With all the investment, hedging and saving options we have in today’s world, is there any need for whole life insurance? Whole life insurance has been around for a long time and some may argue it is outdated. In today’s episode, find 10 things you could do with your money instead of buying whole life insurance.
Resource Links:
Winning Your Financial GAME
A Biblical Guide to Personal Finance
“You can beat him, you can cheat him, you can treat him bad and leave him...” Queen explained in their hit song Another One Bites the Dust. A lot of dust gets thrown around in the insurance ring, sometimes by ignorant agents, but often by greedy agents looking only to earn a commission. While the dust makes things difficult, you don’t have to bite it. PLEASE! Don’t bite the dust! Listen now on Wealth Talks.
Would you use your cash value to become a pilot? Start a business? Buy a vacation home? What would you do if your home was flooded? Or if someone drove through your front window? Or if you lost your income and couldn’t make the car payment?
In this episode, find out how our clients use their cash value to take advantage of opportunities, or face financial difficulties.
Just because marketing doesn’t discuss the dangers of a product doesn’t mean there are none. The strong, tough Marlboro man advertisements certainly didn’t portray the sufferings many smokers experience in later years, but this does not mean smokers who exclusively smoke Marlboro products will escape these sufferings.
Some life insurance products have hidden dangers too. Hear more about the dangers of indexed universal life insurance today on Wealth Talks.
IUL has been the shiny yet dangerous toy in the insurance world for some time. Having enjoyed a period of wild popularity, IUL is starting to come under attack. Although many have spoken out against IUL including Forbes and the Center for Economic Justice, insurance companies are still pushing IUL hard. Why? Find out on the latest episode of Wealth Talks!
Should you buy Term Insurance? Whole life? Universal life? Which is the cheapest? What type is the best? Should you buy insurance as soon as possible? Or wait until you’re older? Should you own different types of life insurance at different points in your life? Find out on Wealth Talks!
Resource: Wealth Seminar Recording
Each year several banks go broke, but, comparatively, few life insurance companies become insolvent. Today on Wealth Talks, Tom and John look at the way life insurance companies are structured to provide such stability. But wait! What about AIG? In this episode you will discover what went wrong at AIG and what ultimately happened to the policy holders.
Resources: Wealth Seminar Recording
Many people buy fire insurance but never have a fire. Many people buy car insurance and never get in an accident. Many people have medical insurance they don’t use. But today, on Wealth Talks, John and Michele discuss one type of insurance everyone will use at some time. Listen on Wealth Talks.
The percentage of people who own life insurance has been dropping big time. Fewer and fewer people understand the importance of being insured. This is too bad, because, while life insurance does help maintain the quality of life for people you love when you pass, life insurance can also increase the quality of your life while you are living.
On today’s episode, Tom and John discuss why they think life insurance ownership is dropping, and how life insurance can help you save money.
Resources: How to Build Sustainable Wealth: https://www.life-benefits.com/store/
High cash value life insurance policies are often referred to as banks... but is this correct? Learn about what goes into the process of starting a bank and why this is important to you. Not only are there different practices on this topic, but there are
What does “paying up” a policy mean? Is it a good thing? What about using a term rider instead? What does FPUA mean?
Listen in as Tom and John answer these questions and discuss some things you’ll want to be aware of if you plan on “paying up” your policy.
If you’ve been “around” in the insurance world, you’ve probably heard about a term rider.
It is quite common to see an insurance policy with a term rider attached, but this doesn’t mean it’s a good idea. In fact, many times, putting a term rider on a policy makes no sense at all.
Today on Wealth Talks, Tom and John discuss term riders and why they don’t often like them.
Resources:
Policy Class: https://www.life-benefits.com/store-detail#policy-class
Prescription for Wealth: https://www.life-benefits.com/prescription-for-wealth-book/
Taking a loan from a policy is easy, but there are questions that can arise.
Will taking a loan decrease my death benefit? Why does the insurance company charge interest? When should I pay off my policy loan?
This week, Tom and John answer all these questions and many more. Listen Now on Wealth Talks.
Resources
How to Build Sustainable Wealth: https://www.life-benefits.com/store/
Many people want to know… should they pay extra interest to their policies? This is not a simple yes or no question. The answer will vary based on few different factors, including how the policy was designed.
On this episode Tom and John dig into policy design and whether or not paying extra in interest make sense.
Sustainable Wealth Seminar Sept 17-18th: https://www.life-benefits.com/sustainable-wealth-seminar/
Recently we’ve had a few Indexed Universal Life policy contracts come across our desk for review. As part of our review process, we calculated the cost of insurance in these policies and compared it to the cost of insurance in a Whole Life product of our design.
In today’s show, Tom and John look at how these costs match up. While Indexed Universal Life may be the trendiest type of insurance, it leaves a lot to be desired.
Resources:
Order How to Build Sustainable Wealth : https://www.life-benefits.com/store/
With possible changes to the tax code looming, it is likely life insurance will become an even more important planning tool for people who want to build and sustain generational wealth.
But there is a lot of negativity surrounding life insurance and those who sell it. Public opinion of life insurance salesmen is low, coming in just above that of used car salesmen.
But on today’s episode, Tom and John talk about celebrities who have much better opinions of life insurance. Some were even life insurance salesmen! Their names may surprise you!
