Whole life insurance is a versatile financial tool that can serve as a current, accumulation, and legacy asset. It provides immediate access to cash value for today’s needs, helps you build wealth over time, and offers a tax-free strategy for supplementing retirement income. Additionally, the death benefit ensures a lasting legacy for your loved ones. Discover how whole life insurance can enhance your financial strategy by offering flexibility, security, and control.
Life insurance often gets a bad rap when it comes to financial planning. Many consider it solely as a tool for providing a death benefit, overlooking its versatile capabilities. In this blog, we’ll delve into five lesser-known benefits that life insurance can offer, shedding light on its potential beyond traditional perceptions.
Are you looking to secure your financial future but unsure where to begin? One avenue worth exploring is utilizing a specially designed whole life insurance policy tailored for cash accumulation. This strategy empowers you to plan for both known and unforeseen financial needs with flexibility.
Episode Summary In this episode, Harlon Pickett joins us to discuss the evolution of the insurance industry over the past 20 years, emphasizing the shift from true risk-sharing to a system where everyone is considered sick due to regulatory changes like the Affordable Care Act…
Imagine having a pool of cash that you own and control that’s large enough that neither you nor your family ever has to use traditional banking systems ever again. Now there may be an interest that needs to be paid on those loans, but imagine having death benefit to recoup the interest lost over those years of financing through this family banking system. That is power.
If you’re looking into the infinite banking concept using a whole life insurance policy, I’m sure you’ve heard of the different splits. Do I do a 90/10? Do I do an 80/20? Do I do a 40/60? What is the best design for me and how do I get the most out of my policies?
If you have a whole life insurance policy, there’s a contractual provision built into your contract that allows for policy loans. Policy loans are unique in that they’re unstructured, and you have guaranteed access via this loan provision. We usually recommend policy loans for our clients because they’re unstructured and they make the rest of their money more efficient.
Do you have a Ferrari in your garage, and you’ve never driven it? Someone recently reached out and they had a 12-year-old life insurance policy sitting doing nothing. This means they had cash value in the policy that’s accumulated over the last 12 years, and they’ve never put that money and deployed it in their financial system before. So we were able to create a plan for them to get out of debt.
Welcome to the Control Your Cash podcast. Today we’re going to be talking about life insurance, specifically as it relates to how to attract, retain, and reward your key employees.
I got my first life insurance policy as soon as I graduated from college. Now, this may seem counterintuitive to some people because I had just graduated college, and I didn’t have a family. What need did I really have for life insurance at that time? Well, I use that policy as a savings account, a savings vehicle, so I can accumulate wealth and keep control of it without the risk of losing any money.
