Ways People Misjudge Insurance Costs

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In a recent Wall Street Journal post, financial planner George Papadopoulos discusses ways people misjudge insurance costs.

Papadopoulos is wary of life and universal variable life insurances that net insurance agents large amounts of profit. Instead, he advises, “you should buy as much insurance coverage as possible to insure you from catastrophic losses while paying the lowest possible premium (mainly by increasing the deductibles that can be paid out of the emergency fund and taking advantage of all premium credits and discounts available).”

He also recommends, “umbrella insurance, which is designed to protect individuals and families from large personal liability claims”, in addition to a basic liability policy.

Summary By MedicalGroups.com

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