Disability Insurance – Why Do Real Estate Agents Need It?

Disability Insurance – Why Do Real Estate Agents Need It?


So that was a call about
potentially getting disability insurance for myself. God willing, we live a happy
healthy life until eternity but we know that that’s not the case and we know that (beep)
happens and if (beep) happens you better have a plan and so
we’re currently in the process of working out a plan that’s
multiple faceted, multifaceted. One facet of it is having
disability insurance for myself so that if I go down, I get in a car wreck and I’m incapacitated
and can no longer work that I can still have
money coming in for myself and for my family to pay the bills. That’s part one of the plan. Part 2 is, who the
(beep) runs this company? Who is in charge and who’s doing what? And how much do they buy the company for? And are they going to have the
money to buy it or do you buy a life insurance policy against yourself that has them as beneficiaries? Like I’m starting to learn
some crazy stuff about how that stuff works, so one of
the things we talked about is that, let’s just to say
we throw a value out at a million bucks, just to
make the argument easy and we think about who or
the, is the person or people, that would take over the company. Let’s just assume there’s
2 that you think would be the 2 people that could
come in and run the company. We set something up to where
if I die, they buy the company for a million bucks but
the odds are they probably don’t have a million bucks
sitting around to buy the company so what you do is, you actually
buy life insurance policy against yourself dying, with
them as the beneficiaries at a half a million dollars a piece, so that if you die, they each get a half
million dollars a piece, then they use that half
million dollars each to buy the company for a
million bucks which then goes to your arrears. So I’m starting to learn
about some of this stuff, which is kind of crazy,
it’s weird to talk about what happens when you
die, but like it or not, it’s going to happen. (lively music)

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