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Micky Gramlin
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Micky Gramlin   My Press Releases

Residual Income Series 11: Whole Life Insurance

Published on 9/12/2018
For additional information  Click Here

 

Image result for life insurance

 

"Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it. The U.S. Internal Revenue Service categorizes income into three broad types, active income, passive income, and portfolio income." ~ Wikipedia

 

After you get past the needs for burial, there is a different side to life insurance. The first is that it can be used to protect your assets if you should experience a catastrophic loss. Second, if you look at it as an investment instead of a death sentence, you can create a passive income with life insurance.

Now, whether it is a good way or a good time to invest your money into life insurance depends on what is available on the market at the time. But insurance companies - and for a good reason, are very innovative on bringing out new products

The whole idea of investing is to mainly make sure you have enough income to last until you die and if you should get rich along the way, you should still continue looking at all of your options on putting your monies to work for you and better yet to defer taxes.

There are times when no insurance is needed at all. Due to financial reasons and/or better returns on investments. But for most of us, the reality is that it is needed.

Image result for life insurance

Let me state my usual here, that I am no financial Guru and that I am researching options for myself and then sharing my discoveries with you. Always consult an Independent Financial Advisor when investing is a possibility for you. For one thing, laws change often and so do circumstances

“According to the American Council of Life Insurers (ACLI), in 2014, 63.7% of all individual policies sold in the U.S. were whole life, compared to just 36.3% of policies being some type of term coverage.”

Which is the best to buy, term or whole life? It really depends on what your needs are. What may fit you is not going to fit someone else. It is easy to let emotions play a significant role when making a final decision on life insurance and it’s why you should have an insurance agent that knows and understands what you need. This is an area best left to a professional because of the importance of your financial health.

You should plan on meeting with your agent at least once a year to review what you have and to update your information. Then make any changes that need to be done.

When you hear your financial advisors and or life insurance agent recommending to you insurance as an investment, they are probably referring to the cash-value that occurs with whole life insurance (permanent) and the ways you can invest and borrow this money.

 

Today we will look at whole life insurance.

The number one reason, according to Investopedia, that people invest into life insurance is that their growth is tax-deferred

“The benefit of the cash-value component of a permanent life insurance policy means you don’t pay taxes on any interest, dividends or capital gains in your life insurance policy until you withdraw the proceeds.”

But you can get this same benefit, with your retirement accounts. Such as - IRAs, 401(k)s and self-employed 401(k) plans and more.

The key here is that when you’re consistently maxing out your contributions to these accounts every year, whole life or permanent life insurance might be something to seriously consider. Life insurance at that point in your portfolio could provide some tax advantages.

 

Image result for life insurance

“You can borrow against the cash value to buy a house or send your kids to college, without paying taxes or penalties.“

Though, when you borrow money from your whole life insurance policy, remember that “it will accrue interest until you repay it, and if you die before repaying the loan, your heirs will receive a smaller death benefit.”

Other advantages are putting the money withdrawn into a savings account where fees and commissions are not paid.

Compare a retirement plan, such as a 401 (k), where there is a early withdrawal penalty plus income tax. If you do so for any other reason than retirement.

. “Whole life insurance can provide accelerated benefits if you become critically or terminally ill."

 

“You may be able to receive anywhere from 25% to 100% of your whole life insurance policy’s death benefit before you die if you develop a specified condition such as heart attack, stroke, invasive cancer or end-stage renal failure.

The upside of accelerated benefits, as they’re called, is you can use them to pay your medical bills and possibly enjoy a better quality of life in your final months. Be sure to check your health insurance which might already provide sufficient coverage for your medical bills.

The downside,is your beneficiaries won’t receive the full benefit you intended when you took out the policy.”

“You can keep your policy until age 100, as long as you pay the premiums.”

Image result for life insurance

Another benefit over term life insurance is that you won’t lose your coverage after a set number of years.  For many policyholders this happens at the age of 65 or 70. But by the time you’re 100, who will need your death benefit?

One thing I have discovered while doing this research is that some are confusing a whole life to a savings account. Don’t. If you do a side by side comparison you will see why.

Another important key benefit, and you want to verify this before actually doing it … is if you need a temporary loan, you can borrow against against your life insurance policy and some retirement plans without penalty if you pay the loan back in 90 days.

Next post we look at term life

 

Thank you for stopping by!

Micky Gramlin

Source

cddwealth.com

investopedia.com

Wikipedia

Picture Source

Google

DigitalWorldConnection.com

 

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Pain relief treathment for Zarah

PROUDLY FUNDED BY

MICKY GRAMLIN

 

 

 

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