should i buy life insurance as an
entrepreneur hi I’m Evan Carmichael I
believe that hungry entrepreneurs
deserve help and this is a question I
get asked a lot especially recently for
some reason should i buy life insurance
as an entrepreneur what do you think
Evan so here’s what I think I am
generally not a huge fan of insurance
the reason is I feel like I’m getting
ripped off and I hate getting ripped off
insurance companies are huge companies
making tons of money and they know the
odds of things happening good or bad
they know what the chances are of
something bad happening to you and they
make money from it they make money
because we’re afraid that this bad thing
is going to happen to us now when things
are outside my control I’m happy to
spend a little bit of money so an
example is house insurance okay if my
house gets flooded that is outside my
control I don’t feel like I’m better
than average here i’m the same risk as
everybody else and so i’ll pay a little
bit of a premium just for that security
and my house recently did get flooded my
basement is ruined it’s going to cost
fifty thousand dollars to repair and i
don’t have to pay a cent of that because
i had house insurance with flood
insurance on top of it okay so when
things are outside my control i’m happy
to pay a little bit of a premium i know
i’m getting ripped off a little bit but
i’ll pay it for the security but when
things are within my control i feel like
i’m getting ripped off even more so the
example is on the health side on the
life insurance side on the dental side
I’m way healthier than the average
person my age I use a stand-up desk I’m
out dents and doing fitness classes 20
to 25 hours a week I’m way healthier
than the average person and that’s not
to brag I’m just trying to share where
I’m coming from when I make my decisions
so hopefully you can make a better
decision yourself I’m getting ripped off
by paying those premiums because i’m
getting paid and i’m paying according to
the average person and i’m not the
average person they do ask you if you’re
a smoker and I’m not a smoker so that
reduces their premium is a little bit
but everything else basically is not in
my favor so I’m getting ripped off more
on this side and I hate getting ripped
off
I used to have health benefits at the
office for the people who are on my team
here and it was it was health benefits
dental benefits and I was spending a
hundred bucks a month twelve hundred
dollars a year and he sat down after the
first year I said hey guys what’s going
on and we figured out that nobody was
using it I was burning through twelve
hundred dollars a month per person every
year and nobody was using it and it
pissed me off because I don’t like
spending money that’s being wasted right
and you shouldn’t either as an
entrepreneur you got to control your
costs you should get upset when people
are wasting your money and wasting your
time so sad everybody down getting the
year and said hey guys we got to figure
out something to make this work better
and I gave them two options the first
what’s continued izes keep the health
plan dental plan as is i’ll still spend
the money no problem if you want that
option the second option was i’m going
to create a healthy living fun for
everybody i’m going to spend the same
amount of money 100 bucks a month and
i’ll give you the money for drugs if you
need it because you’re sick for dental
if you need it but also if you want to
go take a salsa class if you want to go
buy some running shoes if you want to
make down payment on the bike anything
that contributes to a healthy lifestyle
I was hiring people who were also
healthier than average I guess and they
weren’t using what I was spending
everybody took the second option
everybody took the second option and I
felt better I was still spending the
same amount of money hey it still hurts
taking 1,200 bucks a year out of your
pocket per person every year i was still
spending that money but i was happy to
do it because there was tangible benefit
people were using it they were enjoying
it i’m happy to pay for value now this
works there’s still a risk the Scilla
risk for me i’m still going to die at
some point i’m still going to get sick
but my odds are much better than most
people if you’re on the other side
though if you’re unhealthy if you’re not
looking after yourself if you’re gaining
weight and sitting down all day then you
need to buy as much insurance as
possible insurance companies are losing
money on you so now it’s in your
favorite to buy it so that’s my two
cents I want to have a little bit of
fine now a friend of mine is an
entrepreneurs name is Mark he is a big
fan of life insurance he’s bought some
for himself for his for his wife and I
wanted to call him up we’re going to put
him on live with us here to get his
feedback and see what he has to think so
you get the other side of the story now
mark is not an insurance sales guy he
wins a video production company he’s
growing from zero to eight employees I
think eight employees may be a little
more in a short amount of time if I put
an insurance sales guy on the call you
say all this guy’s obviously biased mark
is an entrepreneur like you and me he
just has different opinions so he’ll
call him up we’ll put him on the spot
and see what he has to say I’m gonna
call up on the cell phone his company is
called phantom media and they do video
production so nothing to do with
insurance but he is a big fan so here’s
Mark we’re gonna call him up see what he
has to say mark it’s Evan Carmichael how
are you well mr. Carmichael are you done
listen before we go too far i’m
recording you not a problem at all we
are on air this is gonna go on my
youtube channel and website and facebook
and everywhere oh love it hello everyone
don’t don’t say anything too
embarrassing okay i’m talking about
insurance I’ve had a life insurance a
