Podcast Episode 17: Insurance Mistakes and Misconceptionsby Financial Design Studio, Inc. / May 15, 2023
What happens if the worst case scenario comes true? Insurance helps you avoid that risk, but it can be its own nightmare to deal with. In this episode, we explore what each type of insurance covers and common mistakes to watch out for.
Behind the Designs Ep 17 : 2022 Tax Season In Review
Take a listen right here, or head over to your favorite steaming platform!
1:46 Lighting round: most common insurance mistakes
5:52 Why doesn’t FDS sell insurance?
9:36 Insurance is all about worst case scenarios.
15:45 Why is the net worth statement such an important factor?
17:15 About home, auto, and renters or property and causality.
22:05 About life insurance.
25:01 About disability insurance.
27:21 About health insurance.
28:36 Are there alternatives to insurance?
Links for Insurance Mistakes and Misconceptions
Trevore references the Illinois Tax Code for giving insurance advice. Check out section 215 ILCS 5/500-15, B to read this law.
Learn how to calculate and build on your net worth statement.
Your beneficiaries matter, learn how to check and change who they are.
Open enrollment is when you get to change your employer insurance policies.
If you want to hear even more episodes, like this one, be sure to subscribe to the Behind the Designs podcast on your favorite streaming platform! The Behind the Designs podcast shares with you an inside perspective at how financial advisors think about certain topics. We’ll see you in the next episode.
Credits for Episode 17
Executive Producer : Anna Lewis
Host : Michelle Smalenberger, CFP®
Guest : Trevore Meyer, CFP®
Ready to take the next step?
Schedule a quick call with our financial advisors.
Save on Stock Option Taxes With 83(b) Elections [Video]
83(b) elections are a great way to use stock options to build wealth. This video will break down the what, why, when, and how's of 83(b) elections.
Inherited IRA Distributions: Pre SECURE Act [Video]
If your loved one passed away BEFORE 1/1/2020 and the SECURE Act, this video will help explain the rules for inherited IRA distributions.
Financial Design Studio, Inc.
We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.