Many people purchased term life insurance because it is affordable and efficient
Their expectation is that they will outlive the need for the liquidity as they get older and they accrue like more assets. That makes sense if you’re one of the few who can successfully LIVE and ACCUMULATE -traditionally a conflict for most incomes.
The misnomer is LIFE gets in the way of accumulating….
Lifestyle, educations, weddings, generosity to children, COVID and disruptions in income due to industry or career obsolescence.
Term Insurance is comfortable because at early age as you can buy a lot for a little- and locks in coverage for a fixed horizon.
HERE IS WHAT INSURANCE COMPANIES DON’T TELL YOU.
Failing to lock in life insurance that goes on forever, while you are younger, can preclude you from having life insurance later in life. The costs to acquire life insurance at 65 or 70 are prohibitive – even IF you remain insurable.
Opportunity – The NO RISK life insurance strategy – Get all your money back!
Here’s a clever idea that could change the game for you consider converting a portion of your life insurance, to what we call NoLapseLife, with refund of premiums.
These products guarantee a death benefit for life, also let you turn around at years 20 and 25, and recapture most, or all of your premiums. Have your cake and eat it too.
Imagine at age 70 or 75 years old, making the decision to take back all your premiums, tax-free, hand the premiums to your grandchildren as gifts, or simply recover all your money, or, if your health is impaired and/or you need the death benefit continue the policy for your heirs.
THE REAL SECRET –they don’t want you to convert your policy because it means they will pay a claim at some point…
The IRR on a death benefit to heirs is ALWAYS amazing. Life Insurance is the greatest buy, bargain and investment ever. It’s a certainty, tax free, and absolute. Of course, it’s the most selfless thing you can ever do, but, if you’re trying to achieve the impossible, LIVE and ACCUMULATE, what better way to be able to consume and assure those you love and care about.
What’s the worst that happens, you get all your money back?
It’s seldom people don’t have a need or desire to have final expense and liquidity.
Check into the conversion feature of your term insurance policy to see if this is available to you without any underwriting. Or explore the newest Term policies.
Life insurance- it’s good for you and for your future.