number of people have written in and
viewers have asked questions about
insurance should i buy it or not and i
know you’re a fan of it you’ve bought it
for yourself and your wife i think i
wanted to hopefully get your perspective
on your decision making process is that
why your liking and how you make that
decision i’m sure not a problem i mean
you know essentially i think why most of
us become entrepreneurs is because we
want to take control of our own destiny
in our own path but but with that you
know comes responsibility and a lot of
times being sales focused you know I I
jumped when my clients they jumped and
and I try to please my employees and
sometimes we can forget about our
families while we’re busy trying to grow
a business my wife turned to me and said
we’re married we have children you’re
running your own business or now what
would happen if something happened to
you
and essentially that’s what it’s about
you got to take care of you got to take
care of your family should something
have to be you and make sure that
everyone firstly is financially sound
and then secondly there are their attack
strategy that can go to it as well but
but that’s that’s more later in life I
hear you an attack strategy side what
would you say to the entrepreneur who
doesn’t want to spend money if it’s
gonna cost a hundred bucks or 500 bucks
a month and is saying you know I could
put this to my business how do you
convince them that this is a good idea
well so if you know people I think
people are either you know of a mind to
take insurance and that’s for all areas
of life or they’re not if they’re a bit
of a risk taker I put it this way you
know it’s it’s something that that is
just a cost of doing business it makes
sense it’s the better thing to do
similarly you know I would play within
the rules and regulations I won’t push
the boundaries that way I won’t do
anything that I feel as an ethical you
know what taking care of my family you
know we have three kids and another on
the way and and my wife that’s I gotta
take care of that first and i would
suggest that that anyone who has a
family or spouse or anyone that they
care about and if their income is solely
tied to them and something were to
happen to them to have to take care of
those you love are you comfortable
sharing how much insurance you got out
and you know what that decision process
was like yeah not a problem while I mean
you know as far as i understand it i’m
certainly not an expert by any means but
there are two types of insurance there’s
there’s term insurance which lasts for a
certain amount of time given term five
years 10 years 15 years or something
like that and that’s usually typically
lower in cost because they tend not to
pay out people tend not to pass away or
have something happen to them during
those years and then there’s Universal
Life which is you paid every single
month essentially until you die but you
have a guaranteed amount out now I was
fortunate on you know when it comes to
life insurance you got to get a young
and you got to get it healthy so I was
at the time I was 24 my wife was 23
I was your husband we got in Yongin we
got in happy so so really we pay I think
one hundred and forty dollars a month
and I have a half million coverage
Universal and my wife has a quarter
million and and really the strategy that
we were explained which makes sense to
us is many people think of life
insurance as in a payout so if something
would happen to me my wife would receive
a half million dollars insurance and
then they would live off that insurance
and really the way that we structured it
at the time was to say if you took that
principle half-million and invested it
now at the time the markets were a lot
better but if you if you invested it you
would only live off of the earnings of
that principle and so we structured it
at the time and as your income increases
as your lifestyle increases your
insurance at increase as well but
basically if you can take a million
dollars or million hives or half a
million or quarter million whatever it
is that’s that and not touch the
principal but just live off the earnings
and maintain a decent lifestyle that
would be that would be the ultimate
approach very cool thanks mark good good
opinions on the other side of things it
was good before I let you go quick promo
for phantom media what do you guys do I
gave the audience a quick intro but I
want hear from you I will not a problem
essentially a fanta media we are a video
production firm that helps businesses
marketing communicate your video so be
that for internal purposes employee
engagement external purposes marketing
promotion and product launches elements
like that conferences seminars
essentially when it comes to business
and video we we had all things and it’s
phantom Mediacom right that’s correct
all right thanks mark I’ll talk to you
soon okay sure cheers so there you go
there’s the other side of things
hopefully I gives you some food for
thought to think about should you get
life insurance or not the whole tax
strategy side of things that mark
brought up is a really important point
maybe we’ll do that in another video
it’s a great way to save tons of money
from going to the taxman if you’re
making a lot of it’s something that I’m
looking into not worrying about the
health side of things a more from a tax
point of view so if you guys are
interested in you want to learn a little
bit
about that let me know in the comments
and maybe we’ll do another video so for
those you watching you like this video
please give it a thumbs up below it
makes you want to do more for you and
here I always want to hear what you
think please leave a comment below on
this video it makes me to do more for
you it really makes my day every morning
when I wake up and I see my YouTube
comments while I’m eating my breakfast
so thank you guys and I’ll see you on
the next episode
