Welcome back to Don’t Retire… Graduate! In today’s episode, we’re diving into one of the most essential—yet often overlooked—aspects of a healthy financial life: insurance as part of your risk management strategy. I’m delighted to welcome back Jillian Howell, a talented Client Service Associate at BFG Financial Advisors who first joined us earlier this year. Jillian brings not only her expertise in communications and client support but also a budding passion for the insurance world, inspired by earning her life and health insurance license. With her fresh perspective and genuine enthusiasm, she’s helping clients feel both informed and empowered as they navigate life’s financial journey.
In our discussion, Jillian and I explored the vital role that insurance—particularly life insurance—plays in building a secure and resilient financial plan. We talked about what drew her to insurance, how her understanding has evolved, and why she feels so passionately about making it accessible and understandable for everyone, especially younger people who often overlook its importance. Together, we debunked common myths, such as the notion that insurance is only for older individuals or those in poor health. Jillian walked through the must-have elements of a risk management plan, the critical calculations behind determining insurance needs, and the reasons to start early—even when you’re young and healthy. We also touched on the importance of regularly taking inventory of your current coverage and the idea that life insurance should be actively managed, not just tucked away and forgotten. And, on a lighter note, we even chatted about insuring cherished family pets!
5 Key Takeaways:
- Insurance as a Foundation of Risk Management: Insurance isn’t just a checkbox—it’s a foundational part of any risk management plan, alongside legal documents, tax considerations, and asset titling. It’s about protecting both assets and loved ones.
- Life Insurance Myths Debunked: One of the biggest misconceptions is that young, healthy people don’t need life insurance. In reality, securing coverage early locks in better rates and preserves insurability before any health issues arise.
- Determining the Right Amount of Coverage: There is no one-size-fits-all answer, but striving for 10 to 15 times your annual income—while factoring in debts, dependents, and future needs—can provide important protection for your family.
- Take Inventory and Reassess Regularly: Don’t just rely on employer-provided policies or outdated coverage. Sit down, review what you have, and look for gaps or weaknesses in your protection. Life insurance is an asset to be managed, not forgotten.
- Insurance and Legacy Planning: From debt and income replacement to estate planning and even tax strategies, insurance can be leveraged for more than just “what if I don’t wake up tomorrow?”—it’s a powerful tool for overall financial resilience.
Join us as we uncover how a passion for insurance and risk management can enrich your financial wellbeing, empower you with knowledge, and set your loved ones up for greater peace of mind. Don’t forget to subscribe, rate, and share this episode with anyone ready to reimagine what insurance can do for their financial future!
Transcript
She's also taken a real gleam to the insurance world and is going to be participating. So we're going to talk a little bit about that today. Jillian, thanks for coming back.
Jillian Howell [:Thank you for having me again.
Eric Brotman [:You know, most people when they guest on this show are like, holy cow, I'm so glad that's over. This was a nightmare. And yet you're like, I can't wait to do that again. So I guess let's begin with the way you felt when you saw your very first interview, because that that went live shortly ago and it was a big deal.
Jillian Howell [:I was pleasantly surprised. I didn't expect myself to sound so put together and eloquent. So pleasantly surprised. I know my family really enjoyed watching it, so looking forward to sending this one out to them again too.
Eric Brotman [:All right, well, a shout out to family is coming. So why insurance? Because a lot of people want to talk at cocktail parties about their portfolio and they want to brag about this, that or the other. And nobody's like, hey, you should see my insurance policy. It just doesn't happen. So why has that become an area of interest for you professionally?
Jillian Howell [:Well, it started when I obtained my life and health insurance license. That was kind of the first stepping point of building my repertoire of certifications and just being more knowledgeable for clients and products for the team, everything like that. So it really just kind of fell into my lap. But the more that I learned, the more interested I am about it. I think there's a lot of ins and outs that a lot of people don't really take into consideration. So just being able to be a resource for folks, I think is super important.
Eric Brotman [:So we refer to at drg and at bfg, in fact, we refer to this as part of the risk management plan. So risk management includes insurance, but is not limited to insurance. There's also legal documents and contracts and titling and tax stuff. So risk management is a broader topic than just insurance. But there are some must haves in the insurance world that pretty much anybody watching today should at least have some boxes checked and maybe do some regular reviews. Since you are now a licensed professional, why don't you tell us a little bit about what those are and sort of where to get started.
Jillian Howell [:I think a couple of the most important points would definitely have to be debt replacement. If you have any kind of debt, and leaving that for your family can be a big struggle. So being able to replace that, that debt with the policy would be beneficial. Income replacement, if you're the top earner of the family, being able to keep them sustained if anything, God forbid, were to happen to you is super important as well. And then of course, just kind of future planning, that estate planning aspect of it, I think is a big point of consideration when you're picking a policy and picking your coverage.
