In this episode of the Mortgages Made Easy podcast, mortgage expert Dave Steinberg sits down with insurance specialist Steve Kent to break down everything homeowners need to know about protecting their families with the right life insurance. Steve shares his powerful personal story and explains how life insurance can safeguard your mortgage, your income, and your long-term financial future.
Whether you’re a first-time homebuyer, a parent planning ahead, or someone looking to build wealth while staying protected, this conversation covers the essential options:
➡️ Term Life Insurance (affordable, simple coverage)
➡️ Universal Life Insurance (insurance + cash value growth)
➡️ Indexed Universal Life (IUL) (market-linked growth with downside protection)
➡️ How much coverage you actually need
➡️ Why getting insured young matters
➡️ Annuities as guaranteed lifetime income
Steve also explains how mixing term and universal life policies can offer both high coverage and long-term savings—even on a budget.
🔗 Guest Info
Steve Kent – Universal Wealth
steve@stevekentfs.com
https://calendly.com/stevekentfs/consultation-financial-strategies
Dave Steinberg NMLS: #67325 Mortgage Broker Summit Funding
What You'll Learn in This Episode:
- Insurance expert Steve Kent explains why life insurance is essential for homeowners, sharing how his own wife’s policy allowed him to pay off their mortgage after her passing.
- Term life insurance is the simplest and cheapest option—pure coverage with no savings component—and is best purchased when you’re young and healthy.
- Universal Life and Indexed Universal Life (IUL) include investment features that build cash value, with IUL offering growth tied to market indexes without losing value when markets drop.
- Homeowners should determine coverage by considering income, mortgage balance, lifestyle expenses, and future needs—often using a mix of term and universal policies.
- Annuities provide guaranteed lifetime income, functioning like a personal pension and offering long-term financial security for retirement.
Chapters:
00:00 – Introduction to the Episode
00:53 – Steve’s Story & Why Life Insurance Matters
02:23 – What Is Term Life Insurance?
04:12 – Types of Term Policies (1-Year, 10, 20, 30-Year)
06:47 – How Much Coverage Do You Need?
08:52 – Insuring Both Partners & Family Planning
10:19 – Introduction to Universal Life Insurance
12:02 – Term vs. Universal: Key Differences
13:35 – What Is Indexed Universal Life (IUL)?
14:08 – When Payments Can Stop (Building Cash Value)
14:57 – Mixing Term & Universal Policies
16:06 – Why Insurance Is Cheaper When You’re Young
17:18 – Understanding Annuities
19:03 – Taxes on Annuities (401k vs. Cash)
20:25 – Final Thoughts & Guest Info
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Connect with me:
Office: 718.575.1166
Email: dave@summitfunding.com
https://summitfunding.com
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