entrepreneur hi I’m Evan Carmichael I
believe that hungry entrepreneurs
deserve help and this is a question I
get asked a lot especially recently for
some reason should i buy life insurance
as an entrepreneur what do you think
Evan so here’s what I think I am
generally not a huge fan of insurance
the reason is I feel like I’m getting
ripped off and I hate getting ripped off
insurance companies are huge companies
making tons of money and they know the
odds of things happening good or bad
they know what the chances are of
something bad happening to you and they
make money from it they make money
because we’re afraid that this bad thing
is going to happen to us now when things
are outside my control I’m happy to
spend a little bit of money so an
example is house insurance okay if my
house gets flooded that is outside my
control I don’t feel like I’m better
than average here i’m the same risk as
everybody else and so i’ll pay a little
bit of a premium just for that security
and my house recently did get flooded my
basement is ruined it’s going to cost
fifty thousand dollars to repair and i
don’t have to pay a cent of that because
i had house insurance with flood
insurance on top of it okay so when
things are outside my control i’m happy
to pay a little bit of a premium i know
i’m getting ripped off a little bit but
i’ll pay it for the security but when
things are within my control i feel like
i’m getting ripped off even more so the
example is on the health side on the
life insurance side on the dental side
I’m way healthier than the average
person my age I use a stand-up desk I’m
out dents and doing fitness classes 20
to 25 hours a week I’m way healthier
than the average person and that’s not
to brag I’m just trying to share where
I’m coming from when I make my decisions
so hopefully you can make a better
decision yourself I’m getting ripped off
by paying those premiums because i’m
getting paid and i’m paying according to
the average person and i’m not the
average person they do ask you if you’re
a smoker and I’m not a smoker so that
reduces their premium is a little bit
but everything else basically is not in
my favor so I’m getting ripped off more
on this side and I hate getting ripped
off
I used to have health benefits at the
office for the people who are on my team
here and it was it was health benefits
dental benefits and I was spending a
hundred bucks a month twelve hundred
dollars a year and he sat down after the
first year I said hey guys what’s going
on and we figured out that nobody was
using it I was burning through twelve
hundred dollars a month per person every
year and nobody was using it and it
pissed me off because I don’t like
spending money that’s being wasted right
and you shouldn’t either as an
entrepreneur you got to control your
costs you should get upset when people
are wasting your money and wasting your
time so sad everybody down getting the
year and said hey guys we got to figure
out something to make this work better
and I gave them two options the first
what’s continued izes keep the health
plan dental plan as is i’ll still spend
the money no problem if you want that
option the second option was i’m going
to create a healthy living fun for
everybody i’m going to spend the same
amount of money 100 bucks a month and
i’ll give you the money for drugs if you
need it because you’re sick for dental
if you need it but also if you want to
go take a salsa class if you want to go
buy some running shoes if you want to
make down payment on the bike anything
that contributes to a healthy lifestyle
I was hiring people who were also
healthier than average I guess and they
weren’t using what I was spending
everybody took the second option
everybody took the second option and I
felt better I was still spending the
same amount of money hey it still hurts
taking 1,200 bucks a year out of your
pocket per person every year i was still
spending that money but i was happy to
do it because there was tangible benefit
people were using it they were enjoying
it i’m happy to pay for value now this
works there’s still a risk the Scilla
risk for me i’m still going to die at
some point i’m still going to get sick
but my odds are much better than most
people if you’re on the other side
though if you’re unhealthy if you’re not
looking after yourself if you’re gaining
weight and sitting down all day then you
need to buy as much insurance as
possible insurance companies are losing
money on you so now it’s in your
favorite to buy it so that’s my two
cents I want to have a little bit of
fine now a friend of mine is an
entrepreneurs name is Mark he is a big
fan of life insurance he’s bought some
for himself for his for his wife and I
wanted to call him up we’re going to put
him on live with us here to get his
feedback and see what he has to think so
you get the other side of the story now
mark is not an insurance sales guy he
wins a video production company he’s
growing from zero to eight employees I
think eight employees may be a little
more in a short amount of time if I put
an insurance sales guy on the call you
say all this guy’s obviously biased mark
is an entrepreneur like you and me he
just has different opinions so he’ll
call him up we’ll put him on the spot
and see what he has to say I’m gonna
call up on the cell phone his company is
called phantom media and they do video
production so nothing to do with
insurance but he is a big fan so here’s
Mark we’re gonna call him up see what he
has to say mark it’s Evan Carmichael how
are you well mr. Carmichael are you done
listen before we go too far i’m
recording you not a problem at all we
are on air this is gonna go on my
youtube channel and website and facebook
and everywhere oh love it hello everyone
don’t don’t say anything too
embarrassing okay i’m talking about
insurance I’ve had a life insurance a
number of people have written in and
viewers have asked questions about
