Ep. 179 - BEYOND THE PAYOUT - HOW LIFE INSURANCE SUPPORTS THE LIVING IN THE MODERN ERA

Marie-Jo Caesar discusses the evolution of modern life insurance, highlighting:

•        Flexible policies for gig workers
•        AI-driven personalization
•         Blockchain's role in streamlining processes
•         Addressing climate change and increasing longevity
•          Mental health support
•         Innovative features like digital asset protection
•          Integration of long-term care benefits

She emphasizes that contemporary life insurance is a dynamic financial tool supporting various life stages, not just providing death benefits. The episode offers insights into how life insurance can enhance financial security in today's changing world.

 🕒KEY MOMENTS IN THIS EPISODE 

 00:07 Modern Life Insurance: Personalized and Flexible 

02:34 - Life Insurance in the Gig Economy

12:48 - Technology Transforming Life Insurance

16:36 - AI Impact on Life Insurance

23:03 - Protecting Digital Assets

25:58 - Life Insurance and Climate Change

29:58 - Increasing Life Expectancy Impact

34:10 - Mental Health Support in Insurance

37:43 - Life Insurance in the Modern Era

39:58 - Review Your Life Insurance Policy

 📥 Special Offer: Don't forget to download your free copy of the ‘Life Insurance Resource Guide: Modern Policies for the Living:’ https://mariejocaesar.com/modern-living-policies   

🔑 Key Topics Discussed:

 Gig Economy Insurance

📝AI-Driven Policies

📝Blockchain in Insurance

📝Climate Change Protection

📝Mental Health Coverage

Chapters

• 2:33 Gig Economy Transform Life Insurance
• 8:04 Cash-Value Insurance: Gig Worker's Secret Weapon
• 13:14 AI Transforms the Life Insurance Industry
• 18:12 Blockchain: The Future of Insurance Claims
• 23:07 Protecting Digital Wealth: Cryptocurrency Insurance
• 26:37 Climate Change: Reshaping Insurance Landscape
• 32:04 Hybrid Policies: Life and Long-Term Care
• 34:50 Mental Health: New Frontier in Insurance

Transcript

Ep. 179 - BEYOND THE PAYOUT - HOW LIFE INSURANCE SUPPORTS THE LIVING IN THE MODERN ERA

Welcome back to the emerging life and money show. I am your host, Marie-Jo Caesar, a holistic financial wellness strategist here to help you transform how you think about money from the inside. I am thrilled to have you join me today for what promises to be an enlightening discussion about life insurance in the modern era.

This episode is part of our series celebrating Life Insurance Awareness Month, and today, we will examine how it fits into the gig economy and the role it plays in protecting your financial future. Plus, we'll explore how technology is reshaping the industry, offering personalized coverage based on your lifestyle. We'll also talk about how life insurance is evolving to address modern social challenges like climate change and mental health. Given the importance and complexity of the subject, today's episode will be a bit longer than usual, but I promise it will be packed with valuable insights you won't want to miss.

So let's see how this old concept is not just keeping pace with our modern world but setting new standards for financial security and flexibility. From flexible policies for gig workers to AI-driven personalized coverage and solutions for climate change, life insurance is proving its worth in ways we might never have imagined.

Now, you might be wondering, Marie-Jo, how does a centuries-old financial product like life insurance stay relevant in a world of self-driving cars and artificial intelligence? Well, my friend, the answer might surprise you. Today's life insurance is not your grandparents’ policy gathering dust in a drawer. It has evolved into a versatile financial tool that supports the living in powerful ways. So, let's get ready and start this journey through the fascinating world of modern life insurance. 

First on our agenda is the gig economy. You know, that world of freelancers, independent contractors, and side hustlers that is reshaping how we think about work. As more people embrace these flexible careers, life insurance is evolving right alongside them to meet their unique needs. 

Let me throw some numbers at you. According to a 2023 report by the U. S. Bureau of Labor Statistics, over 36 % of U. S. workers now participate in the gig economy. This is more than one in three workers. And this shift is not just happening in the United States. Globally, the gig economy is projected to grow by 17 % annually. This is some serious momentum. 

But here's the thing. This new world of work comes with its own set of challenges. Take job hopping, for example. A 2022 LinkedIn survey revealed that the average worker changes jobs every two to three years, and for gig workers and younger professionals, the turnover is even faster. Now, in the traditional work world, life insurance coverage often comes as part of your employment package. But what happens when you are jumping from gig to gig or project to project? This is where things get tricky. 

