Money Meets Medicine Podcast
MMM #45: Why You Should Buy Whole Term Life Insurance
Have you thought about the difference between whole life insurance and term insurance? Do you feel like your insuracne agent just might not have your best interested at heart (hint: he probably doesn’t)? Well then this is the right episode for you. Keep on reading while we discuss why whole life insurance is right for you!
What You’ll Learn:
In this episode of Money Meets Medicine, ”Why You Should Buy Whole Life Insurance, ” you’re going to learn…
- Why you should get whole term life insurance.
- Why your insurance agent may not have your best interest at heart.
- How much your insurance agent is making off of you.
- All of the things to consider in the term verses whole life insurance debate.
- And more!
Quotes To Remember
”One of the things that bothers me most about whole life insurance is that people that bring up this question with me most the time, when I talk to him about it, we’ll come to find out, they’re not maxing out their retirement space, they’re not paying off their student loans, they still have a boatload of debt.”
”This is insurance that’s going to cover you for your entire life You get nothing with whole life is designed to be there until you’re 120.”
”Insurance is insurance, investments are investments never mix the two. And if an insurance agent or anyone starts talking to you about as it’s an investment, immediately know this pitch is coming and just get the hell away. Run seriously…”
Resources from the Episode:
Financialresidency.com/scholarship
This Episode’s Sponsor
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© 2021 The Physician Philosopher | Website by The Good Alliance
Thanks for podcast on whole life.
I listened with interest since I am one of the Physicians that did buy whole life with no regrets.
I bought it when had no mortgages, college savings completed and of course fully investing for my retirement. I had term till age 60 and now have my whole life. My father died at age 40 and I always thought I was dying young. Never did so now have policy “fully” paid up, can spend my money in retirement and can leave the insurance money to my estate. I always knew about buy term and invest the difference! My experience with high income Physicians is that they do not save the difference.
They SPEND it on toys. I’ll always remember the year I bought the whole life I bought a Ford while partners where buying Porches and Jaguars.
I rationalize it as an expense like travel, cars , wine etc that high income Doctors spend their money on.
One thing for sure is that we all will die and then will get they money for my estate. Have also been through many large drops in the stock market and the insurance money sits there and still gets a dividend.
Just my different view point.
Really enjoy your work.
Thank you.