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Are You Wondering If There's a Better Path to Prosperity

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Actived: Thursday Jan 21, 2021

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SELF-INSURANCE: A DIY Project to Avoid!

Details: Insurance is a method where individuals can share financial risk by spreading the cost of potential loss among many people. It’s based on real data and allows many people to be protected. Your premiums are calculated to fit this formula, and also cover you, and the risk then falls on the insurance company first.

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Are You Wondering If There's a Better Path to Prosperity

Details: Founder of Partners for Prosperity, LLC, and a leader in the Prosperity Economics Movement, Kim is recognized as an “Investopedia 100” top influential advisor. She has also authored six ground-breaking financial books, including Busting the Retirement Lies and the Amazon best-seller, Live Your Life Insurance. >> Learn more about Kim’s story

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Single-Premium Life Insurance and MECs

Details: Most people are familiar with paying regular premiums for life insurance, whether it is a term or permanent policy (such as whole life insurance). But although the option is infrequently discussed, it is possible to buy a life insurance policy with just one cash payment. The product is called Single-Premium Whole Life (SPWL). How SPWL works

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Life Insurance for Grandchildren and Children? The

Details: Insurance covers expenses in the rare case of such a devastating loss. While a commonly understood benefit, this is the one that nobody wants to talk about. Insurance for children is inexpensive, but funerals, memorial services, and other final expenses are not. Nobody deserves to be burdened with sizable expenses or debt in a time of grief.

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Are You Insurance Poor? The Truth about Insurance

Details: The right APPROACH to insurance. Unlike other kinds of insurance, rather than going into a big black hole of wasted money, your whole life premiums can actually lower the rest of your insurance expenses! How? Let’s take a look: Whole life is a type of permanent life insurance that works quite differently.

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Understanding Life Insurance Dividends

Details: What kind of life insurance pays dividends? Dividend-paying life insurance is almost always whole life insurance from a mutual company such as Guardian, MassMutual or New York life, to name some of the better-known mutual insurance companies. (MetLife is an exception… they have demutualized but still pay a small dividend.)

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INSURANCE ADVICE Archives | Partners for Prosperity LLC

Details: In 2018, the Texas Department of Insurance put out a similar warning. A short informational video illustrated how universal life policies can lose value and even lapse due to the ongoing costs, especially in timse of low interest rates and underperforming investments. Now, warnings are great if you are shopping for life insurance.

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Convertible Term Insurance: The Third Option

Details: Since life insurance is the most effective way of passing assets to the next generation and/or funding foundations and charities, plus an efficient financial vehicle for storing cash, consider obtaining the maximum amount. Convertible term is a fantastic option if you WANT permanent insurance, but don’t want higher premium payments right now.

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5 Ways Your Business Can Benefit from Life Insurance (Part

Details: “Cash value life insurance plays a massive role in financial institutions, corporations and banks…. Not only does it increase their financial stability and reduce their taxes, it is an ideal place to fund employee pensions, healthcare costs, and other benefits.”

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Suze Orman: Follow Her Example - Not Her Advice!

Details: Suze Orman’s Advice on Life Insurance. Suze has stated many times to NEVER buy permanent insurance, and has harshly criticized (and often given misleading information) on whole life policies. She seems unaware of how they can be structured to grow cash value much faster and even more safely than banks and other highly liquid alternatives.

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Is Whole Life Insurance a Good Investment? The ROI Illusion

Details: Is whole life insurance a good investment?” Few financial questions have ever sparked more controversy than this one. One post on a blog about investing for doctors (which asserted whole life should be avoided) produced more controversy, comments, and “hate mail” than all of his other posts combined – a current total of 764 comments, which the author/moderator warns readers “may take

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Whole Life Insurance 101 - Whole Life Insurance 101

Details: The Life Insurance Industry; The Language of Life Insurance; The Truth About Whole Life Insurance Returns; How Cash Value Grows; My Favorite Acronym – C.L.U.E.

