The Pros of Whole Life Insurance
Jason and Kyle discuss the pros of whole life insurance. Top points discussed: -Guaranteed death benefit -Guaranteed cash value -Dividends -Access to capital -Policy performance -Tax favorable asset -Flexibility
Jason and Kyle discuss the pros of whole life insurance. Top points discussed: -Guaranteed death benefit -Guaranteed cash value -Dividends -Access to capital -Policy performance -Tax favorable asset -Flexibility
Jason and Kyle discuss the top cons of whole life insurance. -Unavoidable upfront loss of liquidity -Insurability limits -Interest from policy loans goes to the insurance company -Possible tax consequences -Higher cost for death benefit -The "black box"
Jason and Kyle discuss their money mindset. Top points discussed: -Money/Wealth is not evil on its own. -It's hard to accumulate capital with a negative mindset towards money. -Rethink your thinking!
Jason and Kyle discuss what exactly paying extra interest is. Top points discussed: -Extra interest is not magic. -Paying extra interest is not required to practice the IBC. -Paying extra interest can be a good way to grow into a bigger policy.
Jason and Kyle discuss policy design specific to your goals and go over an illustration for an example. Top points discussed: -Life insurance is not a one size fits all product. -You need to be sure that the agent you're working with understands your goals and has your best interests in mind. -You need to be in the driver's seat and not blindly listen to whatever "advice" you are given.
Jason and Kyle discuss a powerful way to transition the farm or any business to the next generation. Top points discussed: -You should consider insuring your business partner -You can plan for your business transition while also financing it at the same time -Teaching this to the following generations will have a huge impact on keeping generational wealth in the family.