Eric Brotman [:So you're specifically talking about life insurance in this particular debate and. Or not debate, but conversation. And there are lots of different kinds of insurances that are part of the risk management conversation. Life insurance is certainly one of them. And I love that that's an area where you've elected to concentrate because I think there are so many, so many misnomers and so much confusion around why it's called life insurance and not death insurance. We actually have a couple of clients who jokingly refer to it as death insurance, but that's not really what it's for. So how would you, if you were counseling someone, say this is the amount of life insurance you ought to consider because ultimately, having delivered dozens of claims over the many years that we've been doing this, no one's ever said, by the way, what kind of insurance was that? No one cares. It's how much are we getting, how soon are we getting it and are we going to be okay? So how do you look at the math behind that?
Jillian Howell [:I think, you know, of course it depends on people's situations. Like I said, if they have debt, if they have kids, there's a lot of different factors to take into consideration. But I think the most important thing to really think is anywhere from maybe 10 to 15 times your income, trying to set yourself up for success in that point so that you are able to, you know, have resources for your family if you're no longer there to support them yourself.
Eric Brotman [:e you didn't know in April of:Jillian Howell [:I think a myth would be, I'm young, I'm healthy, I don't need the insurance now. I think being able to start sooner while you are healthy is super important. You know, as you get older and your health declines, it can be harder to get coverage or to be able to get a price for your coverage that you're actually able to afford. So just having that mindset of, oh, I don't need it now, I'm young and I'm healthy. I'm not worried about anything happening, kind of combating that, and starting sooner is super important.
Eric Brotman [:So I'm going to try not to take offense at the fact that you said my health is waning in some ways just because I've got a few years on your. Well, decades on you. So, yes, that is a myth. And it's interesting because we see a lot of parents and grandparents making sure that their children or grandchildren have some form of insurability protection. My daughter had life insurance as soon as she had a Social Security number. That was just part of the deal. And not because any of us are hoping that we ever see that claim. That would be the worst thing possible in life, frankly, but because it will accumulate, it will create some tax shelter.
Eric Brotman [:It will also allow her, if she's less healthy in her 20s or 30s or 40s, it'll allow her to get more coverage without having to go through a medical exam. A lot of people don't think about that. So that is a great way to preserve your, your insurability, your health level at the time you do it. So there are a couple things that we could use as a call to Action like, what do you think folks should do just based on the fact that They've just spent 10 minutes learning why you love this stuff? What should they do right now?
Jillian Howell [:I think you really need to sit down and evaluate what you have as far as insurance, life insurance, auto insurance, health insurance. You really need to sit down and see what you have and then see if there's any weakness, any kind of area that needs to be built up a bit further. Some people just have the group coverage through their employer, which is a great place to start, but it's certainly not enough.
Eric Brotman [:So we would refer to that, I think, as taking inventory.
Jillian Howell [:Right.
Eric Brotman [:You can't figure out where you're going until you know where you are. It's the you are here sticker on the kiosk at the mall, so to speak. This is where in order to get there, you've got to know where you are. I would totally agree with that. I think that's sound advice to take inventory and figure out where you are. And I, you know, I think life insurance is something that's not to be bought and stuck in a drawer. It's something to be managed over time. We've done episodes of this podcast of the full don't retire graduate podcast about how life insurance is an asset to manage, not something to buy and stick in a drawer.
Eric Brotman [:Where can folks find you if they want to learn more about your passion for this or just in general, where. Where are you lurking online or when you're at the office?
Jillian Howell [:You can find me in the CSA office with the other client services associates working away in there. I'm on LinkedIn, following along with BFG on there as well and BRG. So, yeah, definitely check it out on there. And I'm certainly happy to help and always willing to learn.
Eric Brotman [:Well, your advice was spot on. I love that you've done this twice because that means everything, everything happens in three. So we'll have to schedule another visit to talk about maybe your golden retriever. Should we talk about that?
Jillian Howell [:Yeah, that would be great. I know Bo would really appreciate it.
Eric Brotman [:Is Bo insured? Yeah, Bo is. Oh, good. All right. And Bo can't be your beneficiary, though, in the state of Maryland. Make sure you know that you cannot leave money directly to a pet. You can leave it to the care for a pet, but not directly. So say you learn something new every day.
Jillian Howell [:Good to know.
Eric Brotman [:Jillian, thanks for doing this.
Jillian Howell [:Thanks, Eric.
Eric Brotman [:This was fun. As always, I'd like to thank everyone for listening and watching today. If you enjoy our show, Please subscribe so you never miss an episode and you can continue to have Don't Retire Graduate as a part of your path to financial freedom. We'll be back next week with another engaging guest and in two weeks with another entry in our diary of a financial advisor, which will not, in fact, be Jillian in two weeks. We'll give her a break for now. This is your host, Eric Brotman, reminding you. Don't Retire Graduate securities offered through Kestra Investment Services, llc. Kestra is member finra, sipc Investment Advisory Services offered through Kestra Advisory Services, llc.
Eric Brotman [:Kestra as an affiliate of Kestra is Kestra is or Kestra as are not affiliated with Brotman Financial or any other entity discussed.