Podcast Episode 17: Insurance Mistakes and Misconceptions

by 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.

Experienced Fee Only Financial Advisors in Barrington Illinois
Trevore Meyer, CFP®, and Michelle Smalenberger, CFP®

Behind the Designs Ep 17 : 2022 Tax Season In Review

Take a listen right here, or head over to your favorite steaming platform!

Key Moments

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.

Stay Connected!

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®

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