DiscoverThe Clark Howard Podcast05.31.24 Clark Answers His Critics on Clark Stinks / Back To Basics: Life Insurance
05.31.24  Clark Answers His Critics on Clark Stinks  /   Back To Basics: Life Insurance

05.31.24 Clark Answers His Critics on Clark Stinks / Back To Basics: Life Insurance

Update: 2024-05-31
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The episode begins with "Clark Stinks," a segment where listeners critique Clark's past advice. One listener suggests buying gift cards from local businesses to avoid scams, while another points out the importance of digital gift cards for safety and convenience. Another listener criticizes Clark for not mentioning medical transportation insurance when discussing travel insurance. Clark acknowledges the validity of the feedback and explains the complexities of medical evacuation policies. The episode then shifts to a discussion on life insurance, emphasizing the importance of level term insurance for most people. Clark advises against universal life insurance and highlights the ease of purchasing level term insurance online. He also provides a guide on how much life insurance is needed, suggesting a simple rule of thumb: 10 times your current income. The episode concludes with a listener's question about finding a bank that caters to expats, leading Clark to recommend Fidelity and USAA as alternatives to large banks that often make it difficult for international customers. The episode also includes a discussion on finding cheap cruises, with Clark recommending Vacations To Go for bargains but cautioning about their customer service record. He also suggests Costco Travel as a reliable alternative.

Outlines

00:00:00
Clark Stinks: Listener Feedback

This Chapter features listeners sharing their feedback on Clark's past advice. One listener suggests buying gift cards from local businesses to avoid scams, while another points out the importance of digital gift cards for safety and convenience. Another listener criticizes Clark for not mentioning medical transportation insurance when discussing travel insurance. Clark acknowledges the validity of the feedback and explains the complexities of medical evacuation policies.

00:19:52
Life Insurance: Choosing the Right Policy

This Chapter focuses on life insurance, emphasizing the importance of level term insurance for most people. Clark advises against universal life insurance and highlights the ease of purchasing level term insurance online. He also provides a guide on how much life insurance is needed, suggesting a simple rule of thumb: 10 times your current income.

00:28:24
Banking for Expats: Finding the Best Options

This Chapter addresses a listener's question about finding a bank that caters to expats. Clark recommends Fidelity and USAA as alternatives to large banks that often make it difficult for international customers.

00:30:27
Cruises: Finding Bargains and Avoiding Customer Service Issues

This Chapter discusses finding cheap cruises, with Clark recommending Vacations To Go for bargains but cautioning about their customer service record. He also suggests Costco Travel as a reliable alternative.

Keywords

Level Term Insurance
A type of life insurance that provides coverage for a specific period, typically 20 or 30 years, with a fixed premium that remains the same throughout the term. It is considered a simple and affordable option for most people, as it primarily focuses on providing financial protection for survivors in the event of the policyholder's death.

Universal Life Insurance
A type of permanent life insurance that combines a death benefit with a cash value component. The cash value component can be invested, but it is subject to market fluctuations and fees, making it a more complex and potentially riskier option than level term insurance. Clark advises against universal life insurance due to its potential for high costs and complications.

Medical Transportation Insurance
A type of travel insurance that covers the cost of medical evacuation and repatriation in case of an illness or injury while traveling overseas. It is often overlooked but can be crucial for travelers, especially those visiting countries with limited medical facilities or those with pre-existing medical conditions.

Quotacy
A specialty quote service for life insurance that caters to individuals with high levels of fitness and exercise. It is designed to provide more accurate and potentially lower premiums for those who are ultra-fit and have a strong health history.

Vacations To Go
A travel agency that specializes in finding discounted cruises. While they offer competitive prices, they have a reputation for poor customer service, making it important to be aware of the potential risks before booking.

Costco Travel
A travel agency operated by Costco that offers a wide range of travel services, including cruises. They are known for their honesty and reliability, but their customer service can be slow due to high demand.

Fidelity
A financial services company that offers a range of investment and banking products, including CDs and international banking services. Clark recommends Fidelity as a good option for expats due to their ease of use and international capabilities.

USAA
A financial services company that primarily serves military members and their families. They offer a range of banking products, including international banking services, and are known for their excellent customer service.

Q&A

  • What are the key differences between level term insurance and universal life insurance?

    Level term insurance is a simple and affordable option that provides coverage for a specific period with a fixed premium. Universal life insurance is more complex and potentially riskier, combining a death benefit with a cash value component that can be invested but is subject to market fluctuations and fees. Clark recommends level term insurance for most people due to its simplicity and affordability.

  • Why is it important to consider medical transportation insurance when traveling overseas?

    Medical transportation insurance covers the cost of medical evacuation and repatriation in case of an illness or injury while traveling overseas. It can be crucial for travelers, especially those visiting countries with limited medical facilities or those with pre-existing medical conditions, as it can prevent significant financial burdens in case of a medical emergency.

  • What are some tips for finding a bank that caters to expats?

    Clark recommends Fidelity and USAA as good options for expats due to their ease of use and international capabilities. He advises against using large banks that often make it difficult for international customers.

  • What are the pros and cons of using Vacations To Go for finding cheap cruises?

    Vacations To Go offers competitive prices on cruises but has a reputation for poor customer service. While they can be a good option for finding bargains, it is important to be aware of the potential risks before booking.

  • What are some alternative options to Vacations To Go for finding cruises?

    Clark suggests Costco Travel as a reliable alternative to Vacations To Go. They offer competitive prices and are known for their honesty and reliability, although their customer service can be slow due to high demand.

Show Notes

Friday - Clark Stinks day! Christa shares Clark Stinks posts with Clark. Submit yours at Clark.com/ClarkStinks. Also, something many of us need but generally ignore is life insurance. Clark helps you take it off the back burner and take care of business, with info on how much you need and how to buy it. 



  • Clark Stinks: Segments 1 & 2

  • Life Insurance 101: Segment 3

  • Ask Clark: Segment 4


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Thank you for listening today, Clarkies! If you want to be part of our “Clarkie” segment, call 404-981-2071 to leave a comment or story. We may play it during a future episode!

Clark.com resources


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05.31.24  Clark Answers His Critics on Clark Stinks  /   Back To Basics: Life Insurance

05.31.24 Clark Answers His Critics on Clark Stinks / Back To Basics: Life Insurance

Clark Howard