So who is Whole Life Insurance best for, really?

Who is Whole Life Insurance best for, really? Does it depend on whom you ask?

A financial advisor will tell you that taking the premiums you would have paid into your policy would be better invested into the market over the long term, and for some people this is true. An investment advisor will steer you to ETFs or other long-term investments and balance those with short-term positions and bonds to hedge against the market volatilities. As a Life Insurance underwriter, I would say that you get the benefits of all the above with the added protection of a "death benefit!" By no means is it an "all or nothing choice." This is simply a layer you add to your toolbox of wealth creation. a tool that cannot be cannibalized by creditors when you are gone. Fought over by relatives who feel entitled to the assets you built. A layer you know that is in place and creates long-term wealth and income...

So who is Whole Life Insurance best for? YOU!!!

Whole life insurance offers coverage for life, so it is ideal for people who need to cover permanent financial needs. For example, if you want to pay for your funeral and any debts you have, whole life insurance can be a great option. This means when you are gone your beneficiary will have the funds to clear your debts so they can move forward debt-free! If you added enough coverage over the years because your "life needs" change over your lifetime. You could potentially have enough of a death benefit to pay off the balance of your mortgage and have enough to cover the cost of living expenses and college for your small kids. Giving your spouse time to adjust to your loss and the loss of your income! Not to mention your spouse or loved ones won't be dealing with the added stress of creating a "Go-Fund-Me" page to pay for unexpected funeral expenses that NO ONE IS EVER PREPARED 100% for, emotionally and financially!

One of the benefits of whole-life insurance is that it does not require a medical exam. You can get up to $500,000 in coverage without the dreaded "blood and urine" samples needed and with some carriers this amount doubles to $1,000,000 without blood and urine! This means that people with health conditions can still get coverage. Another benefit is those whole life insurance policies have cash value, which can be borrowed against in case of financial need. This means your policy will act like a 2nd home! building cash equity like a house without a mortgage to worry about paying off. Without having to worry about fixing the roof or dealing with the eye-popping violation of getting your sink fixed and seeing "plumbers crack" from the repair guy... lol. All joking aside the cash-equity in your whole life policy can act like an emergency fund! It's there when you need it, can be accessed tax-free, and does not qualify as income because it's in the form of a loan. So for high-income earners, this is a way to access more of your income tax-free! And for us regular blue-collar workers this is a great way to leverage more of our income tax-free!

?Whole life insurance is not the best choice for everyone. For example, if you are healthy and have no need for permanent life insurance, term life insurance may be a better option. You can get $500,000 in term coverage for $100 or less the younger and healthier you are. For example, I recently got an assistant bldg manager $750,000 in term coverage for just over $103 a month. Term life insurance offers coverage for a set period of time, such as 10 or 20 years. If you outlive the term, the policy expires and you will not receive any death benefit. But you can get back a percentage of your premium for outliving your policy! It's called a CBO or cash-back offer, meaning the insurance company will give you back 50% to 100% of the premium you paid over the term of your policy for remaining healthy! It will then function as a savings account and its tax-free because it was the premium you paid into your account. A payout you can then flip into a whole life policy at a later date and use to create your own bank without the need of using a traditional bank, but that's for another day another article

If you are considering whole life insurance, it is important to compare policies from different insurers to make sure you are getting the best coverage for your needs. You can always schedule a 100% free strategic assessment with me at your own convenience by clicking on this link.

My schedule is flexible but limited to up to 7 FREE assessments per day. The worst that could happen is that I will tell you that you have the best plan in place! But if you are anything like me at your age there is a lot I didn't know about creating wealth and protection together! So click the link below and let's spend 20 min talking about what's important to you and how you can protect what you have now, what you are building now, and what you will have in the near and distant future. We can't always plan for everything but we can plan for the things we know can and will happen no matter how amazing your life is going right now. Better to get the hard stuff out of the way so you can focus on creating the things that spark passion in you! https://bit.ly/Taxfreeincome