This frequent job changing creates what we in the industry call a protection gap. It's like playing musical chairs with your financial security. When the music stops, you do not want to be the one left without coverage. And for many gig workers, that is exactly what's happening.

But here is where it gets exciting. The life insurance industry is not sitting on its hands. They are stepping up to the plate with innovative solutions. Enter portable life insurance policies. These are game-changers, folks. Unlike traditional employer-sponsored plans, these policies stick with you no matter where your career takes you. Switching jobs? No problem. Taking on a new contract? You are covered. It's like having a financial safety net that moves with you. 

Let me paint a picture for you. Imagine you are a freelance graphic designer. One month you are creating logos for a tech startup. The next you are designing wedding invitations. Your income fluctuates, your projects change, but your need for financial protection remains constant. With a portable term life insurance policy, you can ensure continuous coverage even during those gaps between projects. This means you can focus on growing your business and honing your craft without worrying about losing your financial safety net. 

But the innovation does not stop here either. We are also seeing a rise in customizable life insurance policies. These are designed to flex and adapt as your life changes. Maybe you are taking on a big project and want to increase your coverage. Or perhaps you are in a leaner period and need to scale back. These policies allow you to do just that. It's like having a financial toolkit that you can adjust to fit your needs at any given time. 

And get this: in 2023, some forward-thinking insurance companies introduced on-demand life insurance options specifically for freelancers and gig workers. Think of it like Netflix for life insurance. You can activate and deactivate coverage as needed, mirroring the flexibility of your work schedule. How cool is that? 

Now, let's talk about something that keeps many gig workers up at night. Income protection. If you've ever freelanced or worked independently, you know the financial rollercoaster I am talking about. Some months, you are flush with cash. Others. Well, not so much. Statista reports that over 60 % of gig workers deal with inconsistent monthly income. It's like trying to budget on quicksand.

But here is where modern life insurance really shines. Many policies now offer what we call living benefits. These are features you can use while you are still alive. Novel concept, right? One type of policy that is gaining traction in the gig economy is cash-value life insurance. This includes options like whole life or universal life insurance. 

Here is how it works. As you pay your premiums, your policy builds up a cash value over time. It's like a savings account built into your life insurance. And the best part is you can borrow against this cash value or even withdraw from it when you need to. It's like having a financial cushion built right into your life insurance policy. 

Let me give you an example. Say you are a freelance photographer. Summer is your busy season with all those weddings and outdoor events. But come winter, things slow down with a cash-value life insurance policy. You could tap into that built up cash value during your lean months to help cover expenses. It's like your life insurance policy is moonlighting as your own personal banker. 

And it gets better. Many life insurance companies offer what's called a policy loan. And I touched on this on the last show. This allows you to borrow against your policy at low interest rates. Unlike a bank loan, you do not need to prove a steady income or have a stellar credit score. For gig workers who might struggle to get traditional loans, this can be a financial lifeline. 

But wait, there's more. I feel like an infomercial host now, okay? I promise this is real stuff. Another feature that is gaining popularity is the income replacement rider. This is an add-on to your policy that is designed specifically for folks without traditional employer-sponsored disability insurance. If you get sick or injured and cannot work, this rider kicks in to provide a temporary stream of income. It's like having a safety net for your safety net. 

Now, let's zoom out and look at the big picture. Life insurance is not just about short-term protection. It's also playing a critical role in long-term financial security, especially for gig workers who might not have access to traditional retirement plans.

Here is a sobering statistic for you. According to a report by the National Institute of Retirement Security, over 40 % of self-employed workers have no retirement savings at all. Compare that to 14 % of traditional full-time workers. That is a huge gap, and it's one that life insurance is stepping in to help fill.

Cash value life insurance, which we talked about earlier, can actually serve as an alternative retirement vehicle. It's like a Swiss army knife of financial products. Not only does it provide a death benefit, but it also accumulates cash value over time that you can access in retirement.

Let me break it down for you. Say you are a self-employed software developer. You are killing it in your field, but your income can be unpredictable, and you do not have a 401k plan or a pension plan to fall back on. By investing in a whole life insurance policy, you are not just protecting your family in case something happens to you. You are also building up a cash value that grows tax-deferred over time. 

