It is an honor to have a CEO and a president of a mutual life insurance company here. Back in the day, a couple of years ago, interest rates were coming down, down, down. And there were some people that were like, is this going to blow up insurance companies?
Let's talk about permanent life insurance. Whether or not it's term insurance and protecting your death benefit, and being able to do that and allowing other assets to that permanent insurance, creating cash value to the ability to access that. You have this sort of uncorrelated asset where a loose correlation asset, and you also get the benefits of our risk management, our ability to manage that premium. Insurance aggregates risks that no one individual could manage themselves.
What do you say to the gurus out there that say insurance and like whole life index universal life and annuities are a total scam? At the end of the day, risk creates volatility. What's your definition of risk?
Hey Dave, welcome to The BetterWealth Show. Thank you very much. It's great to be here. It's great to be with you.
I have lots of questions for you. So before we jump in and talk about running a mutual insurance company, why don't you give your backstory? I think it's really inspiring and there's a lot to learn from your career.
I went to Drexel University, known for its co-op program. It's a five-year program, and I was studying economics and finance. For my first internship, I worked for PNC Bank in the research operation that supported their money market funds. Eventually, my journey led me to Penn Mutual, where I worked in the investment area as an intern.
The insurance industry does meaningful work that supports families and businesses. The people and culture at a company can greatly influence one's career decisions. It was the mission and impact of Penn Mutual that resonated with Dave and influenced his journey.
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