Should I buy whole life insurance or term insurance? Well that's an odd question. Why? Because when it comes to whole life vs term insurance there really isn't one standard answer. In many cases term insurance is necessary to cover yourself while you are young and while it is cheap. However, does that make whole life insurance bad? Not at all.
By planning things out correctly we can have whole life insurance that is properly setup to pay for itself in our older retirement years. This way we have the cheap coverage when we need it and still guarantee our heirs money when we die. You will have a claim, the question is merely when.
In this video we go over whole life insurance explained next to term insurance and why owning your whole life policy, in the long run, is a much better option than only buying term insurance. By utilizing a high cash value whole life insurance policy we can take it another step further and ensure ourselves a whole life policy with cash value that can grow and still provide us with the insurance we can use when we die.
Whole life insurance retirement income can be great for any family. The living benefits life insurance can offer are very helpful and make the growth and tax benefits of whole life insurance even better.
Let's look at why whole life insurance is such a great asset, and why the wealthy continue to buy more and more as they make more money, not less.
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I have been involved in financial planning for over 30 years. I started out as a high volume stock broker. After working with millions of dollars I decided there had to be another way for people to earn money in the market without all the risky ups and downs that leave you where you started, or worse. After reading a ton of books I came across a book on the Infinite Banking Concept and it completely changed my life and the way I view investments. Now I focus on building wealth in safe and predictable ways, like Infinite Banking, Cash Value Life Insurance, and Indexed Annuities to name a few.
I post videos regularly so if you have any questions of comments feel free to email them to...
dan at wisemoneytools dot com