Another Visit to Whole Life Insurance Land – Podcast #51
In this episode, we revisit whole life insurance and discuss some situations in which you may want to buy or keep the policy you were already sold. Plus answer lots of reader questions.
While permanent life insurance is dramatically oversold (especially as another “retirement plan” for doctors), there are certainly times when it can be useful.
In this episode, we revisit whole life insurance and discuss some situations in which you may want to buy or keep the policy you were already sold. Plus answer lots of reader questions.
Pro/Con with Bryan Kuderna, CFP, LUTCF. I'll be the first to admit there are some niche uses for whole life but doing it with borrowed money? Not for most docs.
There are few winners in any lawsuit. But that doesn't mean the rest of us can't learn something from them.
Almost every doctor has been approached by a whole life insurance salesmen. Many of us have mistaken them for an impartial financial advisor and bought what they were selling, only to realize what happened years later. Then what?
There are lots of smart ways to get rid of your whole life policy. Here's another one you might like, exchanging it for a MEC.
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Variable universal life insurance policies (VUL) are complex financial instruments. The very wealthy may get substantial tax benefits from using one, but most doctors probably won't. Since it requires a life-long commitment, think very carefully before buying one.
While 10-pay policies have a slightly higher return than traditional whole life, they're still a relatively poor long-term investment.
The LEAP system advocates using whole life insurance to solve all of life's financial ills. It's more of a method to sell insurance than a financial system.
Medical school may not have taught you about money, but we will.
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