Episode•November 14, 2019•21 min

What You Need to Know About Insurance with Acquania Escarne | Ep. 18

Insurance, insurance, insurance! Join Tiffany as she talks insurance with Acquania Escarne, a licensed insurance agent. They discuss everything from term life to whole life and even long term care. Get your pen and paper ready for these gems! About our Guest Acquania Escarne is a financial coach, freelance blogger, and real estate investor committed to helping people find financial freedom and build generational wealth. As a financial coach, she equips her clients with "outside the box" finance tips and tricks people can incorporate in their daily lives in order to meet and exceed their financial and personal goals. Her coaching is individually tailored to address all financial situations. Also, through her website, The Purpose of Money, she shows women how to invest and save more so they can live a more fulfilling and prosperous life. Her passion for personal finance and investing began when she was in high school and her father gave her a copy of Rich Dad, Poor Dad by Robert T. Kiyosaki. At 16 years old, Acquania opened a Roth Individual Retirement Account and has been seeking financial independence and early retirement (FIRE) ever since. She aspires to create generational wealth for her family, and has created multiple streams of income for her family to enjoy today! She still works a 9 to 5 but is counting down until the day her residual income provides enough money for all of her family’s needs. Follow her on Twitter: https://twitter.com/purpose_money Follow her on Instagram: https://www.instagram.com/thepurposeofmoney/ Links Visit Acquania's site: www.thepurposeofmoney.com Visit my site: https://www.moneytalkwitht.com Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

GoFundMe is not a substitute for life insurance

Many families rely on crowdfunding to pay for funerals after losing a loved one's income

Life insurance protects dependents' lifestyle beyond just funeral costs

Term policies are affordable and cover specific time periods when protection is most needed

Term vs Whole Life: Renting vs Owning analogy

Term insurance is like renting - cheaper, temporary coverage for a set period (1-30 years)

Whole life is like owning - permanent coverage, potentially lifelong premiums, builds cash value

Only about 1% of term policies are claimed, making them profitable for insurers

Whole life insurance can serve as a wealth-building tool

Cash value accumulates at 7-11% annually, higher than traditional savings accounts

Can be borrowed against for investments, purchases, or emergencies at favorable rates

Referenced in 'What Would the Rockefellers Do?' as a family banking strategy

Special needs planning requires unique insurance strategies

Special needs trusts protect government benefits while providing financial support

Whole life may be appropriate when dependents will need lifelong care

Structured payouts can prevent young beneficiaries from receiving large sums at once

Long-term care planning should start in your 40s-50s

Medical expenses are a leading cause of retirement savings depletion

Long-term care riders on life insurance policies offer an alternative to standalone policies

Apply when young and healthy to avoid pre-existing condition exclusions

Intro

Tiffany Grant discusses the often-overlooked topic of insurance with Acquania Escarne, a licensed life insurance agent who helps clients build generational wealth through strategic financial planning.

Acquania Escarne is a financial coach, freelance blogger at ThePurposeOfMoney.com, and real estate investor. She opened her first Roth IRA at 16 after reading 'Rich Dad, Poor Dad' and is passionate about helping women achieve financial independence.

What You Need to Know About Insurance with Acquania Escarne | Ep. 18

Key Takeaways

Intro

– Why Life Insurance Matters Beyond Funerals

– Term vs Whole Life Insurance Explained

– When Whole Life Insurance Makes Sense

– Using Whole Life as a Wealth-Building Tool

– Long-Term Care Insurance and Riders

– Living Benefits and Shopping for Policies

Books Mentioned

Resources

Topics