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Sound Financial Group - Bothell, Washington

 

Podcast Episode 114: Protecting Your Window, Part 1

| October 23, 2018
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Episode Summary

In this episode of the Sound Financial Bites podcast, co-hosts Paul Adams and Cory Shepherd sit down to discuss how to make the wisest decisions towards long-term protection during your White Coat Window.

Paul and Cory talk about common mistakes they have observed in insurance structures, talk about the protective benefits of umbrella insurance, and provide a formula for determining how much umbrella insurance you need to design and build a good life.

What Was Covered

  • 2:02 - Protecting your window and reaching a work-optional lifestyle
  • 2:58 - Overview of this episode
  • 4:14 - The moat around the castle
  • 5:35 - The first step to protecting your window: car and renters/home insurance
  • 10:30 - Car rental insurance
  • 10:55 - The two filters to think through car insurance
  • 14:55 - Total liability limit
  • 18:30 - Explaining umbrella policies
  • 20:05 - How an umbrella policy saved an SFG client $200,000 in an insurance gap
  • 21:00 - Homeowners! Watch out for these add-ons
  • 21:48 - Current value versus replacement value
  • 22:43 - How to substantiate your losses to an insurance company
  • 24:02 - How much umbrella should you get?
  • 25:46 - The benefits of a large umbrella
  • 26:00 - How to measure your umbrella policy decisions

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