I want to talk to you today about life insurance. It’s a subject that, when you hear that word, it might bring a little bit of anxiety. I might be something that you’re not interested in, but we went to a symposium just about a week and a half ago and we were hearing so many different stories about families that life insurance truly made the difference, not only in their lives, but in their families lives. So I thought I would just share a little bit about how life insurance works and we’ve all been told is you need to spend money, you need to pay a premium to leverage a death benefit for your family, so it really doesn’t have anything to do with you.
The words I’ve always used when I shared it with employees at businesses is, “If something happens to you, the I love you check will actually take care of your family tax free.” Well you know what, that’s true. That I love you check will take care of your family, that can be your legacy transfer tax free, but let’s go back to life.
There are many different types of life insurance but I’m gonna just talk about two today, I’m gonna talk about a term life insurance policy and I’m gonna talk about a whole life insurance policy, and the difference that somebody explained to me years ago and I just tend to use that definition, is the difference between whole and term life is term is like renting a home. You’re gonna rent a home for a period of time, whether it be five years, 10 years, 20 or 30 years. Whole life is truly buying the house. So you’re paying a little bit more money up front because you’re actually buying the house and building equity.
So that’s really how this tool works, but again, I’ve been in the industry for over 20 years and I didn’t know the concept about life insurance until about three years ago. And one of the things that was so exciting for me is, with a whole life insurance product, you can actually use that tool in life as well as in that legacy transfer. But here at Private Banking Concepts, we have found a concept that a gentleman by the name on Nelson Nash created in the early 1980s, and you really should take a look at his books. Become Your Own Banker and Warehouse of Wealth. I love his book Warehouse of Wealth because it tells a story about him and he really needed to wake up and really change his life. He felt like he got a second chance and in a way, I feel the same way.
But let’s go back to life insurance. On whole life, the media, a lot of big famous names out there will tell you how horrible of an investment it is, and it isn’t an investment, but they’ll tell you, “Buy term and invest the rest.” There could be a time and a place for that, but I’m just gonna share a little bit about a place that you can put your money and that is a whole life insurance product that actually will help your money grow, guaranteed, and with uninterrupted compounding. And at the same time, within a 30 day period, you get to use the cash. Wow, does that sound kind of interesting to you? It really was interesting to me. At first I thought, why did I not know this? But secondly, the more I know it, the more I see how it has changed not only our lives, but lives around us. I am so excited to continue to share this message, and that’s why I wanted to share the basics of life insurance.
With a whole life product, it needs to be structured very specifically. We really like to use mutual companies. We have several different life insurance companies that are just amazing companies. They do business with the utmost of integrity and trust. As I began to delve into this world about three years ago, I keep finding more and more, and more people that are interested in learning what else is out there. What else can give them a guarantee with whatever the economy brings, whatever life brings. But if you were able to put money into an instrument that would grow for the rest of your life uninterrupted, guaranteed at 4% and you get to use the money today, and you get to transfer it to your family as the I Love You gift on the legacy transfer, would you be interested? Wow there’s so many people that have been interested and our workshops are just exploding by the month because so many people are excited to hear that there is some hope out there in their direction, in their financial direction.
Let me go back one more time. There is a little tool that’s been around for over 200 years, or just under 200 years I believe … That’s been around for under 200 years that the wealthy have used for that long and they have been able to put money in a whole life product that will actually give them a sense of security, a very strong foundation, tax free growth, and also transfer to their families.
I’m reading a book right now and it’s by Garrett Gunderson and it’s What Did the Rockefeller’s Do?” I really would encourage you to read to that. It tells you exactly what it is we teach and we would look forward to sharing and just sitting down and hearing your specific story. We get to do that everyday or every week and it’s just been such a joy to hear people’s stories, but also to give them some hope and some clear direction on their roadmap of life.
So if you would like to hear a little bit more about life insurance, let us know. Give me a call. We’d love to hear from you. Have a great weekend.