I Hate Insurance

I hate insurance. I hated every type of insurance that exists: car insurance, health insurance, cell phone insurance, homeowners insurance, renters insurance. And don’t you dare try talking to me about life insurance…  You name it. I hated it. 

First of all, insurance is just another expense JUST IN CASE something happens. I don’t for sure NEED it, right? It’s just there in case something goes wrong and premiums are paid no matter what. I truly hated the concept of paying for insurance. It felt scammy. It felt wrong to have to pay for something that I may not ever use–especially if it’s expensive!  For example, my out-of-pocket health insurance premium is about $350 per month. And~ the co-pay is about $80 per visit–this is how much I have to fork over BEFORE I am even seen by a medical professional. It’s straight robbery!

I’m telling you, I hated them all. Want to talk about insurance? Just don’t do it.. I’d either shut down or have my dukes up ready to fight. Not kidding. The subject matter boiled me up and pissed me off. 

Until one day… When I got a call from my mom.  I answered her call, and she was in tears… Her exact words were, “I got the check.”  I was so confused and asked, “What check, mom?” Her reply was “The life insurance check for dad. They said I can do whatever I want and need to with it, and that it’s 100% TAX-FREE.” “What??! Are you serious, mom?” yelled Uyen Nguyen.  “Yes, $100,000 is completely tax-free like cash, con gai (‘daughter’ in Vietnamese),” replied my mom in utter relief. 

I don’t think you understand what this meant for my mom. Let me take a stab at painting the fucked up picture my mom had to deal with. So bare with me here as I brush on the honest bull.

My parents escaped Vietnam with nothing in 1979 by boat. My mom worked her butt off and on her feet all day as a cosmetologist and my dad was a technician. They didn’t make a lot of money but their mental strength and discipline to save for their American dream of owning a home was unbreakable. 

In 1996, they decided to buy a life insurance policy from Transamerica. They wanted to make sure that most of the mortgage would be covered if something happened to one of them and that the entire mortgage would be covered if something happened to them both. They each got a $100,000 whole life policy. My parents wanted to make sure that my brother and I didn’t ever have to worry about having a place to call home. They took the time to think about us to insure our security. My parents are so rad and I’m so grateful. Sadly, most people and parents even don’t (want) to think about this. (Trust me, I get it. I was once guilty of the same oversight before I was personally hit with this exact experience.)

Fast forward to 2013, my mom received an envelope marked “URGENT” from Transamerica. She opened it to the words of my dad’s policy lapsing due to nonpayment.  My mom freaked out and couldn’t do anything about it–because it was after business hours! Just imagine… She had been paying for this policy, month after month since 1996 and my dad had checked into the emergency room 23 times in the last 3 years of his life and was in no condition for insurability for a new policy. My dad at this point had been unemployed for 6 years, and EVERYTHING was on my mom.  We had no employee benefits so my mom was paying all medical bills completely out of pocket on her income as a hairdresser. Imagine that. 

But there’s more…  After a sleepless night, my mom called Transamerica first thing in the morning, all to find out that my dad had mailed a letter instructing Transamerica to cancel the policy.  Sadly, my dad was chronically ill and depressed. He was no longer himself in the last year of his life and it was hard to witness. I can’t explain why he did what he did, but the fact that he did it was all we needed to know to initiate corrective measures–or at least try to.  My mom was in total panic. There were 6 months of nonpayment and she begged the customer service agent to please help her. My mom was put on hold for what felt like forever. The agent got back on the line and gave my mom an out. She was given the opportunity to pay the policy up for the total premiums due to reinstate the policy.  Thank you, Transamerica! (See why I’m forever grateful?)

About six months later, on July 29, 2014, my dad passed away. And the phone call that my mom made to me was the turning point of my entire life. THIS was the very moment my hate for insurance took a complete one-eighty. First of all, I couldn’t believe that the death benefit was for real. Secondly, the fact that death benefits are tax-free was an eye-opening life changer!  What in this world is tax-free? Nothing! So I thought. We are taxed every time we buy something — and even when we die! This whole experience opened up my eyes to the world of tax-sheltered savings and ways in which one can outsmart taxes. It was like my gateway drug to an illegal outlet, except better: it was a gateway organic superfood to tax-free savings strategies that are legal.

I went from hating life insurance to absolutely loving it, from never wanting to ever talk about it to not being able to stop talking about it. And to think that I haven’t even unveiled the juicy 7702 tax code and how dope that is and how it could work for you (and your family).  The reality is: no one likes to pay for insurance but when something goes wrong, we’re relieved when we have insurance and it’s covered, right?

But you don’t even know or understand… Until you’ve been personally affected.  I know my parents’ story and dad’s passing were meant to be learned from. Although my dad wasn’t the same in his last years and as much as he changed, he was a total gift and so is the importance of his story. May this story be the gift that keeps giving to everyone who reads this and shares this story onwards. May it give you the courage to learn more about how to protect your loved ones (and your money from Uncle Sam) while time is in your hands and the opportunity to (wo)man up is right now.

