A guaranteed lifetime income is a compelling proposition. After all—who doesn’t love the idea of being set for life? Financial planning for retirement begs for guarantees. While it is impossible to know how long you’ll live, it IS possible to make sure you will receive (at least) a certain amount of income for the rest of your life. Especially in this age of rock-bottom interest rates, a lifetime income annuity can be a lifesaver for some retirees!
Single Premium Immediate Annuities (SPIAs) can provide this income, yet few people use them in their retirement strategies. How can you know if a lifetime income annuity makes sense for your situation? Let’s explore.
Kim discusses 401k plans and how it causes credit card debts. She also shares one of her favorite books that she recently read.
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!
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An investment portfolio will typically contain a range of diverse investments. With different asset classes, industries, and financial vehicles, a well-designed portfolio prevents you from “putting all your eggs in one basket.”
Many portfolios begin quite simply, for instance, with a savings account and an index or mutual fund. Then, as the portfolio and its owner matures, other assets are added. Over time, a portfolio might include:
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.
“This is the way to look at life insurance. A great book and a new way of thinking about life insurance that everyone should read.” – Tom Wheelwright, CPA, Author of Tax-Free Wealth
The little life insurance book—with a life of its own!
About eleven years ago, I wrote Live Your Life Insurance for my own clients as a sort of “owner’s manual” to their whole life insurance policies. I had been telling the same stories and explaining the same terms to client after client, and I knew there had to be a better way! At last, I put everything I had been telling my clients down in writing.
Soon, I discovered that the information was valuable for a wider audience. Other advisors and clients outside of my practice wanted it, too! In 2009, I published Live Your Life Insurance on Amazon in paperback. At the time, it was more of a “booklet” at the time—just 32 pages plus a (very useful) glossary.
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.
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