What Is a Modified Endowment Contract?
What is a modified endowment contract? If you’re shopping for a cash value life insurance policy like participating whole life insurance, you may have heard of the term “modified endowment contract” or “MEC” and how it can strip your insurance policy of certain tax advantages. Pay too much into yourContinue Reading
How to Set Up an Infinite Banking System
The infinite banking system is a wealth strategy that utilizes dividend-paying whole life insurance as an alternative to saving and borrowing with a traditional bank. While there are several benefits to using a whole life insurance policy as your private bank, perhaps the two biggest draws are its tax advantagesContinue Reading
What Is Modified Whole Life Insurance?
Modified whole life insurance, also called modified premium life insurance, is a type of permanent insurance coverage that charges lower premiums than a regular whole life policy in the first 5-10 years. After 5-10 years, policy premiums go up and typically cost more than a regular whole life policy. InContinue Reading
An Introduction to Using Life Insurance as a Bank
Life insurance as a bank? If you’ve never considered the living benefits of a life insurance policy, you’re not alone. The majority of people who purchase life insurance do it for the death benefit. So, it might surprise you to learn that you can use certain types of life insuranceContinue Reading
What Is Limited Pay Life Insurance?
Limited pay life insurance is a type of whole life insurance policy that is structured to only owe premiums for a set number of years. In other words, rather than paying your insurance premiums in perpetuity, you agree to pay them in full over a pre-specified time. With the limitedContinue Reading
Final Expense Insurance FAQs and Alternatives
Final expense insurance is a type of life insurance designed to cover funeral and burial costs, plus other end-of-life expenses. Most people don’t want to leave loved ones with the financial burden of paying for a funeral or dealing with medical bills, and final expense insurance is marketed to coverContinue Reading
What is Life Settlement Investing?
If you think investments only happen in the stock or real estate markets, think again. There’s a type of investment utilized by big banks, businesses, and hedge and pension funds that can offer impressive returns with less risk. Even Warren Buffet and Bill Gates rely on it. Called life settlementContinue Reading
No-Medical Exam Life Insurance Pros & Cons
Let’s face it. No one likes going to the doctor. It’s no wonder why people search for no-medical exam life insurance when shopping around for a policy. In some instances, like if you have certain pre-existing health conditions, a no-medical exam policy can help you get coverage you might notContinue Reading
Critical Illness Insurance Benefits & Alternatives
Critical illness insurance pays out a tax-free cash sum while you’re living if you meet certain health criteria. Not quite health insurance and not quite traditional life insurance, it can help individuals cover health expenses or enjoy a better quality of life while living with certain illnesses or medical conditions.Continue Reading
Adjustable Life Insurance: The Real Cost of Flexibility
Adjustable life insurance is often referred to as a hybrid of term and whole life insurance. It’s permanent, provided premiums are paid, so you don’t have to worry about losing coverage as you get older. And it features a cash value component that can be used in the form ofContinue Reading
