Does permanent life insurance make sense or not? Is it the right or wrong short-term investment?
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance.
- Permanent Life Insurance Components: Cash value and death benefit
- How does buying permanent life insurance compare to term life insurance?
- Agents: People who push, play with permanent life insurance costs/commission
- Worst Case Scenario: Buying permanent life insurance for one year
- Best Case Scenario: Worst year for investment alternative to break even
- Buy term, invest the difference for credit card debt and emergency reserves
- Buy permanent life insurance when long-term tax savings outweigh cost and time
- Key Takeaway: Get a second opinion to understand complexity, conflict of interest