Life Insurance Insights

Millionaires know how to use life insurance to build wealth – but only a particular kind of policy will do. We’ll explain why whole life is the preferred financial vehicle for becoming your own banker and providing a financially secure retirement.

Does term life insurance cover accidental death? In most cases, yes. We’ll go over what it covers, what it doesn’t, and why it’s different from another type of coverage that also covers accidental death.

Wondering how millionaires build wealth using life insurance? They’re using one particular type of policy that provides risk management, stability, liquidity, and tax advantages. In most cases, that’s going to be whole life insurance. Here's why it works well for a wealth-building strategy.

Do banks buy life insurance? Yes – but usually only for their executive employees. If you’re trying to sell your existing policy, in a process referred to as a life settlement, banks are not usually involved in that process. We’ll go over both types of purchases below.

The pros and cons of final expense insurance depend on what you need: is your main concern budget, death benefit amount, or ease of application and approval? Let’s go over these considerations and more so you can make a smart choice for you and your family.

You may have heard about using life insurance to pay off debt – but what does that mean? There are two possible ways to look at this issue: using it to pay off your own debt, or leaving a death benefit your loved ones can use to pay off debt after you’re gone. We’ll go over what you need to know about both aspects.

Limited pay life insurance is a policy type structured so that you pay the entire cost of the policy during a limited time period. That way, you don’t have to keep paying after you retire. We’ll explain more about how this works and help you decide whether it’s right for you.

What is an overfunded life insurance policy? It’s when you pay more into your policy than the minimum payments required to keep it active. If you’re not sure why anyone would do this – or how it can benefit you – we’ll explain why many high-net-worth clients use this option as a way to create wealth.

What are the prepaid funeral plans pros and cons? Are they more helpful than life insurance or not? We’ll go over what you get with a prepaid funeral plan, and explain why life insurance is a more versatile choice to handle your final arrangements.

Yes, it is possible to get life insurance for felons – but your options may be limited. We’ll go over what the insurers look for when deciding to offer coverage, as well as other options that might work for you.

Investors and high-net worth clients often ask us how to use whole life insurance to create wealth. Is it possible? There *is* a well-known asset maximization strategy that uses the cash value of a whole life policy to store and protect wealth.

There are financial firms that invest in life insurance settlements, which means they purchase life insurance policies from policyholders looking to sell their coverage. When the transaction works well, it earns a hefty return for the investor and relieves the policyholder of payments they no longer want to make. We’ll go over what this transaction entails, as well as some pros and cons.

Do insurance companies cover suboxone? That depends what condition you’re taking suboxone to treat. In most cases, suboxone is used to help treat opioid addiction. When it comes to life insurance, a past opioid addiction will affect your rates and, depending on how long ago you were addicted, your ability to get covered.

Wondering where to put group term life insurance on 1040 tax forms? We’ll show you where that amount is on your W-2, why it’s – surprise! – probably already on your 1040 form, plus explain how taxation of group term life insurance works.

A million dollar whole life policy doesn’t have a standard cost – it all depends on your age, health, family health history, and lifestyle. We’ll give you a few sample rates and explain what may affect your rate if you choose to apply for your own million-dollar policy.

What are paid up additions in a life insurance policy? In short, they’re coverage increases that add onto your existing whole life insurance policy. The best part? It can often be done with zero money out of your pocket.

Whole life insurance provides a lump sum of cash to your beneficiary (or beneficiaries) upon your death with no red-tape or legal wrangling. It can create an inheritance, help you divide assets, and more.

Is life insurance considered an asset? The answer is, in many cases, yes. We’ll explain what policy types build wealth for your lifetime and which ones only add to your estate. The key difference: a cash value component.

Pros include flexible payments and death benefit amount, while cons include a higher price than term life insurance. We’ll go over 5 pros and 3 cons you need to know before you buy.

The pros and cons of life insurance for kids involve price and policy type – we’ll explain why a child rider may be a better fit in this post.

It’s possible to get life insurance after a heart attack. Fully underwritten policies are more affordable, but you can also get guaranteed no-exam coverage if your health hasn’t improved.