it, that this is a guaranteed you can’t outlive income, whatever else is going on their life. They know that this is a rock bed and all the other ancillary investments they have add to that. But you’re exactly right. And um, what if someone has this IRA and it’s an annuity at 70 and a half, you know, the tax man comes to them and they have to take a requirement. I’m just distribution, right? Right. Well, if they have an income rider on there, sometimes I’ll tell them, just take a 10% free withdrawal out. It satisfy your distribution so you don’t get penalized, but allow the rest of the income rider to keep growing. So there’s different strategies within that. And I’m doing that with a lady, a client that actually is a in New Mexico. She moved out there and uh, helping her with that concept, take the minimum distribution, but let’s allow the rest of it to build up. Awesome.

So a lot to unpack here. So this article was by Bob Mcdonald, the former CEO of Allianz life. If you have someone helping you with your retirement, maybe just ask them what is an income annuity all about and they’ll know about it and they’ll talk you through the process. It’s, it’s, it can be fairly simple and it can go all the way down to the very complicated. Um, but at the core, it’s a guaranteed income the rest of your life. So consider incorporating, incorporating that into your plan. Everyone’s unique. Um, definitely consult with a professional. Um, Dad, do you want to hit on anything else before we exited?

No, it’s beautiful out there today. I think I’m going to do efficient this afternoon fishing. All right, so this was Jesse with it’s time

to retire. If you enjoyed this and had some value out of it, please like it, share it and tell a friend. And, um, we look forward to talking to you soon.

I had the honor to be a guest on Akers Financial Group’s weekly radio show on 105.7.

Brian Akers CFP, the owner of Akers Financial Group located in Forest Hill, MD, was the host and we dove into the topic of “Protecting Your Wealth”.

In Part 2/3 we dive into coverage of car and home insurance. Mountain View Insurance Solutions is a Bel Air, Maryland insurance agency and we service all of Maryland and the surrounding states as well. For a quote click here.

You can find Brian’s website here: http://www.akersfinancial.com/

Transcription:

00:00                                     What we’re trying to cover today is about protecting your wealth through auto and homeowners insurance and making sure we have the right coverages is a very important piece when we’re making sure that our retirement plan is going to work throughout your retirement years and that’s why having the right amount of insurance that Jesse be speaking at two o’clock that day. Two o’clock. Okay. Do you, have you picked that, your clothing for that day yet? Probably what you see here, I’m just going to keep it simple. You might do a blue blazer.

01:11                                     Yeah, just a blue blazer. There you go. Look for me. Six foot four blue blazer. You’ll see me

01:15                                     and says Calvert Hall and his Hairdo. There’s a look, there’s a Calvert hall look. Well, I know there’s Loyola. Look for the listeners. Okay, but don’t get too too heavy on this, but Akers financial. We have a website, Akersfinancial.com you can go on there and you can find out about the expo. You can also cause an 833 AFG team and we could connect you to Jesse or any other questions you might have about financial planning, investments, insurance, things like that. All right, so we’ve been talking about auto insurance. Let’s cover a couple more things. Okay. All right. We were talking about the idea on the automobile insurance policy, there’s a certain amount that takes sound. Most of the premium, you’re saying the comprehensive and collision and we’re given the general advice that you need to look at your collision cars and the older they get, you might want to drop the collision. How would you know the right time to drop collision? In general terms,

02:08                                     right? If the card is over 10 years old, start to consider it. I’ve actually had collision and comprehensive on a 15 year old cart that got totaled and it was my fault and I got a $2,000 check. Right? And I was excited because I was like 20 years old. Okay. So if you’re willing to pay for the coverage, wonderful, go for it. But that’s a conversation you can have with your broker.

02:29                                     And so as you’re, as you’re building your emergency fund and savings, one of the ways to save, I haven’t enough savings is when the car valuations drops way down. You don’t need to be paying the extra premium anymore. Exactly. Self insure. Exactly. All right. So, and the auto policy, there’s another piece down there and caught him. Uninsured motorist or uninsured motors, uninsured motorists. That is coverage when someone else who’s not in short hits us.

02:53                                     Exactly. So there’s people on the road. Imagine when you’re on six 95 right? Look around someone there

02:59                                     does not have insurance. Yeah. So someone doesn’t have insurance and most likely that’s the one that we might hit you.

