 oh I should probably brush my hair. I think this is good. Well hello everybody and welcome back to my channel. Today is Financial Friday so we're gonna talk all about my FPU experience on week number six. So week number six is the role of insurance. That is what the lesson is called. Actually I will tell you this first off this is probably my favorite lesson that has happened so far because I really feel like I thought I had myself together with insurance but now after watching it and having it all explained to me properly I don't have it all together. So I feel like there's like an action plan. Like I have something to do, something tangible that I can do this week to contact my insurance broker and to talk to him about other options or to up certain things or lower certain things or add certain policies and things like that. So I'm actually really excited that this lesson happened because I really feel like this week is the first week that I've actually had something to do. And the reason I say that is maybe I should back up. Hold on let's back up a little bit. Let me introduce myself in case you guys don't know me. My name is Emily. I am a 36 year old single individual. I am currently on baby step 3B which means that I'm saving 20% for a down payment on a home that has already been achieved but I'm looking for homes right now so I'm still just kind of stockpiling cash and putting it into that home fund. As soon as I buy the home I will be on to baby step 4, 5 and 6 which all of you know will be like 15% of income into retirement, pay off the house early, and kids funding kids college which I don't have to do because I don't have any kids. So anyway let's get back into what I was saying before. I forgot to introduce myself. I'm sorry. I filmed a couple videos already today. I'm a little delirious. So getting back to insurance. I have like a ton of notes this week because there's so much that I wanted to talk to you guys about. So we talked a lot about health insurance, auto insurance, long-term care, disability insurance, like tons of different things but I did share this with my FPU classes. I have life insurance on myself which is kind of odd considering no one is actually depending on my income. So usually when someone depends on your income that's when you get life insurance. I got life insurance at 28 years old and at 29 I was diagnosed with hypothyroidism which is thyroid disease. There's a hypo and a hyper. This disease is non-life-threatening but I have to live with it and there's some things that I can do to change it slightly but it never really goes away. I'm not to the point where I'm uninsurable but I'm really glad I got the premium that I did when I did. I think my premium is about $125 a year and I'm on a 40-year term with that which is great because no one's counting on that money but it would cover like burial costs or something like that if that were to happen as well as a whole bunch of other stuff too. So I just wanted to make sure that my debts would be paid at age 28 and then a whole bunch more too. And my brother's a beneficiary if for some reason he is no longer living. My nephew would be the second beneficiary out of that. So anyway that's something I shared with the class that I was really glad that I got. I mean it's not a life threatening illness or disease or terminal problem but it definitely would make my premium a lot higher. So very thankful that I got that and at some point I will probably have to re-up my insurance but I'm gonna wait until that 40-year mark happens. So I'm pretty good on the health insurer. I'm pretty good on the life insurance front. As for health insurance I have like an action plan of some things I need to do. So I'm currently at my current employer we have an HSA option which I haven't contributed anything to the HSA so I need to figure out how to do that and I'm gonna contact my old like HSA accounting place that did it for my previous employer and see if I can just get into their program because they already have like a like an HSA credit card debit card thing so maybe I can just like piggyback off of that and do it from there but again I just need to look into it. As for discussions with my insurance agent I want to talk to him about like auto policy changes and some things like that as well as long-term disability. You know what's funny is I've never actually thought of long-term disability before. I just thought that I would be me and I wouldn't have an issue and I think a lot of people think that way and Dave said something really interesting that 30% of people in North America at some point deal with either a short-term or a long-term disability. That's pretty astonishing. So I want to talk to my insurance broker about long-term disability and see what he has to offer. My current employer does not offer a long-term disability insurance so I can't get it through him. I feel like that's really important to look into to see because if I'm disabled there's nothing that I can do. If I can't work I can't own an income. Short-term disability I'm not too worried about because I do have my six months of emergency funds saved so I could go potentially you know six months without having an income at all and that's based on numbers that I've already figured out for myself so I feel like at that point I could kind of self-insure a little bit and then I could really pair down my lifestyle as well so I'm not too concerned about the short-term disability and even Dave in the video said don't really worry about the short-term disability as long as you have your three to six months of emergency fund. If you don't then that's a whole other bag of beans but I'm just telling you from my perspective how I interpret the class. Also we talked about long-term health care coverage you know if you're over 60 you should get it. I have talked to my parents several times about it and we have well not we they have decided not to insure themselves. They are what you call self-insured so they can absorb the cost of one or both of them being in an assisted living facility or in a nursing home or having in-home care for a length amount of time. All four of us when I mean four of us I mean my mom my dad myself and my brother are all comfortable with that so it's just something that you would want to have a discussion with your parents about because the thing is is that I'm gonna be the one or my brother's gonna be the one to see those things through as well we just all need to be on the same page and if you guys watched my vlogs from this past December my vlogmas vlogs while I was in Florida one of the vlogs is me talking about having the death talk and we are gonna be definitely making it an annual thing and we're gonna just talk about what our wishes are and things like that just to make sure we're all on the same page that there's no surprises and if one of us pass away we can just go grab the information from the safety deposit box and run with it because we want to make sure that everyone's wishes are what they want because it's a high stress high emotion time and the less choices that we can make that are left on the earth the better because it's just gonna make our lives so much easier so those are my takeaways from week number six about all insurance like I said before this is probably my favorite lesson so far just because I actually have some really cool things to do and really I want to start learning a lot more about certain insurances that I should have and really just discuss to get with my insurance broker also if you're taking the class and you haven't gone through week six yet I'm just letting you know to grab some tissues because you might need it at the end I'm just saying so just be aware anyway well that's gonna be it from me I hope you guys are having a wonderful day no matter where you are make sure to give this video a thumbs up if you like Financial Fridays like I've said in previous Financial Peace University videos I will be reviewing every single week until it is over there are nine total weeks so I'm almost halfway done with this and then every Friday from there on I will have other fun financial things to chat about with you guys so anyway I am gonna let you guys go thank you so much for watching today feel free to subscribe and I will talk to you in my next video bye guys