There are two categories into which all Life Insurance products fall: Temporary and Permanent. In general, term products are classified as temporary insurance, while whole life and universal life products are classified as permanent.
It is important to understand how these different types of policies work when you wish to purchase the best type of Insurance.
Today on Wealth Talks, Tom and John break down how different policies perform so you can see what type of insurance is the best to own.
Listen Now.
Some people firmly believe in financing every expense in life with a policy loan. Others believe in financing only the larger expenses, and many don’t know what to believe. This is a controversial subject with an endless number of opinions.
While it is easy to be confused by the barrage of information available, following certain steps and keeping certain ideas in mind can simplify the decision process amazingly.
Today on WealthTalks, Tom and John discuss things you will want to be aware of when financing with a policy loan and some tips to deciding when a policy loan makes sense.
Listen Now
Morbid as it sounds, to get the greatest rate of return from a life insurance policy, you could pay the first premium and then die.
While we certainly don’t suggest this course of action, this method will undoubtably give you the greatest rate of return.
Put this way, the whole concept of “rate of return” seems a little silly. However, it’s easy to get caught up in the “what’s your rate of return” game.
Today on Wealth Talks, Tom and John talk about the benefits of Whole life Insurance, and why the “rate of return” is not top priority.
Recently a poplar investment and financial website ran an article about Life Insurance, but the article was inaccurate and not true.
We responded with a new article on the subject, bringing much needed clarity to how Cash Value Life Insurance works.
Today on Wealth Talks, John and Ben talk about the different types of Life Insurance available, and how you can use your cash value life insurance as a financial tool.
There are multiple types of life insurance, each kind created for a specific purpose. Some accumulate cash value, some are just pure death benefit, still others have an investment option.
Listen in and learn about the different types of life insurance, and why life insurance is called the 4th pillar of Americanism.
Resources: 5 Ways to Use Whole Life Insurance Cash Value: https://www.life-benefits.com/5-ways-obtain-whole-life-insurance-cash-value/
Only 59% of Americans own life insurance and 50% of these people are still under-insured. Why don’t people own more life insurance?
Perhaps it’s because they:
Or maybe they think:
There are many benefits to owning the right kind of life insurance policies in the 2020 economic environment and beyond. Today Tom and John discuss some of these benefits and reveal common mistakes around life insurance.
Resources:
How to Build Sustainable Wealth - Preorder (delivery in September): https://ao160.infusionsoft.app/app/orderForms/Fire-Your-Financial-Planner-Preorder
Universal Life Insurance and especially Indexed Universal Life Insurance (IUL) is a relatively new type of insurance, and one which has created a lot of controversy. Some almost swear by it, others just as vehemently oppose it. Some like it because they say it allows them to still dabble in the market, while retaining a death benefit. Others detest it because it shifts the risk away from the insurance company onto the policyholder.
Today on Wealth Talks, Tom and John take a look at some common arguments for Indexed Universal Life Insurance. Does the case for IUL have a leg to stand on? Listen Now!
Resources:
Indexed Universal Life Insurance (IUL): How It Works And What You Need To Know: https://www.life-benefits.com/podcasts/indexed-universal-life-insurance-iul-how-it-works-and-what-you-need-to-know/
Do You Have A Friend Selling Indexed Universal Life Insurance: https://www.life-benefits.com/podcasts/do-you-have-a-friend-selling-indexed-universal-life-insurance/
A brilliant Chemist once said he enjoyed going back and teaching Chemistry 101. Why would he enjoy teaching something that was obviously elementary for him? The answer was simple. Going back to the basics for a time helped him be more creative when he went back to his other chemistry work.
Today on Wealth Talks, Tom and John go back to the basics, Insurance 101 if you will. Not only is this a great staring point for newbies, but, just like Chemistry 101, its a great refresh for those who are advanced. Listen Now
Resources:
Winning Your Financial GAME & Study Guide: https://www.life-benefits.com/store/
Prescription for Wealth ebook & audiobook: https://www.life-benefits.com/prescription-for-wealth-book/
Financial Class Recording: https://lifebenefits.lpages.co/financial-class-05192020-recording/
Recently a few articles have made their way into the news about Insurance Companies turning down would be purchasers due to the COVID19 Pandemic. Perhaps the Wall Street Journal put it best stating “Some Americans are being turned away trying to buy Life Insurance”.
Today, Dan Foley, Senior Vice President of Marketing Technology with Security Mutual Life, joins the show to talk about what exactly is happening with the Insurance companies.
Security Mutual started in 1886 in New York. Now they sell insurance in all fifty states, the District of Columbia, and the US Virgin Islands. 38 years ago, Dan Foley joined them, starting work in the company’s actuarial science department. Dan Foley really knows his stuff! You do not want to miss this interview.
Today on Wealth Talks Michele joins Tom and John… and so does Mr. Higgins! Well, sort of. Poor Mr. Higgins lives in a book and has a clock but cannot tell if it is on time! Mr. Higgins buys another clock only to discover that neither clock displays the same time.
Now Mr. Higgins is in despair! He can’t tell which clock is correct! Is Mr. Higgins doing the same thing with clocks that some people do with life insurance? Listen Now to find out, not only what some people do with life insurance, but also what Mr. Higgins does to fix his problem.