03:05                                     Right? And if that happens and you have appropriate uninsured motorist coverage, then that’s as if they had bodily injury coverage. And cause if they had a policy, that’s what you

03:15                                     policy picks up. Right? So the on the policy and bodily injury section ensures the other people, the uninsured motorist and chores, you and your family in case that person with no insurance hits you and hurts you. Right? So if you have low coverage on the top, on the bodily injury, you cannot get more coverage than that for yourself

03:36                                     point. Absolutely. So the Max that you can get on uninsured is what you have as bodily injury, which is the top

03:44                                     coverage and cause this story, the story I think about is what if someone uninsured hits you and your family and then you look at, Oh, I only have 50, 50, a hundred or a hundred, 300 and all of a sudden my family needs to go to shock trauma and we have these major life events. Exactly. And I saved a little bit of money on my insurance by not having half a million or a million. Yeah, that’s very true. So when it comes down to financial planning advice on ensuring the family for the worst case scenario, um, the uninsured motorist is important to me, which then drives the other liability section up higher if we go and bring that up to a million dollar. She was saying, I’m an umbrella. Does that ensure bodily injury and, and the uninsurance lunch aren’t very good question.

04:30                                     That’s your option. Sure. You can do either or you could have an umbrella policy that ensures just if you were to hurt someone and get sued or you can have it increase your coverage for uninsured motorist to,

04:42                                     and I believe that’s a great place to me. Now I do have to be fair, I am also licensed prompting Caswell you’ve known, I mean I know this since like the early 1990s but um, I’ve always had an expert to work with on property and casual. They have never been the actual agent on it. Um, except for being someone who understands what’s going on. So the reason I’m, we have you in here today is to talk about protecting people’s wealth. We’ve talked about auto and home and that we talked about home. So I had not talking about how many are we talking about auto homeowners. I’ll explain a little bit about homeowner’s policies, talking about homeowners and also those renting people like that.

05:19                                     Okay. Love it. So homeowners insurance, before I dive directly into it, think of insurance. It’s like this wonderful financial product that you can leverage your money. So when you think about that, you put your money into a large pot and if your house burns down, it can be rebuilt, right? Your House is worth three hundred thousand five hundred thousand a million dollars in your insurance policies, that thousand dollars a year. Okay. Take that concept of car insurance to umbrella insurance and the other insurances that your office offers. Life Insurance, right. It’s a wonderful product. But home insurance in particular, that’s usually protecting people’s largest asset amp, the house. Right? I mean, you’re a financial advisor. Is that, do you see that often? That’s one of their largest assets. Um, hopefully not, but right. It is a very large asset. Yes. Right, right. So usually the biggest tangible asset, we protect it through homeowner’s insurance.

06:11                                     We usually combined the car insurance and the home insurance carrier because you get around a 20% bundled discount. Sure. But that doesn’t happen everywhere. That’s fine. Yeah. I’ve seen that many times where they don’t have it all at one place. Yeah. We always like to try to do that. If we can. There’s some scenarios where we can’t, now you, you’re a insurance broker. Can do you mind mentioning that a little bit, what that means. Right. So let’s say, you know, Brian, we’re talking about your homeowner’s insurance. Sure. And you live out there and the house has this characteristics I know as a broker, which insurance carriers like that risk, right? So you represent multiple insurance carriers. Yeah. So then we go back to the board and we look at our 20 plus carriers and we say, which one of you is going to be most competitive with Brian’s scenario?

06:56                                     Right. With the understanding that I’ve already done the homework to make sure you have proper coverages, right? Yup. Okay. So broker is somebody who represent multiple companies. You’re not a career agent for one individual company. Right. I used to work for state farm. Wonderful companies. Still is a wonderful company. That’s where I learned this trade. Sure. But I decided when I got out that I was going to be a broker and represent many companies for my clients. And that the, um, the idea of the homeowners, the homeowners there as if you own the house, there’s different types of coverages. What’s in what’s in a normal policy. Okay. Biggest one is dwelling coverage. Coverage. A look at your declarations page at the very top. Boom, 500,000 for your dwelling limit. And that will cover if something happens to your house, right? The house burns down, God forbid, that is the limit that the insurance company will pay.

07:44                                     So if the adjuster comes out and says, Hey Brian, how’s burnt down? I’m so sorry. He knows in the back of his head, 500,000 is the limit that they will pay. Right. But the insurance company usually puts a cushion on top of that too, of around 2020 5%. Okay. Yeah. So they’ll actually pay higher. That’s a cushion just in case the insurance person professional doesn’t do a good job and ensure it correctly. Okay. Yeah. So that’s if there’s a fire or partial damage, anything like that. A is the dwelling itself, the replacement of it, and then we still buy replacement versus actual value. Right? Yeah. Good point. Replacement costs versus actual cash value. Um, there are still actual cash value policies. If you remember last year it was the big windstorm. Right? Um, I think around this time of the year, um, I had people calling me that head ACV or depreciated value policies and the roof blew off.

08:36                                     The insurance company is going to pay you a depreciated value for that roof, which is pennies on the dollar. Right. So if you ever see an actual, an ECV policy, what do you do? We switched it to get it out of that. Usually those policies are reserved for vacant homes or homes that are beat up. Right. I seen him on some old houses, people who just just never changed our coverage. They had it there, right? Yeah. So we’ll, we’ll find it, we’ll see it and if we see it, we’ll try to replace it if we can. Now, the worst case I’ve ever heard of was a family where they had their homeowner’s insurance ensure both so under insured that the replacement policy didn’t work and that it’s flipped to ACV really cause they’re an, they were underinsured greatly. There’s a rule that you need to have at least 80% of actual value of the insurer pays to review with your agent or your broker every, let’s say five years or so.

