How Does Life Insurance Cash Value Work?
How Does Life Insurance Cash Value Work? Where the money comes from, how different policies grow it, and what to understand before you ever touch it. Ask five insurance agents what cash value is, and you may get five different answers. One calls it savings. Another calls it an asset. A third describes it as […]
How Do Life Insurance Loans Work — and Are They Better Than Borrowing Against Other Assets?
Borrow your own money. Keep earning interest while you spend it. Pay yourself back on your own schedule. Create tax-free retirement income. Be your own bank. If you’ve spent any time around life insurance, you’ve heard the pitch. It comes with confident names — infinite banking, loan arbitrage, becoming your own banker — and it […]
Why does the financial media hate whole life insurance
Being a financial planner, I have talked to thousands of people about money, so I know the financial world can be confusing. People struggle to make smart decisions because there are so many different opinions on what they should do; they have a hard time filtering through the noise to pick the right direction. When […]
Seeing Through the Haze: Uncovering the True Cost of Owning Long-Term Care Insurance
The Challenges of Planning for Long-Term Care As we age, we may face new challenges, such as declining health and the need for long-term care services. This can be a difficult and overwhelming time for individuals and their families, as the emotional and financial cost of long-term care can be incredibly high. Long-term care insurance […]
Annuities versus Investing: The Balance of Risk and Reward in Retirement Planning
https://youtu.be/JSaZtAjU4d8 Annuities are a popular yet controversial investment choice for anyone seeking income from their money. They are a contract between an annuity owner and an insurance company in which the owner pays a lump sum or a series of payments over time in exchange for guaranteed future income. These payments can last for a […]
Should Doctors or High-Income Professionals Buy Whole Life Insurance
Table of Contents Should Doctors or High-Income Professionals Buy Whole Life Insurance? Well, the correct answer from a financial planning perspective is – IT DEPENDS! Because I am a financial planner, I can’t give you a definite answer whether you should or shouldn’t buy whole life. The real question to ask is: Does owning whole […]
Sorry You Don’t Make Money Borrowing Using The Bank on Yourself or Infinite Banking Concept
Licensed insurance agents, out to sell more life insurance, are promoting both the Bank on Yourself and Infinite Banking concepts to explain how people can bypass banks and become their own source of money by properly structuring a traditional whole life policy. The idea behind Infinite Banking and the Bank on Yourself concept is that a person […]
What Is Opportunity Cost In Personal Finance?
Opportunity Cost | Table of Contents An introduction to opportunity costs When it comes to personal finance, opportunity cost is an important concept to understand, but it isn’t something many people consider when making decisions. This is because we are conditioned to think of “costs” as the amount of money spent on something. For example, we say […]