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Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

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At Virtus Wealth Management, we believe we can help you no matter what age you are, what life stage you are in, or how much money you are working with. We want you to feel educated, empowered, and involved in the planning of your financial future.

Nobody Needs Life Insurance

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  • Nobody Needs Life Insurance

by | Feb 28, 2018

Nobody needs life insurance, that’s right, nobody needs life insurance. You are not alone if you’ve ever thought it seemed absurd to take money out of your own pocket to buy a life insurance policy that someone else will benefit from once you pass away. The odds are in your favor and in reality you need to plan on living not dying tomorrow. No one wants to listen to a company agent tell you that you need life insurance because you could die tomorrow.

Additionally, the whole life insurance thing is excessively complicated. When there are so many different kinds of policies and an overabundance of articles on the web claiming, “term is the best and whole life is the worst” and vice versa, it can be difficult to know which policy is right for you, your family and your situation.

I personally blame the industry for most of the complexity and misperceived notions that surround the topic of life insurance. Too much focus is placed on the possibility of you dying tomorrow. As I like to say, “back the hearse up.” Again, statistically speaking, it is more likely that you will live well into your 70’s and then worry about outliving your money.

With all of the above being true, the right kind of life insurance can still provide both you and your family a great benefit. I am suggesting it is worthy of your time to sit down with a professional and learn which type of life insurance best fits your needs and how the right kind can enhance the value of your other assets on a tax-free basis.

There are numerous types of life insurance policies – I have a list of 25 different kinds that I carry around in my briefcase. While this does make things more complex and confusing, it also opens the possibility to actual life insurance not just death insurance.

I need to share that no beneficiary has asked what kind of life insurance it was – they only ask how much and how long will it last. I read financial articles all the time that claim term is the best and whole life is the worst. These articles don’t tell you that this is only applicable for certain people in specific situations. So, if the odds are in your favor to live well into your 70’s and your term policy becomes too expensive while you’re in your 60’s, what happens when you have to drop it? In that case, that insurance company has collected all those years of premiums and is now “off the hook.” Who won that deal?

Also, what is the deal with all the other policy types? There is universal life insurance in which you basically buy term and invest the difference. In this case, all the risk is shifted to the insured, the interest rate can fall and the company can increase cost of insurance and expenses. The effect being that you could see your premiums increase, and like term, may lapse in the later years. While this does not sound like a good deal, universal life insurance can actually be the right choice that provides the most benefit for certain people under specific circumstances.

Additionally, they offer indexed life and guaranteed death benefit life – all with contractual issues that the insured must be cognizant of or again they are likely to lose their coverage and the insurance company wins.

And last but not least, what about the whole life insurance? Financial writers try, in so many words, to convince you that because premiums are higher, the insurance company is “screwing” you. Yes, you may pay a higher premium but that comes with guaranteed cash value:  the potential for tax-free dividends and a death benefit no matter what age you might die. This product is actually life insurance, not death insurance. I have seen premiums paid when the insured was disabled. With cash value and dividends, I’ve witnessed college paid for, cancer treatment paid for, cars purchased, income in retirement and businesses sustained. Furthermore, I have seen life insurance act as a “permission slip,” giving couples in good health and young enough to enjoy their years of labor the freedom to spend down all of their assets rather than living on interest alone.

Thus, you may not need life insurance. Families have survived after the main breadwinner passes away – even if the remaining spouse had to work three jobs and the family lived in a rundown home. Insurance companies and financial writers do you a disservice by adding complexity and confusion to this issue. However, I sincerely believe it is worthy of your time to learn how to utilize this product to your advantage and not that of the insurance companies. For more information please feel free to contact me at 817-717-3812.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Insurance guarantees are based on the claims paying ability of the issuing company. Dividends are not guaranteed, and can be reduced or stopped at any time. Withdrawals and unpaid loan balances may decrease death benefits, and could cause policy to lapse.

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