“The third option is that other possibility…” – Lynn Barrette, Counselor and inspirational blogger
Life Insurance: It’s Not An Either/Or Decision
“Whole Life or Term Insurance?” It’s a never-ending debate amongst financial advisors and self-proclaimed experts. Today, we’d like to suggest a third option.
But first… let’s summarize the two most popular and obvious choices:
Term life insurance is life insurance purchased for a limited time, such as 15 or 20 years. Term insurance is affordable, providing the insured with more coverage for less premium. Thus it puts a greater protection in place, in the form of a death benefit. However, term life insurance policies rarely provide that benefit, because of the limited time frame of the coverage. They are less expensive because they almost always expire (like product warranties) before they’re likely to be used.
Like most other insurances, term life is an “if” insurance, not a “when” insurance. A benefit is paid only IF your house burns down, IF your car is vandalized, or IF someone passes away long before expected.
Today’s podcast is on how multiple life insurance policies can be a savvy financial strategy! Join us to listen to Kim and Spencer as they dive into all the policies that could be of use to you as well as how, when and why you should have multiple policies at once.
Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Economics thinking and strategies today!
Do you have a question you would like answered on the show? Please send it to us at firstname.lastname@example.org and we may answer it in an upcoming episode.
Whole life or universal life: which is better? Is indexed universal life (IUL) a viable option? Is whole life really worth the extra premium cost? Should I cancel or exchange my whole life policy for a newer or different type of policy?
These are questions have been debated amongst insurance agents, financial advisors, so-called financial experts, gurus, and financial bloggers for years. And by now, we believe the answers are actually quite clear-cut. The dangers of disadvantages of universal life can no longer be ignored.
As you probably know, you can borrow against your whole life insurance policy. Some people do, and some people don’t. Sometimes, people borrow too much, too soon, and too often. Meanwhile, others miss out on opportunities because it doesn’t occur to them to use their policy.
If you have a whole life insurance policy (or are considering one), you should know the pros and cons of borrowing against your policy. Below you’ll find 7 things you should understand that will help you make good decisions and get the most out of your policy.
There are two types of life insurance that we heartily recommend. One is dividend-paying whole life insurance—usually set up to maximize cash value, if that is the policy holder’s desire—and term insurance that is convertible to whole life. (Read “Convertible Term Insurance: The Third Option” for an excellent primer on convertible term life insurance.)
If you have convertible term life, how and when should you convert it to whole life? Today, we address what happens “next” in the process of converting convertible insurance. We also address the reasons WHY it is beneficial. But first, let’s start with a quick recap on what we mean by convertible term insurance.
What happens when you become uninsurable? On this episode, Kim and Spencer discuss the importance of savings, the opportunities that doing so creates and the possible consequences of avoiding it, all from the perspective of a real-life example in the form of Jeff’s story.
Tune in with Kim D. H. Butler and Spencer Shaw to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at email@example.com and we may answer it in an upcoming episode.
This website is provided for informational purposes only. The information contained herein should not be construed as the provision of personalized investment advice. Information contained herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security or investment. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future.
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