WCI #329: Why Mixing Insurance and Investing Causes So Many Problems
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Aug 24, 2023
In this podcast, they dig deep into annuities and discuss their benefits, including guarantees. They also address the eligibility for disability coverage while on a year-long vacation and the importance of maintaining policies. The hosts talk about the importance of financial stability when buying life insurance and using donor-advised funds for charitable donations. They explain the process and deductions involved in establishing charitable trusts and discuss taxes and wealth transfer between generations.
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volunteer_activism ADVICE
Maintain Disability Insurance on Sabbatical
If you take a year off work, keep paying your individual own occupation disability insurance premiums.
Coverage may be contested if you're not working, but keeping the policy ensures protection when you return.
question_answer ANECDOTE
A Personal Whole Life Insurance Loss
Jim Dahle shares a personal story about losing money on a whole life policy sold by a friend's brother.
He advises not to buy such policies from companies with poor reputations and to be wary of agents masquerading as fiduciaries.
volunteer_activism ADVICE
Choosing Term Life Insurance
Choose term life insurance based on financial strength and price, not brand popularity.
Use aggregation sites and pick companies rated A minus or better to get the best deals.
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Today we get into the weeds about annuities. We talk all about what they are and when (or if) they are worth owning. We answer a question about if your individual own occupation policy will be valid if you get injured on a year long vacation. We tackle questions about variable life policies, term life insurance and whole life insurance. We then answer a few questions about charitable giving.
If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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