Life Insurance Insights

February 7, 2024
Coins stacked on blocks that spell out ‘wealth’

How to Use Life Insurance to Build Wealth

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.
January 31, 2024
Woman using laptop to look up ‘does term life insurance cover accidental death?’

Does Term Life Insurance Cover Accidental Death?

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.
January 17, 2024
Financial manager explaining the concept of ‘be your own banker’ to a client

How Millionaires Build Wealth Using Life Insurance

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.
January 10, 2024
Senior couple using their laptop to look up ‘do banks buy life insurance’

Do Banks Buy Life Insurance?

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.
December 27, 2023
Daughter helping her father write his last will

Pros and Cons of Final Expense Insurance

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.
December 21, 2023
Couple making a plan for using life insurance to pay off debt

Using Life Insurance to Pay Off Debt

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.
December 6, 2023
Woman using her laptop to answer the question ‘what is limited pay life insurance’

What Is Limited Pay Life Insurance?

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.
November 15, 2023
Financial advisor meeting with clients to talk about the benefits of an overfunded life insurance policy

What Is an Overfunded Life Insurance Policy?

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.
October 31, 2023
Wooden coffin on a dais in a church for a funeral

Prepaid Funeral Plans Pros and Cons

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.
October 19, 2023
Man in handcuffs, symbolizing the question of getting life insurance for felons

Life Insurance for Felons

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.
October 6, 2023
Hand holding three golden eggs, symbolizing the concept of how to use whole life insurance to create wealth

How to Use Whole Life Insurance to Create Wealth

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.
September 29, 2023
Businesswoman using a calculator to help analyze whether a life insurance settlement is a good investment

Invest in Life Insurance Settlements

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.
September 19, 2023
Do insurance companies cover suboxone?

Do Insurance Companies Cover Suboxone?

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.
September 15, 2023
Woman doing taxes online and wondering where to put group term life insurance on 1040 form

Where to Put Group Term Life Insurance on 1040

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.
August 30, 2023
Woman sitting at her desk with her laptop, holding a printed quote for a million dollar whole life insurance policy.

How Much Is a Million Dollar Whole Life Insurance Policy?

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.
August 9, 2023

What Are Paid Up Additions Life Insurance 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.
July 5, 2023
little girl spending time with her grandparents at the beach

Can Whole Life Insurance Be Used For Estate Planning?

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.
June 28, 2023
Financial advisors work on constructing a financial plan to build and protect assets

Is Life Insurance Considered an Asset?

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.
May 17, 2023

Universal Life Insurance Pros and Cons

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.
February 1, 2023
Mom with two young kids thinking about the pros and cons of child life insurance

Pros and Cons of Child Life Insurance

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.
January 18, 2023
Life insurance after a heart attack

Life Insurance after a Heart Attack

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.