Fast forward to retirement age. You can withdraw from this accumulated value to supplement your income or cover unexpected expenses. And unlike a retirement account, there are no contribution limits, and the cash value grows regardless of how frequently you contribute. It's like having a retirement plan that is as flexible as your career. 

Universal Life Insurance takes this flexibility even further. These policies allow you to adjust your based on your income. So, having a great month, you can put more into your policy. Dealing with a dry spell, you can dial it back. It's like having a retirement plan that understands the ups and downs of gig work. 

Now, I know some of you might be thinking, Marie-Jo, this all sounds great, but is not life insurance kind of old school? How does it fit into our digital high-tech world? Well, my friends, Hold on tight because we are about to take a deep dive into how technology is transforming the life insurance industry.

Have you heard of InsureTech? It's short for insurance technology, and it is shaking up the industry in some pretty exciting ways. We are talking artificial intelligence, big data, blockchain, and cybersecurity. All the buzzwords you hear in Silicon Valley are making their way into the world of life insurance.

Let's start with AI and big data in the old days. And by old days, I mean, like five years ago, life insurance premiums were based on these big general actuarial tables. Basically, if you are a 35-year-old non-smoker, you would get roughly the same rate as every other 35-year-old non-smoker. It was a one-size-fits-all approach. 

But now, AI is allowing insurance companies to take a much more personalized approach. These smart algorithms can analyze a huge range of data points: your medical history, your lifestyle choices, and even information from your fitness tracker, your Oura ring, or your smartwatch. It's like having a policy that is tailor-made just for you. 

And get this: some companies are using AI to offer instant life insurance policies. No more waiting weeks for underwriting, no more invasive medical exams, unless you need one, of course. You answer a few questions online, the AI does its thing, and boom, you have a quote in minutes. Companies like Ladder and Haven Life are pioneers in this space, offering policies that require little to no medical exams for many applicants.

But there is more to it. AI, or artificial intelligence, is also being used to personalize premiums in real time. Remember that fitness tracker I mentioned? If you are someone who regularly tracks your health, some insurance companies will let you share that data with them. If you are hitting your step goals, eating well, and getting enough sleep, you could see your premiums go down. It's called dynamic pricing, and it's like getting rewarded for taking care of yourself. 

One program that is making waves in this area is John Hancock's Vitality program. They offer discounts and other perks based on your activity levels. It's like your life insurance policy is cheering you on as you hit the gym and choose a salad over fries.

Now, I know what you are thinking, Marie-Jo; all this data sharing sounds a bit Big brother-ish. And you are not wrong to be cautious. Data privacy is a huge concern in our digital age. Many consumers are understandably worried about how their personal information is being used. It is critical that insurance companies are transparent about how they are using this data and that consumers have control over what they share.

But AI is not just changing how we buy insurance. It's also transforming how insurance companies assess risk. They are using something called predictive analytics to forecast future health risks. By analyzing everything from genetic data to environmental factors, they can anticipate long-term health outcomes. This allows them to offer policies that evolve as your life changes. It's like having a crystal ball but based on data rather than magic. 

Now let's talk about another tech buzzword that is making waves in the insurance world, blockchain. If you have heard of Bitcoin or other cryptocurrencies, you are already familiar with blockchain, but its applications go way beyond digital money.

In the world of life insurance, blockchain is all about making processes faster, more secure, and more transparent. One of the most exciting applications is in claims processing. Traditionally, processing a life insurance claim could take weeks or even months. It involved gathering documents, verifying records, and a whole lot of paperwork. But with blockchain technology, that could soon be a thing of the past. 

Here is how it works. Blockchain provides a secure, decentralized digital ledger. Every transaction or piece of data is recorded in real-time and is nearly impossible to tamper with. This makes it the perfect tool for streamlining the claims process. 

Imagine this. Your policy is set up as a smart contract on the blockchain. A smart contract, by the way, is basically a self-executing contract where the terms are written directly into the code. If certain conditions are met, like the submission of a death certificate, the smart contract could automatically trigger a payout to your beneficiaries. No lengthy processing times, no back and forth with insurance agents. It's quick, efficient, and transparent.

This is not just theoretical, by the way. In 2022, AIA Group ran a pilot project that showed blockchain technology could cut claims processing time from weeks to just days. IBM has estimated that blockchain could reduce claims processing costs by as much as 30 %. That is huge. 

