Betty Grable’s legs were insured for $1Million, each! Bruce Springsteen’s voice is insured for $6 Million. And there is more than $10 Million worth of “Alien Abduction” insurance, written around the country.
The primary purpose of life insurance for most people is to care for their beneficiaries and allow them to maintain their standard of living, after the policy-holder dies. But what about taking care of your family while you’re still alive?
Though medical debt is still the leading cause for bankruptcy filing, other news about how people fail financially involves job loss, divorce, or mismanagement of money (Bankrate.com). The question is, how do you secure yourself for the unexpected?
Whole Life Insurance is a foundation that ensures security. As the name implies, this type of policy covers you for your entire life, regardless of your age or the condition of your health. It’s permanent. Like Term insurance, Whole Life offers a guaranteed death benefit but unlike Term insurance, Whole Life offers additional value or living benefits, as well.
For instance, one of our clients, a successful land developer, lost most of his fortune during the late recession. He chose to wait the market out for several years as he used his whole life cash value as a buffer during low income times. Because of this some of our agents refer to permanent insurance as a super savings account. Looking at traditional life insurance as a maximized savings account is just one of the many advantages. When you own this asset you receive,
- Retirement Income
- Tax Benefits
- Guaranteed Growth
Visit our Infinite 101 page to learn how Whole Life Insurance can protect you!
FAQ
Q: What is a “Super” Savings Account according to Paradigm Life?
A: A “Super” Savings Account in the context of Paradigm Life refers to using whole life insurance as a financial tool. This strategy involves leveraging the cash value of the insurance policy for various financial needs, while also benefiting from the policy’s growth and tax advantages.
Q: How does whole life insurance function as a savings tool?
A: Whole life insurance serves as a savings tool by accumulating cash value over time, which can be borrowed against for financial needs. This allows policyholders to access funds while still maintaining their insurance coverage.
Q: What are the benefits of using whole life insurance over traditional savings accounts?
A: Benefits include tax-deferred growth of the cash value, potential for higher returns compared to standard savings accounts, and the flexibility to use the funds for various purposes. Additionally, it provides the security of life insurance coverage.
