Safe From Malpractice

Joe's brother-in-law is a doctor who needs to cut out the whole life insurance and just get malpractice insurance.

QUESTION: Joe’s brother-in-law is a doctor who signed up for a whole life insurance policy. He was told it’s the only way to protect his money if he’s sued for malpractice. Does Dave agree?

ANSWER: These whole life insurance policy guys aim at the doctors and lawyers to sell their product. Here’s what your brother-in-law is doing. He’s making 2% on his money, and when he dies, the policy only pays the face value. He shouldn’t do this, and just get malpractice insurance.