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Universal Life: The Inconvenient Truth about the "Other

Details: Universal Life insurance (or UL) is a type of permanent life insurance that was designed to be more attractive to customers than traditional whole life insurance, with its stiff premiums and reliable-yet-conservative growth of cash value. Whole life had served our parents and grandparents well, but in the 1980’s, UL was widely marketed to be

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Collateral Assignment: Banking on Your Life Insurance Policy

Details: Likewise, life insurance companies also lend money, using policies with cash value as collateral. They lend AGAINST the cash value. Meanwhile, just like you get to drive your car or live in your house even with a loan against it, you get to use the money you are loaned while the money used as collateral keeps doing ITS job… of growing and

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Too Old for Life Insurance? Why Seniors Are Getting New

Details: Live Your Life Insurance is a perfect introduction to whole life insurance, this quick read emphasizes the living benefits of life insurance and creative ways to use a policy. Busting the Life Insurance Lies is a more detailed book which addresses many common misconceptions of both consumers and advisors.

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The Banker’s Secret: Why Banks Put Money in Life Insurance

Details: By the first quarter of 2012, bank-owned life-insurance assets (in the form of cash value) reached a record $145.6 billion in the third quarter of 2010—a whopping 8.7% increase from the same period in 2011. What your banker and stock broker didn’t tell you. Why would banks invest in life insurance – namely, cash value life insurance?

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Kim D. H. Butler – Financial Advisor, Author and Founder

Details: Kim is also the author of six financial books, including the Amazon best-sellers, Live Your Life Insurance and Busting the Life Insurance Lies, plus the highly-reviewed Busting the Retirement Lies. We’re giving away one of Kim’s books here. As a mentor, Butler helps her husband, Todd Langford, train advisors with Truth Concepts™, software

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Should You Exchange Your Life Insurance Policy for a New

Details: This is logical, since life insurance companies risk big losses in the early years of a policy. So it takes a life insurance policy takes a few years to gain momentum and be cash flow positive. After the first few years of a policy, the annual increase in cash value exceeds the annual premiums paid.

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The Banker’s Secret: Why Banks Buy Life Insurance!

Details: Another key difference between whole life insurance and bank-owned policies is the potential use of the policy. While BOLI is highly regulated, private life insurance policies can be used to fund anything—a business start up, home improvements, rental home down payment or college tuition. What We Can Learn from Bank-Owned Life Insurance

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Nine Ways to Use Your Whole Life Insurance Policy to Get Cash

Details: By selling your life insurance, super fast financial assistance is available to seniors that have a whole life policy, convertible term life policy or a universal life policy. What they call Life Settlement (the ability to sell your life insurance) seems to be a really great way to assemble some serious cash fast, at an age when income seems to

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INSURANCE AS AN ASSET Archives | Partners for Prosperity LLC

Details: Most mutual insurance companies will insure people up to age 85 with a whole life policy. Health is more important than age when it comes to determining whether or not you will qualify. But many people over age 60 or 70 qualify for life insurance, even with a past health crisis.

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How to Buy Life Insurance for a Child

Details: In last week’s post, “Life Insurance for Children and Grandchildren – The Surprising Benefits,” we revealed why many people decide to get life insurance for a child, from newborns to adult children.Among the benefits: In a properly constructed policy, the cash value of a policy on a younger insured grows at an attractive rate of return for the policy owner, with no downside risk.

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Borrowing Against Life Insurance: The Pros and Cons

Details: The Disadvantages of Borrowing against Life Insurance. Fewer assets for yourself. One disadvantage you always have when borrowing money from a life insurance policy (or a property) is that you’ll have fewer assets to use or borrow against (unless you are leveraging your asset to acquire a greater asset), plus of course interest to pay.

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7 Ways to Save a Life Insurance Policy (even if you can't

Details: Just contact your insurance company and usually they can work with you for a solution. Do You Wish to Evaluate a Life Insurance Policy or Stop it from Lapsing? Contact us and we’ll be happy to help you evaluate your policy and your options. You can also contact your insurance company directly to discuss many of the options above.

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Whole Life Vs. Indexed Universal Life: What Insurance

Details: Hi David, typically life insurance policies have premium payment periods of 10+ years. (You can pay for life insurance in one lump sum, but the policy becomes a MEC, or modified endowment contract and it changes the taxation.) We prefer LONG terms because one problem many people have is that they need a good place to STORE CASH!

