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Employee benefits are one of the most overlooked aspects of financial planning. We often check a few boxes during open enrollment and move on—but are we truly maximizing what’s available to us?

This week, we sit down with Joe Saul-Sehy, host of Stacking Benjamins, to uncover the hidden value in workplace benefits. From disability insurance pitfalls to term vs. whole life insurance, Joe walks us through key strategies to ensure we’re not leaving money (or protection) on the table.

Joe also introduces a powerful HR benefits guide, a resource designed to help us navigate workplace perks with confidence. Whether it’s understanding own-occupation disability insurance, avoiding junk policies, or knowing when to self-insure, this conversation is packed with actionable advice. If you’ve ever wondered whether you’re making the most of your benefits—or if you’re just blindly accepting what’s offered—this episode is for you. Click here to listen​

Outline of This Episode

• (0:00) Maximizing Workplace Benefits
• (2:32) Disability Insurance: Are You Really Covered?
• (6:50) The Truth About Accidental Death Policies
• (10:30) How Your Emergency Fund Can Replace Certain Insurances
• (14:50) The Hidden Costs of Small-Dollar Insurance Policies
• (18:00) Term vs. Permanent Life Insurance: What’s Right for You?
• (24:20) How Much Life Insurance Do You Actually Need?
• (27:40) The Ongoing Evolution of Workplace Benefits & Joe’s HR Guide

Making Sense of Your Workplace Benefits

Employee benefits can be overwhelming, but they play a critical role in our financial security. Too often, we skim through our options without fully understanding what’s available or how to optimize them.

Joe shares why workplace benefits should be the first place we look when building financial stability. From health insurance to disability coverage, these perks can help us save money and manage risk—if we know how to use them wisely.

Joe underscores the importance of understanding disability insurance. Many people assume they’re covered simply because they have a policy through work, but the fine print can make all the difference. The difference between own-occupation and any-occupation coverage could be the difference between receiving benefits or being forced to take a lower-paying job after an injury. Knowing the details of your employer’s plan can prevent financial disaster.

Insurance You Probably Don’t Need

It’s easy to fall for the trap of low-cost insurance add-ons. Accidental death and dismemberment (AD&D) insurance, hospital indemnity plans, and cancer policies are often marketed as essential, but Joe warns us to take a closer look.

These policies are usually cheap for a reason—because they rarely pay out. Instead of spending money on unnecessary coverage, we should focus on building an emergency fund and making sure we have quality health, disability, and life insurance in place.

Joe also reminds us that insurance companies aren’t in the business of losing money. If a policy has a low cost, it likely means it provides little real benefit. Many of these small-dollar policies only pay out in very specific circumstances, which means the odds of using them are slim. Instead, our money is better spent self-insuring by saving strategically and raising deductibles on policies where we can bear a bit more risk.

Term vs. Permanent Life Insurance: Making the Right Choice

The term vs. permanent life insurance debate is a hot topic in personal finance, but Joe keeps it simple. For most people, term insurance is the best option. It provides the protection we need during the years we are most financially vulnerable—when we have dependents and financial obligations that our savings can’t yet cover. Rather than paying extra for a cash value component, we can maximize the death benefit to ensure our families are protected.

Permanent life insurance can work in very specific cases, but it’s not for everyone. Joe warns against using it as an investment tool, as it can be costly and complex compared to traditional investing strategies.

If we focus on building wealth through retirement accounts and other investments, we’ll eventually reach a point where we no longer need life insurance at all. Financial independence means having the assets to self-insure, making expensive permanent policies unnecessary.

How to Stay on Top of Your Benefits

The benefits we receive from work aren’t static—they change over time. Employers adjust offerings, government regulations shift, and our own needs evolve. That’s why Joe’s HR guide is designed as a living document, updated regularly to reflect new options and strategies. Whether it’s understanding the latest in 401(k) match options, HSA strategies, or employer-provided life insurance, staying informed can help us make better financial decisions year after year.

For those who want to take full advantage of their benefits, Joe recommends reassessing workplace perks annually. Just because we signed up for something years ago doesn’t mean it’s still the best choice today. By reviewing our policies and adjusting as needed, we can ensure we’re getting the maximum value from what our employer offers. After all, these benefits are part of our compensation—why leave money on the table?

Resources & People Mentioned

• ​The Retirement Podcast Network​
• Website: Stacking Benjamins​

Connect with Joe Saul-Sehy

• Twitter: @AverageJoeMoney​
• Instagram: @StackingBenjamins​
• LinkedIn: Joe Saul-Sehy​

Retirement Starts Today (the book) is Available!

My new book, Retirement Starts Today: Your non-financial guide to an even better retirement, is available! To order Click here​

That's it for our three hundred and sixty-fifth installment of "Every Day is Saturday." As always, reply to this email with your retirement questions and you might hear them featured on the show! I read and respond to (almost) every email.

Have a great "Saturday",
- Benjamin Brandt (your humble host)

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