Most people view life insurance as something that only benefits those who you leave behind after death. And, when you focus on just the death benefit that’s associated with a life insurance policy, then that is certainly true. But, what if there were living benefits within a properly designed policy that you could benefit from while you are alive…..might that change how you view life insurance?
One of the reasons we like life insurance planning is that it can be the “baking soda” for the financial planning industry when used properly. If I asked you what you use baking soda for, you might come up with 5 different responses on what you do with baking soda in your household. Actually, one website I found recorded 75 different uses of baking soda. Pretty amazing don’t you think?
What’s also pretty amazing is that when you have a properly designed life insurance policy, you find that it too has very many different uses. While not as rich as 75 different uses, a properly designed life insurance policy can accomplish all of the following for you:
- Transfer wealth tax free to the next generation
- Pass on ownership of a business interest
- Start a business (examples include Disneyland, Foster Farms, and Pampered Chef)
- Save a business from financial failure (examples include McDonalds & J.C. Penney)
- Start a university (examples include Stanford University)
- Fund a presidential campaign (examples include former presidential candidate Senator John McCain)
- Secure a line of credit
- Make better financing decisions by giving you more financing options
- Make better investing decisions by leveraging the value of your policy
- Provide an employee benefit
- Protect a business from monetary loss
- Pay mortgages and debts
- Pay funeral expenses
- Pay for college
- Qualify for more money for college from financial aid
- Give money to charity
- Create an estate
- Pay estate taxes
- Equalize an inheritance
- Provide income to loved ones
- Guarantee future insurability
- Pay for long term care expenses
- Provide tax-free retirement income
- Replace wealth lost from bad investment choices prior to retirement
- Balance the investment risk present in your investment portfolio
The above is just a short list of some of the many things that can be accomplished with a properly designed life insurance policy. Taken as a whole, many of these living benefits can far outweigh the death benefits that someone, other than yourself, would benefit from. In that light, you can view life insurance as more than something that’s needed, but rather as something that is truly desirable.
Contact Winning The Money Game With Ike today for a free, no obligation consultation to see how you can benefit from any or all of the many benefits of a properly designed life insurance policy. Give us a call at 470-253-9711 ext 101.