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Protecting Assets from Lawsuits and Judgments: Are You a

Details: Last week, our Part One post of “Protecting Assets from Lawsuits and Judgments” described the many kinds of personal and professional liability that can make somebody susceptible to a judgment or lawsuit. We also gave tips on protecting your assets from judgments or lawsuits with 1), proper insurance, and 2), business entities.

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Should You Keep or Surrender a Universal Life Policy?

Details: The cost basis of a life insurance policy is the sum of all your insurance premium payments. If you surrender a cash value life insurance policy, any gain on the policy over and above your cost basis (premiums paid) will be subject to federal (and possibly state) income tax. (Note that outstanding loans are also counted as part of the gain.)

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Life Insurance Commission Shock: Whole Life Commissions vs

Details: Life insurance gets a bad rap because the fees are “front-loaded” and the impact of this is seriously misunderstood. But there are further misunderstandings, as your comment illustrates. No, mutual insurance companies are not buying mutual funds with the dollars in your whole life policy.

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How Liquid Is the Life Insurance Industry?

Details: After years of low-interest rates, is the life insurance industry healthy enough to withstand another economic downturn? Find out in this week’s in-depth article, authored by our friend L. Carlos Lara, reprinted with permission from the Lara-Murphy Report with permission.. L. Carlos Lara is CEO of United Services and Trust Corporation, a consulting firm specializing in business advisory

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Family Banking 101

Details: Families have used whole life insurance for generations to hold, grow and pass tax-free assets along to heirs. This should be no surprise, as life insurance was designed to do just that! 7. Teaching valuable financial skills.

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Should You Borrow Against Your Cash Value or Withdraw It?

Details: The interest is paid to the insurance company, and indirectly as a policy owner, that benefits all policy owners. (A whole life company is a mutual insurance company and is structured more like a cooperative than a corporation with stock holders.) The main advantage to withdrawing is simple – you don’t have to pay it back!

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7 Things to Know about Life Insurance Loans

Details: Life insurance can make your investments better! Those who say “the returns of whole life are lousy” don’t understand how to use whole life. And there are two things whole life critics often miss. First, cash value is NOT an investment strategy; it is a savings vehicle.

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Single Premium Whole Life: The Pros and Cons of a MEC

Details: And unlike a whole life insurance policy, many of those items have little flexibility. Of course, this doesn’t mean that a multi-year policy is always the best choice. If purchasing a whole life policy in one payment is important to you, that factor might outweigh the potential disadvantages. The Disadvantages of Single Premium Whole Life

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The Facts of Life Insurance

Details: [5:14] Never judge insurance by its cover [6:35] The value of life insurance in today’s world [8:01] The “Golden Years” of life insurance [10:31] How lifestyle affects insurability [13:51] Alternative ways to take advantage of life insurance [14:34] Buy insurance for your adult children [16:50] The three components to taking out insurance

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Kim Butler Financial Advisor Books - Busting the Financial

Details: Live Your Life Insurance is an eye-opening little book that shows investors how to tap into a financial vehicle that has paid dividends for over a century and a half without fail – whole life insurance – to store money safely where it can grow tax-free and be leveraged for lucrative opportunities.Live Your Life Insurance shows you how to:. Truly understand the advantages and disadvantages

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LIFE INSURANCE ADVICE Archives | Partners for Prosperity LLC

Details: One is dividend-paying whole life insurance—usually set up to maximize cash value, if that is the policy holder’s desire—and term insurance that is convertible to whole life. We wrote about convertible term insurance in “Convertible Term Insurance: The Third Option,” which is an excellent primer on convertible term life insurance.

