Do I Need Insurance? A Mental Model to Analyze Methods of Dealing With Risk RPF0091

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 29 October 2014

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many of us have had exposure to various forms of insurance throughout our lives. But how do you make the initial decision whether insurance is appropriate for you? Today, I share with you a framework for considering various risks that you face and various ways to deal with those risks. Enjoy! Joshua Terms from today’s show: […]

Transcript

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0:00.0	How would you know if you needed to buy insurance or not?
0:03.4	Today I'm going to try to give you a framework to answer that question, not talking about a
0:07.2	specific type of insurance or selling you any kind of insurance, but rather trying to give
0:11.6	you a mental framework to use to consider the risks
0:15.1	that you face in your life and the appropriate way to handle them. I think it's going to
0:20.2	be good. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your host. Today is Wednesday, October 29, 2014.
0:46.1	And today we are going to continue with our
0:49.5	Financial Planning Education series by talking about risk. and we are going to talk about
0:54.9	various methods of risk control risk financing risk avoidance etc. Today is
1:01.7	episode 91 I hope you enjoy.
1:05.0	I'm often asked the question.
1:10.0	Joshua, how would I know if I needed to buy insurance or not?
1:14.0	Or maybe you are considering a specific type of insurance and you're trying to figure out,
1:18.8	how would I think through my decisions that are associated with this insurance policy and this is simply not an easy
1:23.8	answer so the way that we usually buy insurance in our society is when we are
1:28.6	face-to-face with an insurance agent. I've been an insurance agent for a long time
1:31.6	and usually many times the first time
1:34.2	that somebody has thought about buying an insurance policy on something is when I'm
1:38.2	sitting there presenting a policy to them or diagnosing a need in their life
1:42.4	and saying,
1:43.1	hey, here's the need you should buy an insurance policy for this.
1:45.8	I've researched your situation, I've understood the different things that you're facing,
	...

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