But blockchain is not just about speed. It's also a powerful tool for preventing fraud. According to the FBI fraud accounts for up to 10 % of all insurance claims in the U. S. That is billions of dollars every year. But because blockchain creates an unchangeable record of every transaction, it makes it incredibly difficult for anyone to manipulate records. or file fraudulent claims. It's like having an incorruptible digital witness to every step of the insurance process. 

Another exciting application of blockchain is in policy management. With blockchain, you could manage your life insurance policy through a secure digital platform without having to go through intermediaries like agents or brokers. Need to make a change to your policy? You could do it directly. And the change will be recorded instantly and securely on the blockchain. It's like having complete control over your policy at your fingertips. 

Now, I want to address something important here. You might have heard of the blockchain insurance industry initiatives or B3i. This was a consortium of major insurance players like Swiss Re and Alliance that was exploring blockchain's potential in insurance. They made some exciting progress reporting in their trials that blockchain could reduce administrative processing time by 40 % while boosting transparency and efficiency.

However, this is a ‘big however’. B3i actually ceased operation in July of 2022. This serves as a reminder of how quickly things can change in the world of technology and finance. The closure of B3i doesn't mean blockchain is dead in the insurance world, far from it, but it does highlight the challenges of implementing new technologies on an industry wide scale. 

What we are seeing now is individual companies taking the lead in blockchain innovation. For instance, Alliance, one of the B3i's former members, has continued to explore blockchain applications in their own operations. They have been working on using blockchain to automate claims processing in their corporate insurance sector. The lesson here. Why blockchain still holds enormous potential for the insurance industry, we need to be realistic about the challenges of implementation. It is not a magic solution but rather a powerful tool that companies are still figuring out how to use effectively. 

This is why it's so important to stay informed about these developments. The insurance landscape is constantly evolving, and what seems like the next big thing one day might be old news the next. As consumers, our job is to keep asking questions, stay curious, and make sure our insurance products are truly meeting our needs in this rapidly changing world. 

Now, let's talk about something that is becoming increasingly important in our digital age: cyber security and the protection of digital assets. In today's world, a significant portion of our wealth is not physical. It is digital. We are talking about things like cryptocurrency, intellectual property, and online businesses.

According to a 2023 report by Chainalysis, about 12% of U. S. adults now own cryptocurrency. And the global market for digital assets is projected to reach $14 trillion by 2027. This is a lot of digital wealth that needs protecting.

Life insurance companies are stepping up to address these new risks. Some are now offering what's called a digital asset protection rider. This is an add-on to your policy that covers losses due to the theft or hacking of cryptocurrency or other digital assets. It's like having insurance for your Bitcoin wallet.

And it's not just about protecting digital currency. There has also been a rise in life insurance policies that include coverage for cybercrime and identity theft. These policies can help cover the cost of recovering from a data breach or identity theft, which is becoming more common in our increasingly digital world. This is particularly important for freelancers, entrepreneurs and digital nomads who rely heavily on online platforms to run their businesses. 

And here's something really forward thinking. Many life insurance companies are partnering with digital estate planning platforms. These partnerships help policyholders manage their digital assets as part of their overall estate planning. This means that when it comes time to pass on your wealth, your cryptocurrency, intellectual property, or online businesses, they are handled just as securely as any other asset. It's like estate planning for the digital age.

One company that has been at the forefront of this trend is New York Life. In 2022, they introduced a digital asset protection rider specifically designed for high-net-worth individuals with significant cryptocurrency holdings. It's a sign that the industry is really starting to take digital assets seriously.

Now, let's pivot to talk about how life insurance is adapting to some of the biggest challenges facing our society today. We are talking about things like climate change, increasing life expectancy and the growing focus on mental health. These are not just environmental or personal health issues anymore. They have become financial matters that require comprehensive solutions.

Let's start with climate change. Now, you might be thinking, what does climate change have to do with life insurance? Well, more than you might think. Climate change is not just about rising temperatures or melting ice caps. It has direct impacts on mortality rates, health, and overall safety.

As natural disasters like floods, wildfires, and hurricanes become more frequent and severe, insurance companies are seeing the effect firsthand. In 2022 alone, global insured losses from natural disasters exceeded $130 billion, that is billion with a B. This rise in insured losses means that life insurance companies are now having to factor in climate-related risks when they assess new policies, especially for people living in areas prone to these events.

