INSURANCE ADVICE

Category: INSURANCE ADVICE

Why I Left Obamacare for a Health Insurance Alternative

Guest post by Kate Phillips

“It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.”
— Thomas Sowell

If you’re frustrated with your health insurance or worried about healthcare in the U.S., you’re not alone. By November of 2016, according to Money.CNN.com, more Americans disapproved than approved of the Affordable Healthcare Act, aka, Obamacare. Gallup polls showed that 65% more Americans felt they were hurt by the policy than helped by it, amongst those who felt they were affected by it. And that was before the 2018 plans were revealed and outlets such as CNBC reported that 2018 premiums would rise by an average of 34%.

Dissatisfaction with limited choices, escalating costs and government-mandates made “repeal and replace” one of the key parts of the political platform that propelled Donald Trump into the White House—even if Congress has yet to actually agree upon a plan to do so. And with Washington’s seeming inability to either fix or replace the ACA, fretting about the uncertain future of healthcare or how you’re going to insure your family—particularly for the self-employed, business owners, or anyone not covered by an employer plan—is the new national pastime.

I’ve heard it said that you should never complain about a problem without offering a solution. In that spirit, Kim Butler asked if I could share my own healthcare story and describe the SOLUTION I found—that’s saving me nearly $3,000 per year at minimum—and why it might work for you, too. In this two-part article series, I’ll also include a review of Liberty HealthShare—the pros and cons—and describe who may be a good fit for the health insurance alternative known as healthcare sharing ministries or medical bill sharing.

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Too Old for Life Insurance? Why Seniors Are Getting New Policies

 “Old age isn’t so bad when you consider the alternative.”
– Maurice Chevalier

“Am I too old for life insurance?”

senior-saving-for-heirs.jpgWe get this question a lot, surprisingly, often from people who are only in their 50’s or 60’s. But even if you are in your 70’s or beyond, you’re probably not too old for life insurance, particularly whole life insurance.

Most mutual insurance companies will insure people up to age 85 with a whole life policy. Health is more important than age when it comes to determining whether or not you will qualify. But many people over age 60 or 70 qualify for life insurance, even with a past health crisis.

However, just because you CAN get life insurance doesn’t mean it’s right for your situation. Let’s explore why many seniors ARE buying life insurance, along with some of the pros and cons of doing so. This article is for you if you:

  • wish to leave an inheritance for children or grandchildren
  • want to protect your significant other
  • desire the flexibility and liquidity that whole life provides
  • are a middle-aged adult considering whole life insurance for a parent.
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Is Whole Life Insurance a Good Investment? (VIDEO)

“I have often said that if people truly understood this product, that they would line up around the block to purchase it. That product is participating (dividend-paying) mutual whole-life insurance.”
– Todd Langford, Truth Concepts financial software

“Is Whole Life Insurance a Good Investment?”

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Perhaps no question has generated as much controversy on financial blogs and forums as this one.

Indeed, The White Coat Investor website’s most popular post on whole life insurance (written by a self-appointed, unlicensed financial “expert” who is a full-time physician) has generated over 800 comments from both fans and foes of whole life. The posts begins with a warning that the comments may take “over 4 hours to read,” and links to further articles that reveal the author’s limited understanding of the product. Financial planning with insurance is a curious hot button.

“Typical” advisors, media-hyped financial gurus and bloggers say, “Stay away from whole life insurance!” Meanwhile, many passionate agents and advisors try in vain to correct the misconceptions, irritating others who believe their enthusiasm is motivated only by commissions.

And regardless of which side of the fence the opinions fall, both sides often get their facts wrong, and few seem to understand the role of saving and liquidity in an investor’s personal economy. The long-term, generational benefits of both cash value and death benefit are often overlooked. Diversification is also poorly understood, and the fact that you can’t have all of your dollars in equities (or even in stocks and bonds) and be properly “diversified.”

We have noted in a related article about whole life insurance that it is not properly classified as an investment, however, it IS an EXCELLENT place to store cash for many investors. Our Ultimate Guide to Financial Planning Myths is another excellent resource for learning how insurance really works.

But what is the TRUTH about whole life insurance RETURNS?

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Crash Proof Your Portfolio with Non-Correlated Investments

“The only sure thing about luck is that it will change.”
– Bret Harte, American author and poet

Abstract background with finance data

It’s been a wild, wild ride the last week. Stock markets around the world plunged on Monday, August 24, beginning with an 8.5% percent drop in China’s benchmark Shanghai Composite index. Stock markets in Japan, South Korea, and Australia followed China down. That sparked selloffs in European markets and a dramatic, historic 1,000 point dive of the Dow, with a partial comeback by the closing bell. The S & P 500 Index fell by nearly 4 percent on Monday, following sizeable losses last week.

China’s Shanghai Index continues to drift downward, meanwhile, U.S. stocks rallied yesterday, August 26th and the Dow gained more 600 points in a single day, the biggest one-day increase since 2011. U.S. stocks have continued to climb since (with substantial daily ups and downs), yet remain nearly 6% down from one month ago.

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7 Phases of Financial Success (Episode 037)

Strategies to Stay Ahead of the Financial Curve

P4P037-SevenPhasesOfFinancialSuccessKim Butler and Todd Strobel dive into an old article of Kim’s entitled, “7 Phases of Financial Success.” Whether you started saving in your 20’s or whether you’re just starting in your 50’s or 60’s, you can adapt these phases for you.

Kim explains each phase of life and it’s accompanying financial goals. Todd breaks down effective ways to reach those goals. Finally, the importance of life insurance (and later converting it to whole life insurance) is analyzed as the backbone of your financial success through each phase.

Which financial phase are you in and is it too late to be successful now? Find out on today’s episode of the Prosperity Podcast.

If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

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Annual Review Checklist

Keeping your finances on track… Prosperity Economics  style.

P4P032-AnnualInsuranceReviewChecklistKim Butler and Todd Strobel go over several ideas, strategies, and best practices to maximize your money. For instance, Kim explains how you may be able to dramatically increase the upper limits of your property and casualty protection… with NO out-of-pocket costs!

Kim and Todd also give an important tip on how you can use your smartphone to help protect your belongings! Kim discusses mortgages, life insurance, disability, and long-term care insurance as well. Finally, they discuss where and how to store your cash. When was the last time you looked over your insurance and finances? Has it been too long? Find out what steps to put on your financial checklist on today’s episode of the Prosperity Podcast.

If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

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