Ep. 179: Coverage for Every Chapter: Life, Disability, and Long-Term Care Insurance

Are you prepared for life’s unexpected twists and turns? Join me, Michelle Perkins, and my guest, Wallis Tsai, on this week’s episode of “Money & You” as we dive into the critical and misunderstood world of life, disability, and long-term care insurance.

Have you ever wondered if you’re getting the full story on insurance? Today’s guest, Wallis Tsai, founder of AboveBoard Financial, is here to set the record straight. A former Goldman Sachs investment banker and hedge fund investor, Wallis founded AboveBoard Financial to bring transparency to an industry riddled with bad advice and conflicts of interest. She helps affluent professionals, high-net-worth families, and fiduciary advisors make smarter, data-driven decisions about life, disability, and long-term care insurance—without the sales fluff. Get ready to cut through the noise and get the real story on insurance.

We explore various financial products, particularly insurance, and the significance of preparing for potential financial disasters, such as premature death or long-term care needs. The episode highlights the necessity of understanding financial options and making informed decisions to mitigate risks. In an ongoing effort to empower listeners with insights and practical tips for improving their financial lives, Michelle and Wallis shared thoughts and ideas that create more financial well-being. The importance of this conversation lies in its focus on demystifying financial concepts, encouraging proactive planning, and fostering a sense of security and preparedness in listeners regarding their financial futures.

00:03 – Mindset and money relationship

06:01 – Understanding financial risks

15:14 – Planning for long-term care

22:50 – Navigating life insurance options

31:52 – Effective communication in finance

38:34 – Resources and closing thoughts

The podcast highlights that most of us find insurance confusing and may not fully understand its value, often viewing it as a gamble despite the peace of mind it can provide. Understanding your needs and a good product match is critical and not always considered first by insurance professionals.

Key Takeaways

– Proactive Planning: It’s crucial to think ahead about potential future needs, especially regarding long-term care. You likely don’t know what you need and informed advice is important.

– Informed Decisions: Understanding the specifics of insurance products can lead to better financial outcomes and satisfaction. The wrong product could be devastating, take the time to get what is best for you.

– Emotional Security: Having the right insurance can provide peace of mind and reduce stress for both individuals and their families.

– Education is Key: Engaging with knowledgeable professionals can help demystify complex financial topics and empower clients.

For more tools and conversations about money mindset, practical money tips, confidence, and financial empowerment…

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