“It is better to debate a question without settling it than to settle a question without debating it.” – Joseph, Joubert
Should You “Buy Term and Invest the Difference”?
In a recent comment from a reader on a post about Universal Life Insurance and Indexed Universal Life (IUL), a reader left a comment containing many common life insurance lies and misunderstandings. Since these misleading ideas are out there all over the internet, we thought we’d use this as an opportunity to address them, point by point.
“Character is the ability to carry out a good resolution long after the excitement of the moment has passed.” – Cavett Robert
Last year we published Parts 1 and 2 of “Make a Million Dollar Resolution,” and today, we continue with Part 3.
The Power of Decisions
The decisions you make today, combined with actions and habits in alignment with your decisions, can add as much as a million dollars or more to your wealth over time. Whether the decision is a New Year’s resolution or made in June or August is irrelevant, but the beginning of a new year is the most popular time for setting new goals and intentions. As Oprah Winfrey says, “Cheers to a New Year and another chance to get it right.”
“Retirement at sixty-five is ridiculous. When I was sixty-five I still had pimples.”– George Burns
The First Baby Boomer
Kathleen Casey-Kirschling was born one second after midnight on January 1, 1946. As such, this retired Maryland teacher has the honor of being our nation’s first symbolic baby boomer. According to a US News and World Report article from January, 2008, Casey-Kirschling was also one of the first boomers to apply for Social Security benefits upon turning 62.
She wasn’t alone! Almost a third of the 2.9 million boomers born in 1946 applied for early benefits in 2008, causing Social Security Commissioner Michael Astrue to dub it America’s “silver tsunami”.
And yet 38% of respondents to a Nationwide Financial Retirement Institute survey owned up to regretting their decision and wishing they had waited until they reached the full retirement age of 66. Why all the remorse?
“I bought a new life insurance policy but the small print is impossible to understand. All I´m sure of is that after I die, I can stop paying.”
Do You Want to Stop Paying Your Life Insurance Premiums?
What happens if you own a whole life policy and you don’t want to keep paying the premiums, but don’t want the policy to lapse? Or when you can’t afford the premiums any longer, but still want coverage?
If payments are stopped without altering the policy or communicating with the insurance company, you could lose the policy, just like a homeowner can go into foreclosure if they stop making mortgage payments.
But there are other options to simply letting a policy lapse! These options are well-worth considering, especially because:
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