The Most Expensive Mistake I See People Make With Whole Life Insurance

A Clean Bill of Wealth with Galen Nuttall

I've recently had some lengthy conversations with physicians about whole life insurance. It dawned on me that for all the information out there about this sometimes polarizing product, many people are poised to make what I consider the most expensive mistake... buying something they don't need.

Now, I'm not saying that no one needs whole life insurance, nor am I saying everyone needs it. What I cover in this episode is how nuanced the decision can be and why it's so polarizing out in the financial education space.

Then I walk through two case studies of people who came to me interested in whole life insurance with two very different results. With one, it totally made sense, with the other it did not.

Listen in to hear me walk through the decision making process I took them through to determine if whole life made sense for them.

I also touch on the second most expensive mistake when it comes to this product: not structuring it properly. A lot of the information out there around this product is about what I call the 'old school' way of designing it. Where it often times has slower growth and minimal flexibility.

If it does end up making sense for you to buy this product, please ask whomever you are working with about the options to enhance the growth and flexibility of this product, which may be better for you.

If you're wondering if whole life insurance makes sense for you and you like the idea of going through a data-driven process that uses evidence to support the best path for you, a fee-based financial plan might be right for you.

To book a free introductory call at a time of your choosing, click here. During this call, I'll help you figure out if a plan is right for you.

Thanks for listening in and see you on one of my upcoming episodes about money mindset, practice management, DIY investing, and much more!