Using Life Insurance to Be Your Own Banker
We are now able to assist you with the technology to market to your clients! Join the BuddyIns network for free at www.buddyins.com to learn more.
"Information is liberating." - Kofi Annan
Welcome to The Insurance Experts, your weekly spot for planning stories and strategies that matter to you and your clients.
- Click Subscribe above to be notified of each free edition
- Message me if you'd like to be interviewed for a future Newsletter.
"So, if I can have a tax-advantaged accumulation plan that allows me to accumulate interest and then take it out tax-free after retirement, then I'm a happy camper." - Paul Silva
On this edition of The Insurance Experts, Paul Silva and I discuss a unique way to use cash value life insurance. Life insurance has tax-advantaged treatment that in certain circumstances allow the policy to be used as a better source of funds in an emergency or in retirement. Some clients prefer to use life insurance in this way to be their own banker instead of taking a loan from a bank or from their 401(k) account.
It takes expertise to implement this type of life insurance plan, so make sure to discuss the details with a life insurance specialist.
Paul shares two stories in this video. First, how he personally experienced a disability and needed to tap into this life insurance policy. Then, Paul discusses how he setup a plan for a successful pizza parlor owner and won over the client's tax advisor with the benefits of the strategy.
Want to Learn More - Visit BuddyIns
BuddyIns is a community of client-centric long term care insurance specialists. We are dedicated to helping financial professionals and their clients across the country with customized LTC planning solutions.
Principal @ Lavine LTC Benefits | CLTC Certified
4 年Interesting ideas. Owning life insurance and LTC Insurance is beneficial to own.? Life Insurance creates an estate or provides liquidity for an estate because money from life insurance is not taxable to the estate nor is it taxable to a beneficiary. A Long Term Care plan does the same thing for a family while the person who needs caregiving and people who are responsible for their care receive money with worrying about taxes or where the money will come from to pay for care.?? December is the month where personal and business finances are closed and in January the new year begins. People will plan in December to minimize taxes. Why? People want to minimize how much they will pay in taxes when filing in April.? Owning life insurance and an LTC benefit will minimize or avoid capital gain and business and personal taxes. You don't have to like the insurance, what you want is a plan which will help you, your estate, and your family.?