universal life insurance policy

Questions You MUST Ask Before Purchasing Universal Life Insurance

Universal life insurance might not be the right choice for you.

Though all permanent life insurance policies render a cash value, universal life insurance isn’t necessarily the best option for infinite banking and retirement planning.

At Paradigm Life, we always focus on the best strategy that helps clients maximize the benefits within their financial position. Our main goal is to create life insurance policies that enlarge the amount of cash that clients utilize. There are far too many agents out there that sell their clients  “Equity-Indexed Universal Life” (EIUL) policies, or any of the many variations of this. At Paradigm Life, we recommend “Whole Life” policies to maximize cash value.

3 Important Questions to Ask Before You Purchase Equity-Indexed Universal Life Insurance:

1. If the insurance company raises my premium will I be able to afford it?

2. How would I feel if my cash value declines or reduces to zero?

3. Am I okay with knowing that my death benefit will also decline or expire?

After evaluating your responses, you might be asking yourself why anyone would purchase an EIUL policy.

The answer is that just like any other financial product available to put your money into, each has a specific purpose. Not all EIUL’s are bad, but it’s rare that people get what they expect from them. The best safeguard against hidden traps within an insurance policy is to understand the guarantees the policy can offer. The guarantees are the foundation to building a successful infinite banking strategy and solid retirement plan. A whole life insurance policy is the only permanent insurance vehicle that can:

  • guarantee a fixed premium
  • guarantee cash value principle and growth
  • secure a death benefit for the rest of your life

A whole life insurance policy is the BEST choice for infinite banking and retirement planning.

When it comes to choosing equity-indexed universal life policy vs. a whole life policy for cash value growth, it’s imperative that you meet with a qualified agent. For more information on whole life and to request a complimentary consultation click here.

Michael Bonny