Life Insurance 101

Life Insurance Q & A with Kim Butler

Life Insurance 101Our hosts are back in this episode of The Prosperity Podcast to answer all of your life insurance questions. “No BS Money Guy,” Todd Strobel, and best-selling financial author, Kim D. H. Butler instruct listeners in Life Insurance 101.

Answering common questions, Kim and Todd clarify differences between types of life insurance, and give listeners sound insurance advice. They explain the many different ways we can use life insurance, and which types are the most ideal for different situations. This truly is a life (insurance) lesson you won’t want to miss!

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The Whole Life vs. Term Insurance Debate

“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”?

insurance-debateIn 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.


(The comment): 

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7 Ways to Save a Life Insurance Policy (even if you can’t afford the premiums)

“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?

Insurance Concept
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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How to Buy Life Insurance for a Child

“The sooner you save, the faster your money can grow…”, “The Five Most Important Money Lessons to Teach Your Kids”

Are you considering buying life insurance for a child?

Piggy bank familyIn last week’s post, “Life Insurance for Children and Grandchildren – The Surprising Benefits,” we revealed why many people decide to get life insurance for a child, from newborns to adult children. Among the benefits:

  • In a properly constructed policy, the cash value of a policy on a younger insured grows at an attractive rate of return for the policy owner.
  • Life insurance represents unparalleled estate planning benefits, such as the ability to transfer assets to the insured free of income, state, or gift taxes.
  • Policy owners appreciate the liquidity and flexibility of the cash value, including the ability to collateralize it or use it themselves, if needed.
  • The policies offer protection from financial loss, including the loss of income of a grieving parent.
  • Getting life insurance for a child guarantees future insurability.
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