What is a Cross Purchase Buy Sell Agreement?

Understand how to use a cross purchase buy sell in your business.

If you own a business, you need a clear template to follow for your buy-sell agreement that details the triggering events, how you will fund it, the agreed-upon value of the business, and the structure of the arrangement. But what’s even more important, is that you need to be sure that you fund the agreement …

Keep Reading

Memory Test for Life Insurance

Did you know that if you are over 70, and need life insurance, you may be asked to perform a memory test?  Or if you prefer to use fancy life insurance company wording, a cognitive impairment test.

This sort of testing has not been around that long, in fact, it's a relatively new kink in the life insurance underwriting rope.  Keep reading and we're going to share a real-life example with you that will elicit a raised eyebrow at the very least.

Just recently, I had a new client I was working with that needed a permanent life insurance solution for reasons that are laid out in the proceeding paragraphs.

For sake of protecting the privacy of the innocent, let’s call him–Mr. Smith.

Mr. Smith is in his early 70's, 73 to be exact. He has a pension from working in a federal government position and had chosen (years before I ever met him) at his retirement to receive a “life only” pension payout settlement option.

Choosing the single-life option is very common among civil service employees, retired teachers, and union employees to name a few.


Pretty simple actually.

Keep Reading

Selling Life Insurance from Home

Back in 2011, when the world was very different than today, selling life insurance from home seemed like a crazy idea. How do we know? Because everyone that we spoke with about what we were doing and our idea to work with clients across the country told us it would not work. Those people would …

Keep Reading

Which Type Of Life Insurance Policy Generates Immediate Cash Value?

If you are searching for the right life insurance policy to generated cash value quickly or even immediately, you will have a couple of different options. But you should be aware that more important than the type of policy—whole life insurance or universal life insurance are going to be the two types—you need to know that policy design and funding will have the greatest impact.

You can purchase the right type of policy and not achieve the desired outcome of growing cash value immediately. The details very much matter when setting up your life insurance policy for the purpose of rapidly building cash value.

Keep Reading

Should I Work With an Independent Life Insurance Agent Near Me?

In spite of all the chaos that 2020 has brought to the table and the ensuing shift to most people doing business in a virtual world, there are still many people searching and wondering if they should work with an independent life insurance agent that lives close by. There are some people that really like to have a face-to-face, in-person experience with their life insurance agent. We get that and we always enjoy meeting our clients in person when possible.

But since 2011, we've used the internet to reach people in a way not possible a few decades ago.  We started doing this for two reasons:

Keep Reading

What You Need to Know About Retirement Income Planning

If you've read any of our other articles that go into detail about various techniques or strategies to address retirement income planning, you’re probably not shocked that we believe it is a significant discussion.  And quite honestly, we believe this is one of the biggest boondoggles for financial advisors, investment companies, and life insurance companies.

The financial services industry has largely dropped the ball with educating and informing consumers on how to think about retirement income planning.

Keep Reading

How Does No Exam Life Insurance Work?

If you have ever applied for life insurance in the past, you probably remember having someone come out to your home or office to ask you intrusive medical questions, take blood and a urine sample. But nowadays, you can actually get a no exam life insurance policy or non-medical life insurance policy. Different names for the same thing.

You will typically pay a bit more for your coverage than you would if you went through the hassle of subjecting yourself to a full paramedical exam. But for most people, the prospect of having an examiner come into their home or office to take some blood, a urine specimen, and ask a ton of invasive questions is a deal-breaker.  And I completely understand.

Keep Reading

Should You Maximize Your Pension Income?

Pension maximization refers to a specific retirement planning technique that can be used by couples to weigh possible pension payout options. You can also consider these options to be annuitization options as they are quite similar to what you will find in a single premium immediate annuity, like the ones I referred to in this article on creating your own pension.

So you've been slaving away for the past 30 years at your post and now that day is in plain sight.  What day is that?

Keep Reading