09:29                                     Absolutely. And make sure the value of the replacements and reasonable and in short, properly. Yeah. So the biggest and I agree 100%, the biggest thing is the coverage at the top. Coverage, a dwelling coverage. Then I’d like your eyes to go to personal liability coverage. Okay. If John comes over and trips and falls and say, look, Brian, you’re liable. That was your fault. You put that stone there, right? Liability coverage picks up up to 500,000 if you have that limit. Right? Which we like to put that limit all. And if we can have of protecting your assets, so we’re coming back to protecting your wealth. You had a gun, right? Um, and then as an add on, this is an endorsement. This is not on every policy is water backup of sewer drains. Right? That’s the horror story. That’s the horror story. Because in Maryland, everyone has basements, right?

10:13                                     Yes, we do. Right? In basements in Hawaii? No, it’s, it’s lava. I mean again, toe down post and pier. They built up in Maryland. If it rains, which has been raining a lot in your sump pump fails water becomes in the basement through the French drain or whatever. If you don’t have that special coverage, you have no coverage because it’s not automatically covered. No, it’s usually not on a policy. It’s an extra extra inbox. You have to check on. What is it called again? Water backup of sewer and drain coverage and CS. Check your declaration page. See if you have that coverage at all. Replacement cost on personal property is also higher your homeowners. Exactly. Yeah. You were a PNC agent. You know your stuff. I’m dangerous. You know, every 30 years you learn something Louise. So yeah. Personal property. The things in your house.

11:01                                     Yeah. Okay. If you take your house, turn it upside down and shake it. What comes out of the house is your personal property. Okay. You can either have this thing, are we still on the castle or we’re in a house or an act. It can be a castle if you want to go back to the first cigarette. Okay. But this house, you’re shaking it, things are falling out. That’s insured, those things that are loose. Yeah, I use that illustration because those are the loose things are closed. Your couch, that’s your personal property that can be ensured to replacement cost or ACV. Sure. And it’s preferable for the client to have replacement cost, but that doesn’t mean everything is fully insured. Cause in your policy and depending on what level will policy you buy with a company, there will be different limits on certain items. What kind of items have limitations?

11:45                                     Right? Right. So at the back end of the policy, you’ll see special limits on firearms. Okay. Big One. Usually 20 or 5,000 jewelry. Huge. Yeah. You know, an engagement ring is easily six, 10 grand. Right. And they’re not hard to ensure. I mean that’s $50 $200 a year. But that’s a special add on policy scheduled property writer. It can be a writer or some carriers do a separate policy called a personal articles policy. Okay. Sarah by itself. The uh, the idea of cash in your house, there’s an insurance amount for that too. Right? There is usually 2,500. How about we all had technology, we have phone, iPad, laptop. What kind of limits are on policies for that? It depends on the carrier but usually they fall within the um, personal property. Sure. Yeah. Just like a TV would but no limit though. No, no limit.

12:35                                     But some carriers may, it’s carrier to carrier. Now if we are working out of our house, we have business at the home, right? That already in short and our homeowners or do we have the gas separate policy. Okay. That’s an endorsement called business pursuits. Okay. Now if you get sued due to having business pursuits, you know, your client comes to your house trips and falls, Susie, you okay? Well, base policy won’t cover that I have, but if you’re just working on your house, um, would your business, computer business items a Davy and short? You can have a endorsement to do that. But I think the point with that is let your broker know what’s going on in the whole situation. And try to be honest with them. We’re trying to hide it, hold it back. Definitely be honest because as a broker I’m an advocate for the client.

13:18                                     Sure. Right. Cause I represent many carriers. I can be an advocate for the client to help them find the best solution for their needs. Right. And then that helps them protect their wealth by knowing what situation they’re in. I’ll send knowing everyone that lives at the house, everyone that, everything that’s going on there. Right. Because the last thing you want to do is have some sort of fraud situation or you held something back. Right. And then they just deny the claim and they get nothing when you need it most. Exactly. Which happens. All right. So today we’re talking with Jessie Cunningham of mountain view insurance about protecting your wealth with their auto home and umbrella insurance. And our last segment, we’re going to review our expo that’s coming up April 5th that’s going to be in the afternoon on April 5th at water’s edge and Bell Camp Maryland. A wonderful place right beside them.

14:01                                     We have four or five classrooms per hour and different classes going on. Go to our website, Akers, financial.com find out more information about that and also stay tuned for right after this. Where are we covering umbrella insurance? We can’t wait.