But here's where it gets interesting. Life insurers are not just reacting to climate change. They are actively promoting solutions. Some companies are now offering incentives to policyholders who adopt more environmentally friendly behaviors. Drive an electric vehicle. You might qualify for lower premiums. Install solar panels on your home that could earn you a discount. Making energy-efficient upgrades to your house, you guessed it, potential savings on your life insurance.

It is a win-win situation. Policyholders get to save on their premiums while also contributing to environmental sustainability. And insurance companies reduce their long-term risk exposure. One company that is leading the charge in this area is AIG with their green life program. They offer discounts of up to 10 % for policyholders who prove they have made environmentally conscious changes.

But it doesn't stop there. Many life insurers are now offering policies that invest a portion of the premiums in sustainable, environmentally focused. This means that by purchasing life insurance, you are not just protecting your family's financial future. You are also indirectly supporting projects that promote renewable energy and environmental conservation. It's like getting two for the price of one. Financial security and a cleaner planet. 

The demand for these ESG-aligned products (that is, Environmental, Social, and Governance, for those not familiar with the term) is growing fast. In fact, sustainable investment options for life insurance policies increased by 18 % last year. This reflects a broader trend of consumers wanting to integrate their values into their financial decisions. It's no longer just about the bottom line. People want to know their money is doing good in the world. 

Now, let's talk about another big issue that is reshaping the life insurance industry, longevity. Thanks to advances in health care and healthier lifestyles, people are living longer than ever before. While this is generally good news, It also presents some unique financial challenges. 

Here is a statistic that might surprise you. According to the World Health Organization, global life expectancy has increased by five years since the year 2000. And by 2050, it's expected that over 2 billion people will be aged 60 and older. This is nearly a quarter of the projected global population. 

Living longer means needing more resources, especially during retirement. It also means facing the possibility of more complex health issues as we age. So the question becomes, how do we afford to live well into our 80s and even 90s? 

Life insurance companies are stepping in to provide solutions to that question. One of the most significant ways they are doing this is by offering long-term care coverage through life insurance policies. Now you might be thinking, long-term care? Isn't that something different from life insurance? Traditionally, yes, but the industry is evolving to meet the needs of an aging population. 

Let me throw some numbers at you again. Research shows that about 70 % of people over the age of 65 will require some form of long-term care during their lives. This could be nursing home care, assisted living, or in-home health care. And the costs can be staggering, ranging anywhere from $54,000 to $108,000 per year, depending on the type of care. 

To address these rising costs, many life insurance companies are now offering what we call hybrid policies. They combine traditional life insurance with long-term care benefits. And here's how it works. These policies allow you to access part of your death benefit to pay for long-term care services while you're still alive. It's like getting an advance on your life insurance to cover your care needs.

This is a game changer because it provides financial security for aging individuals, ensuring they are not depleting their savings or retirement funds to cover healthcare costs. It's like having a safety net for your golden years. 

But the innovations do not stop there. Remember when we talked about cash-value life insurance earlier? Well, these policies are increasingly being used as retirement supplements. They accumulate cash value over time, providing a source of income in retirement that is not subject to the fluctuation of the stock market. For those who do not have access to employer-sponsored retirement plans, like many gig workers we talked about earlier, these policies can be a financial lifeline. 

Some life insurance companies are even offering what we call longevity specific riders. They are add-ons to your policy that provides an additional payout if you leave beyond a certain age, typically 85 or 90. It's like a bonus for living longer, ensuring that people who live longer than expected do not outlive their financial resources. 

In essence, life insurance is evolving to become more than just a way to leave a financial legacy. It is becoming a comprehensive tool for navigating the financial uncertainties that come with longer life expectancy. 

Now, let's talk about an issue that has been getting a lot of attention in recent years: mental health. The conversation around mental health has shifted dramatically, and for good reason. According to the World Health Organization, mental health conditions like depression and anxiety affect nearly 1 billion people globally. And the COVID-19 pandemic has only exacerbated these issues. In the U. S. alone, about 40 % of adults report experiencing heightened levels of anxiety or depression in the past year. 

But to put it simply, mental health does not just affect our emotional well-being. It can also impact our physical health, life expectancy, and financial stability. Recognizing this, Life insurance companies are beginning to adopt a more supportive and inclusive approach to mental health. 