insurance should i buy it or not and i
know you’re a fan of it you’ve bought it
for yourself and your wife i think i
wanted to hopefully get your perspective
on your decision making process is that
why your liking and how you make that
decision i’m sure not a problem i mean
you know essentially i think why most of
us become entrepreneurs is because we
want to take control of our own destiny
in our own path but but with that you
know comes responsibility and a lot of
times being sales focused you know I I
jumped when my clients they jumped and
and I try to please my employees and
sometimes we can forget about our
families while we’re busy trying to grow
a business my wife turned to me and said
we’re married we have children you’re
running your own business or now what
would happen if something happened to
you
and essentially that’s what it’s about
you got to take care of you got to take
care of your family should something
have to be you and make sure that
everyone firstly is financially sound
and then secondly there are their attack
strategy that can go to it as well but
but that’s that’s more later in life I
hear you an attack strategy side what
would you say to the entrepreneur who
doesn’t want to spend money if it’s
gonna cost a hundred bucks or 500 bucks
a month and is saying you know I could
put this to my business how do you
convince them that this is a good idea
well so if you know people I think
people are either you know of a mind to
take insurance and that’s for all areas
of life or they’re not if they’re a bit
of a risk taker I put it this way you
know it’s it’s something that that is
just a cost of doing business it makes
sense it’s the better thing to do
similarly you know I would play within
the rules and regulations I won’t push
the boundaries that way I won’t do
anything that I feel as an ethical you
know what taking care of my family you
know we have three kids and another on
the way and and my wife that’s I gotta
take care of that first and i would
suggest that that anyone who has a
family or spouse or anyone that they
care about and if their income is solely
tied to them and something were to
happen to them to have to take care of
those you love are you comfortable
sharing how much insurance you got out
and you know what that decision process
was like yeah not a problem while I mean
you know as far as i understand it i’m
certainly not an expert by any means but
there are two types of insurance there’s
there’s term insurance which lasts for a
certain amount of time given term five
years 10 years 15 years or something
like that and that’s usually typically
lower in cost because they tend not to
pay out people tend not to pass away or
have something happen to them during
those years and then there’s Universal
Life which is you paid every single
month essentially until you die but you
have a guaranteed amount out now I was
fortunate on you know when it comes to
life insurance you got to get a young
and you got to get it healthy so I was
at the time I was 24 my wife was 23
I was your husband we got in Yongin we
got in happy so so really we pay I think
one hundred and forty dollars a month
and I have a half million coverage
Universal and my wife has a quarter
million and and really the strategy that
we were explained which makes sense to
us is many people think of life
insurance as in a payout so if something
would happen to me my wife would receive
a half million dollars insurance and
then they would live off that insurance
and really the way that we structured it
at the time was to say if you took that
principle half-million and invested it
now at the time the markets were a lot
better but if you if you invested it you
would only live off of the earnings of
that principle and so we structured it
at the time and as your income increases
as your lifestyle increases your
insurance at increase as well but
basically if you can take a million
dollars or million hives or half a
million or quarter million whatever it
is that’s that and not touch the
principal but just live off the earnings
and maintain a decent lifestyle that
would be that would be the ultimate
approach very cool thanks mark good good
opinions on the other side of things it
was good before I let you go quick promo
for phantom media what do you guys do I
gave the audience a quick intro but I
want hear from you I will not a problem
essentially a fanta media we are a video
production firm that helps businesses
marketing communicate your video so be
that for internal purposes employee
engagement external purposes marketing
promotion and product launches elements
like that conferences seminars
essentially when it comes to business
and video we we had all things and it’s
phantom Mediacom right that’s correct
all right thanks mark I’ll talk to you
soon okay sure cheers so there you go
there’s the other side of things
hopefully I gives you some food for
thought to think about should you get
life insurance or not the whole tax
strategy side of things that mark
brought up is a really important point
maybe we’ll do that in another video
it’s a great way to save tons of money
from going to the taxman if you’re
making a lot of it’s something that I’m
looking into not worrying about the
health side of things a more from a tax
point of view so if you guys are
interested in you want to learn a little
bit
about that let me know in the comments
and maybe we’ll do another video so for
those you watching you like this video
please give it a thumbs up below it
makes you want to do more for you and
here I always want to hear what you
think please leave a comment below on
this video it makes me to do more for
you it really makes my day every morning
when I wake up and I see my YouTube
comments while I’m eating my breakfast
so thank you guys and I’ll see you on
the next episode
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