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
“If we had a radio show and somebody called in and said..."How much should I put in my 401K?" You know what we would be saying, "Well, what's your car insurance look like? What's your homeowners insurance look like?" It'd be a real boring radio show.”
“It’s not uncommon that somebody will have a $100,00 per person liability on their car but a $300,000 per-incident coverage on their house. Well think about it for a minute, where are you most likely to have something go wrong?”
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