In the past, individuals with mental health conditions were often denied life insurance or faced much higher premiums. It was like being penalized for seeking help. But that is changing. Today, many insurers are offering mental health support as part of their policies. This can include access to mental health hotlines, wellness programs, and even teletherapy services that allow policyholders to get the help they need from the comfort of their own homes. 

Also, some companies are introducing premium discounts for policyholders who adhere to mental health treatment programs. The idea is that individuals who actively seek treatment tend to have better long-term health outcomes and insurers are starting to reward that proactive approach. It's like getting a bonus for taking care of your mental health.

 There has also been a shift in the underwriting process for individuals with mental health conditions. Insurers are adopting more inclusive practices, considering whether the individual is receiving treatment and how well-managed the condition is, rather than outright denying coverage. This is a huge step forward in destigmatizing mental health issues and ensuring that everyone has access to the financial protection they need. 

One notable example comes from Prudential, which launched its Mind and Body Wellness program in 2023. This initiative provides policyholders with teletherapy services, stress management tools, and 24/7 access to mental health professionals. And it's not just a nice add-on. Policyholders are increasingly seeking this kind of comprehensive support, with more than 70% reporting improved mental well-being as a result of the program. 

This shift toward inclusivity and mental health support reflects the growing understanding that mental health is just as important as physical health and that addressing it leads to better outcomes for both the individual and the insurer.

As we wrap up our exploration of life insurance in the modern era, I want to emphasize just how much this industry has evolved. Life insurance is far more than a product of the past. It is a dynamic financial tool that is continuously adapting to meet the challenges and opportunities of our modern world. From the gig economy to climate change, from longevity to mental health, life insurance is proving its relevance and value in ways we might never have imagined.

The acclaimed financial advisor and author Robert Kiyosaki once said, "It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." This perspective aligns perfectly with the modern approach to life insurance. Today's policies are not just about leaving money behind. They are about making your money work harder for you and your loved ones across multiple generations. 

Whether you are a freelancer seeking flexible coverage, a tech enthusiast interested in AI-driven personalized policies, or someone concerned about long-term societal shifts, there is likely a life insurance product designed to meet your specific needs. The key is to stay informed about these evolving options and to view life insurance not as a static product but as a dynamic tool that can adapt and grow with you throughout your life. 

As we continue to navigate the complexities of the modern world, life insurance stands as a testament to the financial industry's ability to innovate and adapt. It's no longer just about providing a payout after death. It's about enhancing and protecting life in all its stages and challenges. 

Now that we've uncovered the complex nature of modern life insurance, I encourage you to take a fresh look at your own coverage. Does your current policy align with your lifestyle and address the challenges you face in today's world? If not, it might be time to explore some of the innovative options we've discussed today. 

I invite you to share your thoughts and experiences with life insurance in our community forum. Join my Facebook group. How has your perception of life insurance changed after hearing about these new developments? What features would you like to see in future life insurance products? Your insight could help shape the future of this evolving industry. 

For those who want to dive deeper into this topic, I've compiled a resource guide with more information on the types of policies we discussed today. You can find it in the show notes. It's a great starting point for anyone looking to learn more about how life insurance can fit into their financial plan. 

Remember, financial wellness is not just about managing money. It’s about creating security and peace of mind for yourself and your loved ones. Life insurance in its modern form can be a powerful tool in achieving this goal. It is not just about protection; it's about empowerment. 

Thank you for joining me on this exploration of life insurance in the modern era. I would like to express my gratitude to Life Happens for their efforts in promoting Life Insurance Awareness Month and for providing valuable resources on this important topic.

Stay tuned for our next episode where we will discuss sustaining loved ones - the lifelong benefit of life insurance. We will explore how life insurance can protect and nurture the well-being of your loved ones throughout their lives, ensuring a secure future for generations to come. It promises to be another eye-opening discussion that you would not want to miss.

I am your host, Marie-Jo Caesar, and I will be back again next week with more insights on merging life and money. Until then, keep asking questions. Stay curious about your finances. And remember, your financial journey is unique, just like you embrace it, learn from it and use tools like modern life insurance to help you navigate with confidence.

Thank you for listening to the Merging Life and Money show. If you found value in today's episode, please share it with a friend or leave us a review on your favorite podcast platform. Your support helps us reach more people with this important information. 

Remember that financial wellness is about more than just numbers. It's about creating a life of security, opportunity, and fulfillment. Until next week, continue merging life and money. Bye for now.