Most people don’t think about financial risk until something goes wrong. A policy lapses. A parent sends 00,000 to a scammer. A spouse passes away and no one can find the documents. In this episode of The Retirement Fiduciary, Adam Koós, sits down with Tony Steuer, financial readiness advocate, award-winning author, and host of the podcast Get Ready Before Life Happens.
Tony brings 30+ years of insurance and financial literacy experience to the conversation. Together, they dig into the most overlooked risks families face, the truth about cash value life insurance (and why it’s almost never what it’s sold as), the scam tactics targeting retirees and their Aging parents right now, and what financial readiness actually looks like in practice. This one’s packed.
Episode Timestamps
03:00 – How to do a risk assessment before buying any insurance
05:00 – Cash value life insurance, LIRPs, and the “infinite banking” myth
09:00 – Surrender charges, borrowed Money, and how policies collapse
15:00 – The in-force illustration: what it is and why you need one
22:00 – Adam’s story: losing his brother and building the My Promise Vault
25:00 – How AI is making financial scams more personalized and harder to detect
Key Takeaways
💡 Before buying any insurance, start with a risk assessment. The right question isn’t “do I need this policy?” It’s “what could go wrong?”
💡 Cash value life insurance is almost never the right tool. For most people, products like LIRPs and “infinite banking” are the worst thing out there.
💡 If you own a permanent life insurance policy, request an in-force illustration every 2–3 years. Many people are shocked by what they find.
💡 AI is making scams more personal and harder to detect. Create a Family passphrase now, before you need it.
💡 Financial readiness isn’t just having a plan. It’s making sure your family can actually find everything when it matters most.
Key Quotes
🗣 “I have been advocating against that type of crap all my career.” – Tony Steuer, on cash value life insurance sold as an investment
🗣 “If you haven’t been scammed yet, it’s just a matter of time. The right scam hasn’t been designed for you yet.” – Tony Steuer
🗣 “You’re trying to get over on the best mathematicians in the world. If you’re really smart, you might be able to. But most of us are not.” – Tony Steuer, on thinking you can outsmart insurance company actuaries
🗣 “I promise you will never have to go through what I went through with Kyle.” – Adam Koós, on why financial readiness became personal after losing his brother
🗣 “Ask that many questions before you enroll in your 401(k) as you would before you buy a new TV.” – Tony Steuer
Connect With Tony Steuer
Website: www.tonysteuer.com
LinkedIn: www.linkedin.com/in/tonysteuer
YouTube: https://www.youtube.com/@TonySteuer
Podcast: Get Ready Before Life Happens
Connect with Libertas Wealth
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Threads: https://www.threads.com/@libertas.wealth
LinkedIn: https://www.linkedin.com/company/libertas-wealth
Twitter: https://x.com/LibertasWM
TikTok: https://www.tiktok.com/@libertaswealthmanagement
YouTube: https://www.youtube.com/@libertaswealth
Podcast YouTube Playlist: https://www.youtube.com/playlist?list=PLhkYzW1XyJA0Ef_Hf7nUCMGLSlmfHt43v
Spotify: https://open.spotify.com/show/29Jrqu0MV1VrpRGqgm6seV?si=d98161c1ec484a85
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-retirement-fiduciary-podcast/id1029927148
Email: [email protected]
Website: www.libertaswealth.com
Phone: 614-543-1350
Connect with Adam Koós
LinkedIn: https://www.linkedin.com/in/adamkoos
Website: https://www.LibertasWealth.com