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LIFE INSURANCE Archives | Partners for Prosperity LLC

Details: Mutual Life Insurance companies share their profits with participating policy holders. They do so via a dividend. This dividend is declared annually, usually around the end of the calendar year. You may have seen announcements about 2020 dividend payouts. Many companies declared their biggest dividend payouts ever, including:

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The Banker's Bunker: Where Banks Save Their Money (Part 1)

Details: Another key difference between whole life insurance and bank-owned policies is the potential use of the policy. While private life insurance policies can be used to fund anything — a business start up, home improvements, rental home down payment or college tuition — BOLI is highly regulated and used almost exclusively to offset the cost of employee benefit programs.

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Life Settlement Investments: Pros and Cons and Facts

Details: By contrast, life insurance is an entirely different beast, based on actuarial math rather than the rising and falling of stocks, funds, and indexes (though NOT classified as an “investment.”) However, there is a life-insurance based investment that has been gaining popularity with many corporate and sophisticated investors: life settlements.

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Borrowing Against Life Insurance: Why It Pays to Become

Details: With insurance banking strategies, the emphasis is on BUILDING a dividend-producing asset. The principles are the same, we are simply utilizing a very reliable, stable asset class that has proven itself reliable through every turn of the market. Don’t just avoid debt and end up with empty pockets – build an asset you can use again and again!

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5 Ways Your Business Can Benefit from Life Insurance (Part

Details: Life insurance can be used to fund employee benefits in various ways, thus helping business owners attract and retain high-quality employees. Life insurance benefits. Executives often desire higher death benefit protection for their families, so life insurance can be a part of an appealing benefit package.

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The Disadvantages of Universal Life: Regulators Issue a

Details: Today’s permanent life insurance policies are written to last until age 121. And while 121 may seem an impossible age for a 50 or 60-year-old to surpass, healthcare advancements may change our expectations dramatically. Never buy a “permanent” life insurance policy that does not endow. 3.

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Understanding the Different Types of Life Insurance

Details: In this episode, Kim and Spencer take a community question about the various permanent types of life insurance policies. Take notes and enjoy! Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Economics thinking and strategies today!

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Dave Ramsey Review: The Pros and Cons of His Financial

Details: (Oddly, Dave recommends long-term care insurance, which puts premium dollars at risk, rather than whole life with a long-term care rider—a more effective option.) Ramsey is correct about one thing: life insurance is not an “investment.” Properly understood, it is a savings vehicle and a risk management tool. Though given Dave’s

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Life Insurance as an Asset: Collateral Assignment

Details: Most life insurance assignment agreements focus on the insurance benefit, and make the lender the primary beneficiary, even ahead of a policy owner’s spouse and/or children. The assignments will typically specify the amount of money the lender is entitled to if the borrower dies.

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Too Old for Life Insurance? Whole Life Insurance for Seniors

Details: Life insurance is an excellent way for people to leave more money for a surviving spouse, child, partner, or even a sibling. Life insurance multiplies your premiums into a larger death benefit that is paid to the beneficiary income tax free. The death benefit is paid in a lump sum, and if desired, can be converted into an immediate annuity to

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How to Read an Illustration - Guardian Life | Partners for

Details: Life Insurance Illustrations are based on the dividend scale of the current year, which is guaranteed for the current year (in this case, 2018). The amount varies from year-to-year and is announced prior to the previous year’s end. Most mutual insurance companies have paid a dividend every year for well over 100 years.

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10 Things to Know about Donor Advised Funds

Details: The donor-advised fund is typically funded with cash and securities, but most DAFs also help donors turn cars, boats, real estate, life insurance policies and other assets into charitable gifts. The fund is then managed by the sponsoring organization on behalf of the donating individual, family, or other entity.

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Should You Borrow Against Your Life Insurance Policy?

Details: One of the advantages of a Whole Life Insurance policy is the ability to borrow against your cash value, though the concept is widely misunderstood, even by insurance agents! In this post, we’ll explore exactly what it means to take a loan against your insurance policy, and we’ll look at some good reasons – and bad reasons – to borrow

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Converting Term Insurance to Whole Life

Details: There are two types of life insurance that we heartily recommend. One is dividend-paying whole life insurance—usually set up to maximize cash value, if that is the policy holder’s desire—and term insurance that is convertible to whole life. We wrote about convertible term insurance in “Convertible Term Insurance: The Third Option,” which is an excellent primer on convertible term

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