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Episode 3344:
Mike Ballew challenges conventional wisdom by weighing both sides of the umbrella insurance debate, highlighting its role in protecting high-value assets while exposing the flawed logic behind its standard sales pitch. With examples ranging from teenage drivers to backyard mishaps, he encourages readers to make a decision based not on fear, but on a realistic assessment of personal risk and legal protections.
Read along with the original article(s) here: https://eggstack.com/blog/2022-07-03-The-Case-For-and-Against-Umbrella-Insurance/
Quotes to ponder:
"The decision whether or not to buy umbrella insurance really comes down to two things: assets and risk."
"The case for umbrella insurance is based on faulty logic: that your exposure is limited to the difference between your assets and the liability limit. It is not."
"Every state has protections against losing your primary residence and your retirement savings."
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Optimal Finance Daily - Financial Independence and Money Advice