Yesterday I had lunch with the Vice President of a local bank.
She brought up the subject of Life Insurance.
I always ask, "why are you buying it?" because the reasons (and other factors) drives the type.
She looked at me as if I was nuts. "I am buying it for the only reason anyone buys life insurance...to provide for my family when if I die prematurely. Why else would you buy it?"
I mentioned some of the following reasons:
1. Tax free growth
2. Tax free access to YOUR money
3. Guaranteed growth
4. Unrestricted access to YOUR money
5. College funding without FAFSA impact
6. Retirement income without taxes
7. Long-term Care needs
8. Investment capital without bank involvement
9. NO loss of capital growth when money withdrawn
10. Death benefit
I also showed her the graphic above and how the largest banks in the U.S. utilize this strategy for many of these reasons.
If you would like to avoid paying taxes in the future on your money and have access to it when you would want it, we should talk about this strategy.
Her next question was if I could come in and present this to her staff!
