Lemonade Insurance with Yael Wissner-Levy
I get asked all the time about how someone can find a great financial planner and whether or not it makes sense to invest in a financial planner. And I always say that if you’re working with someone who’s just investing your money, I’m not sure it makes sense for you to pay for that, especially when there are plenty of great robo-adviser options for much lower fees. I do think a great financial planner not only helps an individual, couple or family determine the best road trip to accomplish all of their financial goals, but also helps them prepare for the unexpected and helps avoid risks as much as possible. Risk management is a key part of great financial planning and when we’re talking about risk management, we’re usually talking about insurance. There are so many different types of insurance and it’s hard to know what types you should have and whether or not the additional expense makes sense. Joining me today is Yael Wissner-Levy the VP of Communication from Lemonade to talk about insurance and what types make the most sense to have. You can click here for a quote from Lemonade.
What are we drinking?
Yael - Sparkling Water
Shannon - Black Cherry Schweppes
Podcast Notes
At The Financial Gym, insurance is an exciting topic. It’s a tool that can be used to protect our finances and leverage financial situations. Lemonade has partnered with The Gym and they’ve had a great experience with them for years.
Yael did not imagine insurance was going to be her career path. She had dreams of being a diplomat but has been with Lemonade for 6.5 years.
Lemonade’s mission is to be the most loveable insurance company in the world. If you ask most people, they’d probably tell you insurance is unneeded, boring, or traditional. Lemonade set out to transform all of that through technology.
It all started in 2015 with two folks with tech backgrounds and zero experience in insurance. This allowed them to think about insurance in a new and out of the box way when experts can sometimes get trapped in traditional thinking.
People love to hate insurance, but it is something everyone needs. There are some simple, inexpensive options that can really help you out and some insurances are just legally required.
It’s important to shop around for the best rates. It should be part of your annual process. Take a Financial Health Day and see what other rates are out there for insurance, and call companies about lowering interest rates. Sometimes people are paying for coverage they don’t need or are able to find similar coverage for $20-$80 less a month!
When you’re shopping around for insurance, consider both the price and the customer experience.
Insurance is all about peace of mind and mitigating risk. Some insurances are more expensive than others, what is a good fit for you will depend on your specific circumstances and budget. Some common add-on insurances encouraged by Trainers at The Financial Gym include:
Renter’s Insurance:
It covers quite a bit more than people realize and is pretty affordable. It will cover things like loss of use, temporary housing, and liability in some cases.
Life Insurance:
If you’re married or have children. Term life insurance can be a great option depending on when you start. If something were to happen to you, the people you love will be taken care of. There’s peace of mind that comes with that.
If you have life insurance through your job, that can be lost if you leave or lose the job. It’s important to plan for that scenario and not rely solely on work insurance.
The earlier you start looking for life insurance, the better rates you will get.
Pet Insurance:
This is one of Lemonade’s newer offerings and was by the request of their customers. There is a huge need for this in the market.
We love fur babies, but procedures can be a lot out of pocket and insurance can help.
It’s more expensive than renter’s insurance because there are more variables.
How is Lemonade different?
It was designed as a whole new business model, built on technology and looking at insurance as a holistic industry.
You can sign up on the app or online with Maya, the chatbot within minutes.
As a tech company, they pride themselves on quick response times. This means you can get claims answered within minutes or even seconds.
Your questions are answered in minutes, not days.
All of the user experience and user interface have been built for the customer. The goal is for it to be as simple as ordering food or an Uber.
Everything on the website is explained in simple English with additional resources to help consumers understand insurance. It’s easy, fast, and relatable.
Lemonade has a giveback program and money that does not go to claims directly to cause from a list generated by the users. This is incredibly unique in this industry as most other companies will try to deny claims in order to profit off of their customers, leading many to distrust their insurance companies. . We've been able to remove that friction and hopefully change the industry for the better.
Takeaway: My biggest takeaway is that it’s hard to think about adding additional monthly costs to a budget, but if paying them can save you significant money down the road, then you need to find the room in your budget to help you manage your risks down the road.
Random Three Questions
If you weren’t in the insurance industry, what would be your dream job?
What is something you’ve been binging lately?
If this was your last meal on earth, what would it be?
Connect with Lemonade
Get A Quote from Lemonade HERE
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
We have a lot of exciting things happening at Financial Gym in 2022, but the most exciting has to be our Certified Financial Trainer Licensing program. If you are a personal finance nerd with a passion for helping others, this is the course for you. It’s based on my 10 years plus of helping people get financially healthy and led by my amazing team at The Financial Gym. We’re about to start raising the pricing, so if you’ve ever thought about doing something like this don’t waste any more time, head over to financialgym.com and under our services, you’ll find more on the Certification Program