The Ultimate Guide to Whole Life Insurance

Whole life insurance?is a type of insurance families use to protect income and provide for their loved ones in the event they pass away. It’s considered a type of “permanent” insurance, as it stays in place permanently. Besides offering a death benefit,?whole life insurance has been one of the “best-kept secrets” of the 1%.

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Whole life insurance probably isn’t the first thing that comes to mind when you think of the following: savings, liquid cash, and growth. However, “whole life” can actually be a great vehicle for?all of the above?when you understand it! At Prosperity Thinkers, we even like to call it an?emergency/opportunity fund?(as opposed to just an emergency fund), because you can use it to save for both!

The “permanent” status of whole life makes it a?certain?asset that you can trust in as you build wealth. This is the basis for why it’s considered the preferred generational wealth tool for the 1%. Yet, it isn’t solely available to the 1%.?Almost anyone can qualify for a whole life insurance policy and start reaping the benefits.?

Allow us to answer your burning questions, like:

• What is life insurance?
• How can I use life insurance to save money?
• Why would I want to?

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How (And Why) You Should Save Money with Whole Life Insurance

The foundation of strong money methods is to save more money, more regularly. Saving money is what separates those who live paycheck to paycheck from those who are a step (or more) ahead. When you save money, in some ways you are “insuring” your future. A savings account can help you prepare for emergencies–like a car repair–as well as opportunities–like buying a rare collector’s item or investing in a property.?

In other words, saving money prepares you for what’s next. Even Warren Buffett, regarded as one of the greatest investors of our time, saves money. In fact, saving money is the cornerstone of his wealth–he is notoriously frugal with what he has (which is a lot). Even someone with his great wealth can see the value in having reserves.

The more important question for you may be–Where?should you save money? A savings account at the bank is a good start, however, your returns are likely to be minimal. While regular contributions can still grow your savings, you won’t be able to outpace inflation on deposits alone. And, should you ever need to withdraw money,?you lose out on the compounding effect of interest.

How to Start Saving with Life Insurance

For these reasons, a savings account may suffice for a short time–yet not long term. For long-term savings that can contribute to your overall wealth strategy, it’s wise to be?saving with life insurance.?

Whole life insurance has a cash value component that allows policyholders to accumulate tax-advantaged savings with a great rate of return. (Although you lose many tax benefits if you make your policy a?MEC?with a single premium payment.) Not to mention, your cash value is not correlated to the stock market, so it cannot lose money. Paying your premiums is like making a deposit into your savings account,?with even better long-term results.?Even....

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