© 2019-2020 by Uyen Nguyen

Getting Ripped Off like Rotisserie Chicken?

Already have life insurance? That’s a great start. Mama is truly proud of you for being real about life and protecting your loved ones. So you’re covered, but until when? What do you even have, and when was the last time you got your life insurance policy reviewed? Chances are that you’ve never. Why not? Because it’s not a service that’s really offered until now—with me! (You and your family can thank me later for rip-off-proofing your policy for free–potentially saving your life and tens if not hundreds of thousands of dollars.) It’s no joke.

For now, let’s just blame it on the late night infomercials of the ‘90s and Ron Popeil who got you like “Set it, and forget it!”  Problem with that is life insurance ain’t no rotisserie chicken, and even if it was, not all rotisserie chickens are the same!  They all vary in size, juiciness and flavor, freshness, and price! (Shout out to all my fellow Costco members.) Truth is: some are just better than others.

With thousands of life insurance providers out there, chances are, you very well could be getting ripped off. Could you be paying way more for what you have than you really should?  Unfortunately, yes, and you probably are.

In general, as new financial solutions emerge and hit the marketplace, staying competitive and attractive to consumers means increasing the benefits while lowering the costs.  So if your life insurance policy has been on “set it, and forget it!” mode over the last years, months, weeks or days even, that “rotisserie chicken” might not be the right size and flavor for you. It could also very well be overpriced and stale (nearing its expiration and/or under performing). Can it be juicier with living benefits that give you added protection with acceleration of (access to) the death benefit and tax-sheltered savings while you’re alive? Yes, it sure can. In fact, they sure should!

What if you are getting ripped off? How could a free review help you? Here are a few real client examples:

For just $4 more per month, she got $50,000 more in tax-free life insurance benefits, 5 additional years of coverage, and living benefits, such as access to her $250,000 death benefit if a terminal, critical, or chronic illness strikes.

His life insurance policy was from a B-rated provider and the cap (maximum) interest rate on his cash value was 1%, whereas I replaced his policy with an A-rated provider and the cash value’s interest rate cap is now 11 times better than it was at 11%!

Her life insurance policy was from a BBB- rated provider and her cash value’s interest rate cap was 1.5%, whereas I replaced her policy with an A-rated provider and $6,000 monthly access to the death benefit for Long-term care needs. Not to mention, a cash value interest rate cap of 15%. That’s 10 times more potential growth in tax-sheltered wealth than she had with her old policy!

His life insurance policy had a Long-term Care (LTC) insurance rider with access to the death benefit, so long as he is unable to perform 3 out of 6 Activities of Daily Living (ADLs), i.e. bathing, dressing, transferring, continence, toileting, and eating. When on claim, his LTC benefit will be on a medical reimbursement basis. Meaning, medical expenses would be reimbursed with submission and approval of receipts. I replaced his policy with a superior LTC insurance rider, qualifying on 2 out of the 6 Activities of Daily Living (ADLs), versus 3 out of 6 on his old policy. Moreover, the new and improved LTC rider is on a cash-indemnity; therefore, a monthly check of $5,000 in LTC benefits would be made out to the policy owner (like cash money) to cover both medical and non-medical expenses like his mortgage/rent, kids’ childcare, food–whatever he needs during his time on claim. Better yet, whatever the fuck he wants at that point so he can live it up and go all out at Costco for all the perfectly golden rotisserie chicken he can eat, magnum bottles of pinot noir, and Costco-sized bottles of Jameson, Grey Goose and Patron.

As you can see, I’m dead serious and I’m no chicken about checking that “chicken” to get you the most for your money. It could mean a difference of tens or hundreds of thousands of dollars and up to 11 times more tax-free money and tax-sheltered wealth. I’d love a chance to top that (with the perfect golden brown).

Simply send me a copy of your policy, and I’ll do all the work and investigation for you. It’s as easy as “Set it, and forget it!” but even better! I’m like your very own “Flo” with Progressive (for car insurance), but with life insurance to make sure you’re getting the most out of life, more bang for your buck, and maximum coverage (and potential returns) for your premiums paid and contributions made.

Suddenly craving chicken? Meaning you don’t have life insurance, but know you need it and want it, too? I can run quotes for you across hundreds of A-rated life insurance providers. Nationwide is on your side… And so are Prudential, Transamerica, AXA, VOYA, AIG, North American, Lincoln, and many more. I know, I know… My free quotes are as exciting as free samples at Costco.

Last but not least, my vegetarian and vegan friends… Don’t worry. I got your back for life (insurance). So chicken is not part of your diet plan after Netflix binging on horror films of food? That’s perfect! Let’s throw out the bad chicken. It’s a no brainer… (Get it?)  All jokes aside, you now know, it’s no joke that when more money is saved, more money can be made. Just let me know if you’re hungry for more. It’s a win-win. (Drumstick drops… In slow motion.)

Call or text Uyen Nguyen at 408-515-0099 to save your life (insurance)! Or simply fill out the form below.

© 2019-2020 by Uyen Nguyen