Life insurance policies plans and insight

Life insurance policies and plans insight
 I have a question for you suppose you knew a tornado was coming toward your home there is no way you could avoid it, you are right smack in its path.

So the question is!!!! would you cancel your home owners insurance? just before the tornado is going to strike.

Well of course not, that would be one of the dumbest things that you could ever do right well.

Now the question is what is insurance and how it works? If it will work for you or not let from and out below.

When I think of that question it's always perplexing to me why people buy "life insurance" throughout their entire working life and then cancel it just about the time they retire.

Now i realize there's a lot of "financial advisors" and radio talk show hosts who say that you don't need life insurance when you're retired or when you die.

I say that's just absolutely crazy now let me get this straight, l you buy life insurance while you're young just in case but statistically you aren't going to die, then let's fast-forward 30 or 40 years and you drop it.

This is when statistically you are going to die that is to me like cancelling your "home owners insurance" just before the tornado hits.

Well let's analyze why people drop their life insurance the first and most prominent reasons are:

They didn't plan to have it their entire life
They likely bought some term insurance and the older they got so did the cost the cost went up then at some point the cost was so prohibitive that they were forced to drop it even though they still might want it or even need it.

You know the "insurance companies in nigeria" , "insurance companies in the united states"  insurance companies all over the world understand this, that's why "term insurance" is so cheap when the likelihood of a claim is low and it's very expensive when the likelihood of a claim is high.

You know "flood insurance" is really cheap in the desert where there's no flowing water dirt cheap, why? because there aren't any floods.

However flood insurance living next to a river that has a history of flooding homes is very expensive and the same goes with life insurance.

You're at a much higher risk at 80 years old than you are at 20 did you know that term insurance ends up paying about 1 to 2 percent of all those who "own term insurance" get a death claim.

The other 98% who buy term end up dropping their insurance before they die, let me say this too, I think term insurance is an important part of preparation, but it was never meant to be a lifelong asset.

It was meant to cover a short period of time in case of an unforeseen accident or health issue and that's a good thing and many young families need to take advantage of term insurance and tell or while they're building up their permanent policies now.

I know that none of us buy "home owners insurance" or "car insurance policies" hoping that we get into an accident just so we can make a claim, in fact it'd be nice if you want your entire life without having a claim on your home or your car right? and statistically I guess that's possible.

You may be one of those lucky ones that sneaks past having a homeowner's or an auto accident and that's great however it's absolutely impossible to get out of this world alive.

I don't hate to be the bearer of bad news but we're all going to expire at some point, it's not if it's when now hopefully you have a long life a TIA. but no matter how long you live at some point it's going to be over, so when you look at it this way it seems the most important insurance you can ever own is life insurance, because you know what? you will have a claim someday.

Now I know many people will say you're going to be so wealthy by investing in the "US stock market" Nigeria stock market" and many more, that you won't need life insurance, but that is just not true in fact from what I see the wealthier family is the more life insurance they try to buy.

So what do they know? well I'll tell you what they know first they know that if you properly structure a whole life policy you can use it while you're living and when you die you can't use it, but someone can?

This is an important point you don't have to structure a policy that's all about the death benefit, if you structure a policy for both living benefits and death benefit you've created a real asset for yourself and for your family.

Now it has to be done right you can't just walk into any licensed agent out there and assume that they know how to engineer a policy to maximize these benefits nor how to manage it along the way, see when you design a well engineered life insurance policy you have benefits like crazy.

Let me ask you something if given the choice would you rather rent a house forever or would you rather buy a home and then down the road own it someday?

My guess is you'd probably like to buy a home that's a little more attractive to you, well did you know that you can actually own a life insurance policy? a lot of people have never been told this but not every policy can be owned.

In fact the majority of the policies are more like renting term insurance, is essentially renting death insurance benefit universal life the insurance component is renting death benefit every year you pay rent but the day you stop paying rent it's over, you have nothing to show for it all that money is wasted.

Now what's worse is if you want to or you need the insurance you always have to pay the rent forever every year rent has to come from somewhere you either paid out of your pocket or it comes out of your cash value, but it is coming out now if I contrast that with a well designed whole life policy its structured so at some point you own it.

It pay off the mortgage it's yours and it truly is an asset that can produce tax - free income while you're living as well as a death benefit.

Now how would that be you can have an additional income stream that's tax - free that can last a lifetime that will also not be added when calculating your social security to see if it's going to be taxed?

Now more on that there is this article that suffice some years ago, it Say's that many retirees have their Social Security taxed because they're getting income from other sources that has to be calculated into that tax.

Well life insurance income doesn't count take as much as you like now this is a huge living benefit if you structure it properly and that's what we are really good at.

It's also an asset that lets you have access to capital for purchases or expenses or opportunities.

In fact you can even become your own financing company, make loans, take loans pay them back and have yourself and your or your family in your own financial system.

Then in the end when you die you leave a legacy for your family you give them the comfort they need to provide for themselves when you're gone or you simply pass it on in your estate because.

This is the most efficient assets you can have to transfer to your heirs, this is why the wealthy just don't buy "whole life insurance" but they buy as much as they can get.

It's interesting once people really grasp this concept of an engineered high cash value policy not only do they want one but they want as much as they can get, but the sooner you get a well designed policy the better you'll be able to use it your entire life long and unlike a retirement plan.

You're going to have access to the cash anytime for any reason and as I've said you have a tax - free income as well and you decide when you want to do this it's simply a matter of allocating some funds that would normally be allocated in your safe money investments.

 It's that simple each year you have it, it gets better and better if we fast forward 10, 20,30 years you're going to love what it can do for you then you can pass on your estate in the most efficient manner possible you have the insurance in place when you are ready to say goodbye to this planet.

So I go back to my original question would you cancel your "home owners insurance"?  just as the tornado or the storm was heading your way.

Now we're all going to expire at some point are you going to pay premiums your entire life and then not have a policy in place when the day comes that you expire that seems kind of silly doesn't it.

Well to learn more or if you have any questions please leave a comment below, I'll answer them just as quick as I can till next time take care.
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