The Prosperity Blog

5 Ways Your Business Can Benefit from Life Insurance (Part 1)

“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.”
– Jake Thompson, Money. Wealth. Life Insurance.

business-life-insuranceTwo weeks ago, we shared how you can use a life insurance policy’s cash value to obtain loans at preferred rates… from a bank! See our article, “Collateral Assignment: Banking on Your Life Insurance Policy,”  for details.

Today, we’ll explore 5 ways that life insurance helps business owners solve some of their biggest challenges. But first, let’s set straight some myths about businesses and life insurance.

3 Myths About Life Insurance for Business Owners 

Myth #1: Life Insurance is only for big businesses. 

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Practicing Independence: Are You USING Your Freedoms?

“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.”
– Abraham Lincoln

Today’s post is a guest post from our good friend (and our marketing coach) Kate Phillips of Total Wealth. Kate is a advocate of entrepreneurship and business ownership, as well as someone with an impassioned point of view. 

Practicing Independence: Are We Using Our Freedoms?

Three Who Saw What Others Couldn’t

Opportunity to success concept only one red door is open for opportunity 3d illustration

Ten or so years ago, I was in a real estate investing seminar in which they introduced one of their most successful students who happened to be sitting in the audience. He had been their top money-maker in the Detroit area, purchasing and fixing up forecloses to either sell or rent. The young man stood up to receive applause, and spoke into the microphone… in halting, broken English.

The star pupil of this U.S. real estate training operation was not an American citizen, but a man from SWEDEN who had seen the opportunity to get involved in real estate investing in the states. I don’t recall the numbers, but he had made a LOT of money in a fairly short period of time. He had worked both hard and smart to create win-win situations, taking abandoned, dilapidated homes and making them useful again.

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Collateral Assignment: Banking on Your Life Insurance Policy

 “Many consumers forget a life insurance policy is another tool they can use as an asset to borrow money.”
 – Larry Ziegenfuss, Senior Vice President, Conestoga Bank

Borrowing “from” vs. borrowing “against”

Grunge rubber stamp with text Loan Approved,vector illustrationThere’s a trick to borrowing money at favorable interest rates. The trick is having rock-solid COLLATERAL.

Collateral assigment also allows you to borrow money without having to jump through the usual qualification hoops. No income proofs or credit checks. You don’t have to demonstrate your ability to pay it back or defend your reason for borrowing it.

Collateral can work just as well as “money in the bank!” Perhaps even better if your collateral can grow tax-free while you borrow against it!

One of the significant advantages of a participating (dividend-paying) whole life insurance policy is this: the policy builds cash value that you can borrow against at any time, for any reason, without a credit check or even an application process!

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Kick-Start the Savings Habit

“As important as I think (saving) is, national savings has always been relegated to the B list of economic measures.”
 Edward M. Gramlich, Board of Governors of the Federal Reserve from 1997 – 2005

Woman Putting Coin In Piggybank

Believe it or not, there was a time not long ago when Americans tracked their savings instead of their credit card debt! Now saving money seems like a memory from yesteryear. To be sure, many Americans set aside money, but it goes straight into mutual funds, often by way of 401(k)s and other qualified retirement accounts, where it is no longer liquid, guaranteed, or under their control.

These days, we are so eager to run that we forget to walk first! We neglect saving in order to “invest,” when both are necessary. Saving money provides the crucial foundation that allows us to then invest successfully. 

In Pound Foolish by Helaine Olen, director of Vanguard Center of Research Steve Utkus points out that before the rise of the financial planning industry in the 1970s, the cornerstones of personal finance were “savings accounts, whole life insurance, and the home mortgage.” Most people’s number one fear was speaking in public, not running out of money.

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Prosperity Principle #1: Abundance Mentality vs. Scarcity Thinking

“You can be creating or complaining, but never both at the same time.”
-Dan Sullivan, Strategic Coach

Between the two of them, Joe Polish of I Love Marketing and the Genius Network and Dan OLYMPUS DIGITAL CAMERASullivan, entrepreneur mentor and founder of Strategic Coach, have mentored and masterminded with a “who’s who” list of entrepreneurs including:

  • Sir Richard Branson (Virgin companies)
  • Tim Ferris (4 Hour Workweek)
  • Bill Phillips (Body for Life)
  • Jeff Walker (Product Launch Formula)
  • Peter Diamandis (X Prize Foundation)

And while the two of them are masters in entrepreneurial STRATEGIES and HABITS, in the conversation posted below they discuss the absolute necessary foundation of success: our ability to THINK from a prosperous, abundant mindset. (This is also the first of our 7 Principles of Prosperity, which you can learn more about in our Prosperity Accelerator Pack,  our gift to you.)

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Investing Outside of the Stock Market

“Some people don’t like change, but you need to embrace change if the alternative is disaster.”
– Elon Musk

One Targeted Ball Different Vs Same Change InnovationInvestors have short -term memories, which is why so many are optimistic about the stock market right now. But if you think the stock market is headed for a correction or even a crash, you’re in good company. And if you aren’t sure WHERE to invest OUTSIDE of the stock market, you’re not alone by a long-shot.

Even nervous investors still cling to the stock market because:

  1. They aren’t open-minded to try something new, even if they are unsatisfied with their current strategy.
  2. People mistakenly believe that the risk and roller coaster ride is required if they want to earn a good rate of return in the long run.
  3. Some investors just aren’t aware of other options. They lack the knowledge, confidence, and guidance to seek better alternatives.

Typical financial advice tends to give very limited options, fixating on “how much of your portfolio should be in stocks, and how much in bonds.”

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STOLEN SAVINGS: Three Men and a Bank Account

How Civil Forfeiture is used to Confiscate Bank Accounts

“Banking is a very treacherous business because you don’t realize it is risky until it is too late. It is like calm waters that deliver huge storms.”   — Nassim Nicholas Taleb

Civil Asset Forfeiture word cloud on white background

Your bank claims to keep your money safe from fraud, theft and harm… but what happens when the criminals are government authorities who can tell banks to freeze or even seize accounts?

That is precisely what Civil Asset Forfeiture Laws allow law enforcement and the IRS to do. Shockingly, money and assets can be taken without convicting or even charging the owner of the money with a crime. Indeed, the reason these “civil” asset forfeitures have become so prevalent is that the burden of proof is much lower with civil cases rather than criminal cases. Additionally, those doing the taking usually benefit from the confiscations.

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