027 True Dat

027 True Dat

(Complete Show Notes Below)



In the 27th episode of the Financial Procast:

 It's Tax Season Once Again

After Brandon invokes the Time, Place, and Manner clause of the U.S. Constitution, we talk taxes.  Yeah, April 15th, the most dreaded day of the year for those that have to write checks to the IRS.

But guess what?  There are many wonderful benefits of cash value life insurance, both whole life and universal life insurance.  We open up a bit more on the discussion of some of the uses, nuances and benefits of using life insurance as tax efficient place to warehouse cash.  In our discussion we tell what it is and what it's not so that you can decide what will best suit your situation.

Using the cash value inside a life insurance policy can create some very tax favorable income scenarios for you in the future and we dive into those.  Also, Brandon dives into a discussion of FIFO, LIFO, policy withdrawals and policy loans.


Universal Life vs. Whole Life

We get questions surrounding this debate all the time and we got even more after procast episode 25.  It turns out that the debate over the two products is as heated as it's ever been and both sides have continued to really dig their heals in on which is better.

And many times, people ask us “Which is better?”  Our answer always seems lame but “It depends” really is the truth.  There's just no clear cut way to determine that one product is absolutely, always the right thing.  Furthermore, anyone that tells you that is spewing nonsense your way.

In our discussion, we break down the mechanics of Whole Life and Universal Life Insurance to give you the knowledge you need to make an educated decision on which may benefit you.  The best advice we can offer on this topic is to have an open mind and really look at the numbers.


Questions from our listeners

We field three questions from our listeners.  Jim asks us about having his investment adviser manage the cash value in his whole life insurance policy, Rob asks us about the proper ratio of blending inside a whole life policy, and Rebecca asks us if she should consider deferring her retirement savings while she cleans up her finances.

Contact us if you have any questions regarding this episode or if you have any questions at all. We're always glad to help.


Brantley Whitley

About the Author Brantley Whitley

Brantley is a practicing life insurance agent and has been for over 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.

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