Using Insurance to Build Wealth

Du Charme Wealth Management Podcast

Ever wonder why insurance feels like such a drain on your finances? In this eye-opening episode, we break down the "insurance review season" and reveal how properly structured coverage isn't just a necessary evil—it's a strategic wealth-building tool.
Most people overlook critical gaps in their coverage while simultaneously overpaying for protection they don't need. We examine how understanding the true purpose of insurance—preventing catastrophic financial setbacks—can transform your approach to wealth building. From life insurance that needs updating as your family changes to homeowners policies that haven't been shopped in decades, we identify the common pitfalls that leave families financially vulnerable.
Did you know standard homeowner policies exclude flood and earthquake damage? Or that having a trampoline, swimming pool, dog, or dirt bike dramatically increases your liability exposure? We explore these "financial kill shots" that can devastate even careful savers, and explain why surprisingly affordable supplemental policies like umbrella insurance deserve serious consideration.
The most powerful insight comes from understanding our "barbell approach" to financial protection: be ultra-conservative with insurance coverage for true risks while aggressively investing your remaining resources for long-term growth. This balanced strategy prevents the common cycle where middle-class families spend so much on premiums and warranties they can't build meaningful wealth.
Whether you're preparing for open enrollment season or simply want to optimize your current coverage, this episode provides a comprehensive framework for making insurance work for your financial future rather than against it. Send us a message for our insurance review checklist, and discover how the right protection strategy can accelerate your path to financial independence.
Find Du Charme Wealth Management here:
https://ducharmewealth.com/contact-us/
Timestamps:
[00:00:00] Intro
[00:02:55] Life and Long-Term Care Insurance
[00:08:12] Home and Auto Insurance Pitfalls
[00:15:16] Umbrella Policies and Liability Protection
[00:21:40] Health Insurance and Employee Benefits
[00:24:55] Optimizing Insurance for Wealth Building
DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.