First, if you haven't listened to the previous episode (IPB 025), you really should. That episode will provide a bit of context for today's episode.
I'm sure that most people who frequent this site and listen to our podcast assume that we think life insurance is a virtual financial swiss army knife.
And while it is indeed a wonderful tool. It's not always the right choice for every situation. In fact, if I had to hazard a guess, I'd say that we've probably turned away two dozen people over the last several years because life insurance was not the solution to their problem.
Yes, I know, it seems highly unlikely that two life insurance salesmen would turn away business from people that actually ask us to sell them life insurance. But it does happen.
I've said it before but it bears repeating…life insurance is not the panacea. It doesn't always work out best for people and when that's the case, we tell them so.
Please don't take this a blanket advice. Unlike so many financial talking heads out there, we don't fancy making proclamations for everyone. Until we know the details of your particular situation, there's no way for us to know precisely if using life insurance as a retirement tool is a viable strategy for you.
But…there are some instances where there is a very high likelihood that life insurance won't work out so well for you.
Here's an incomplete list:
Remember, life insurance is not a magic pill. It needs some strategic planning and most importantly…it needs time.
If you’re curious how it might work for you, please use our contact form to get in touch with us.
Brantley is a practicing life insurance agent and has been for nearly 18 years. After years of trying to sell like his sales managers wanted him to, he discovered that people want to buy life insurance if you actually explain the benefits.
Indexed Universal Life Insurance Pros and Cons
Will Your Indexed Universal Life Insurance Policy Produce an 8% Average Return?
IPB 107: When Interest Rates Go Up, Bonds Go Down. What Does It Mean for my Life Insurance?
IPB 105: Is Indexed Universal Life Insurance Worth it even if the Interest Rate Assumptions are Wrong?