Should I Put My Money Into Overfunded Life Insurance?

Should I Put My Money Into Overfunded Life Insurance?

In today's Better Wealth, I continue the asset analyzer series where I look at different places where you can put your money by comparing them to the 11 attributes to the perfect asset. In today’s podcast I evaluate whether you should put your money into Overfunded Whole Life Insurance. In this series we have been taking a step back and not getting emotional about a product but really asking ourselves what is the outcome of what we want and will this asset help me move forward in reaching that outcome. Listen as I talk about the largest issue we face is when people look at Overfunded Whole Life Insurance (AND Asset) as an investment only, a place to grow money and they miss out on all the other benefits. Join me on our BetteWealth YouTube Channel to see how I have structured my AND Asset and how it functions and works for me as an AND Asset and not an OR Asset.

Safe (Low Risk): Your money suffers little to no risk of loss.
Liquidity: Your money is accessible for emergencies or opportunities.
Growth: Your money multiples at a competitive rate of return.
Passive Cash-Flow: Your money produces income on it’s own.
Leverageable: You can use your money as collateral.
Private: Your money grows without restrictions and has creditor protection.
Tax Deductible:You can subtract any money you put into the account from your taxable income.
Grows Tax-Free: Your money grows without being taxed.
Tax-Free Distribution: You can access your money without paying taxes on it.
Protection/Legacy: You are provided for in the event of tragedy and are self completing.
No Contribution Limits: You have no limits on how much you can fund in the asset.

#BetterWealth

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BetterWealth

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Caleb Guilliams

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[harleyd]

Hopefully this is a valuable clarification. Even if a policy never has an increasing death benefit, the insurance company does not keep (steal) the cash value. The cash value is a reserve created by premiums paid coupled with investment earnings guaranteed to be sufficient to pay the guaranteed death claim when the policy matures (endows) now at age 121. It is not an investment or even a savings account, though it has characteristics of them. The portion of the death benefit not provided by the cash value is called the net amount at risk. This decreasing amount along with the ever-increasing cash value always provides fully and precisely for each $1k of death benefit being purchased. If this was not the case, it would not be possible for the insurance company to cover the substantially increasing risk of a claim occurring with advancing age without an increasing premium. This also explains why term insurance (without any cash value) costs substantially more when it is renewed with advancing age.

[dailstancill]

...I'm into your Playlists...so may appear as random comments but all relevant & applicable to everyday financial lives of the folks...Civil engineer by day (live in Chester, VA) but re-licensed last Nov due to my life insurance passion & desire to help others see its unique benefits & leverage.

[BIGWTrading]

To your point, if you just want the "Legacy" piece, what would be your advice on how to go about doing that? GUL?

[michaelberrios]

Solid info Caleb. Just newly licensed Life Insurance Agent, and I want to make sure I get the info right to do right by my clients.

Ordered the AND Asset and its coming in this week. Would love to connect more 😎

[alancrookston]

This guy actually teaches you how to play chess not checkers. Thank you.

[BIGWTrading]

What life insurance products would you suggest using, if a client just wants the "Legacy" piece?

[ritamo]

Again, windfall blessing of 5 million, I want to put it in a policy, is there any kind of restrictions to me taking out a policy loan the same day for ...lets say a Million??