10 most costly insurance mistakes, advice from Steve Sexton
Financial adviser Steve Sexton, President of Sexton Advisory Group, hosts a radio show each week called “Winning In Life.” Steve is well-known for his involvement in local charities around Southern California and through his show, he provides listeners with expert advice in all areas of financial planning. Along with financial advice, Steve invites guest speakers to the show to talk about other important life topics such as health, charity, travel, and much more. Tune in every Sunday morning at 9:00 KCBQ 1170 AM to listen to the live show.
In the beginning of this episode, Steve explains why fees matter and how higher fees affect a 401k bill. 75% of workers don’t even know if they pay investment management fees. He gives us an example of how an increase in 0.5% returns fee could reduce an investment by $100,000. It’s crucial to know how much fees you’ll be paying on your individual investment account.
The main topic of discussion on this episode is the 10 most costly insurance mistakes. Many people aren’t getting the lowest costs on their insurance because they aren’t aware that they are able to lower the costs. Steve sheds some light on the listeners and explains some of the simplest things people should or shouldn’t do to save on insurance.
One of the simplest mistakes that people make is failing to ask for discounts. Many people have security and smoke alarms in their homes but they don’t let their insurance companies know so they don’t get the discount. A lot of people also aren’t aware that car insurance companies aren’t only limited to awarding good drivers with discounts. They also award college students or graduates with discounts as well. Simply knowing this information could save you money on your insurance today.
People also make the mistake of not checking up on changing rates. People often think that because they have a low rate, they should just keep it. The truth is, rates are always changing. Insurance companies have a loss ratio experience. For example, if the Chula Vista area shows an increase in accidents, then rates will go up in that area. Its important look around every 2 years or so and try to find out who has the cheapest rates.
This segment goes more into detail about all the other costly insurance mistakes that people make. Steve talks about group life insurance, long term care insurance, the COBRA health insurance, and more. If you want to learn more about this topic, listen to the live show here at www.winninginlife.com.
If you have any additional questions, submit them here at Winning In Life Radio and Steve may answer them live on the show.