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What Is Coinsurance? The Health Insurance Language Guide

Medical bills can become a hefty expense without the proper coverage. In fact, CNBC reports that in 2018, “the average American household spent almost $5,000 per person on health care.” Depending on your family size and health needs, health expenses can really start adding up. Despite our fleeting feelings of invincibility, we are all susceptible …

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Private Family Banking

Private family banking (PFB) is a strategy that involves using whole life insurance policies to build a multi-generational bank… kind of. In this article you will learn more about PFB, what it is, what it is not, and if there are benefits. What is Private Family Banking (PFB)? Whole life insurance policies develop cash value. …

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How Indexed Universal Life Insurance Works (IUL)

Reduced risk, flexibility and the opportunity to increase your cash value is what Indexed Universal Life Insurance (IUL) promises for those who are looking for a permanent life insurance policy.  The objective goal of an IUL policy is to “outperform the index”[i] on which the IUL is depending on for its cash value growth. IUL …

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How Term Life Insurance Works

As the word “term” implies, Term Life Insurance provides coverage for a certain term, or period of time.  Like automobile insurance, home owner’s insurance or health insurance, premiums for Term Life Insurance coverage have to be renewed periodically, or the coverage will expire. Therefore, Term Insurance contracts are not classified as permanent insurance. It is …

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How Whole Life Insurance Works

The purpose of Whole Life Insurance is to provide coverage for the insured, for their entire lifetime.  Traditionally, Whole Life Insurance is a consumer demanded product that offers more than just a death benefit by permitting the policy holder to build equity in the policy. Paid Up Insurance Equity implies ownership.  Equity is the value …

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An Inside Look at MEC Insurance: What Is a MEC?

Since their origin, life insurance policies have always been an advantageous way to ensure financial security for family members and grow cash value. In fact, the IRS argued that the tax benefits were too good for single-premium life insurance. As a result, Congress passed a part of the Technical and Miscellaneous Revenue Act of 1988 …

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Understanding Whole Life Insurance and Crafting the Best Whole Life Insurance Policy

Typical financial planning has forsaken one of the best financial products. Some people believe that whole life insurance does not produce a high enough return to make it worthwhile to own any longer. Typical financial planning now says, “buy term and invest the difference”. But many people are losing money because of typical financial planning! …

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An Introduction to Bank On Yourself

If you aren’t familiar with Bank on Yourself, it’s one of many different philosophies like Infinite Banking, The Infinite Banking Concept, Private Family Banking, the 770 account and others. All of these philosophies and programs have a foundation in the general principle that a life insurance policy can be used to build savings and ultimately …

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The Problem with Bank on Yourself

As Nerdwallet.com reports, “First there was LEAP, then there was Infinite Banking, also known as Becoming Your Own Banker.  Now it’s Bank on Yourself (BOY), with Pamela Yellen.”  In essence, here is what each of these different sales programs attempts to accomplish for the prospect by selling them a permanent life insurance: Save you money, …

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Everything you Need to Know about Limited Pay Life Policies

Payments. Whether for a car, house, or investment, payments are a common occurrence in many Americans’ lives. When dealing with life insurance, a payment is commonly referred to as a premium. Premiums vary depending on desired death benefit and cash value goals.  When choosing a whole life insurance policy, you can determine your premiums before …

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