PODCAST EPISODE 136: SPENDING THE DEATH BENEFIT OF YOUR LIFE INSURANCE WHILE YOU’RE STILL ALIVE

EPISODE SUMMARY

In this episode of the Sound Financial Bites Podcast, Paul and Cory break down the possibility of spending the death benefit of your life insurance while you’re still alive. They talk about the common misconceptions about retirement savings and the dangers of spending down into the principle of your retirement. Finally, Paul provides alternatives to wealth replacement strategies, including reverse mortgages and charitable remainder trusts.

WHAT WAS COVERED

  • 01:03 – Paul introduces today’s topic, Spending the Death Benefit of Your Life Insurance While You’re Still Alive
  • 02:04 – This Week in Planning
  • 06:03 – Understanding the motives of the financial institutions who are here to serve us
  • 08:32 – A significant shift that occurred back in 1962
  • 10:45 – The one guarantee in life
  • 13:38 – The common thought process behind spending your retirement savings
  • 15:03 – The danger of spending down into the principle of your retirement
  • 20:35 – COLI: Corporate Owned Life Insurance
  • 22:09 – Cory interrupts the podcast to provide the audience with a special offer
  • 23:45 – Why spending the death benefit of your life insurance while your still alive only works with whole life insurance
  • 28:14 – Other wealth replacement strategies
  • 31:32 – Paul provides insights into the returns that whole life insurance can yield
  • 33:57 – Key takeaways from today’s episode
  • 36:59 – Cory invites the audience to leave a review on the Sound Financial Bites Podcast
  • 37:10 – Cory reads a featured review left on the Sound Financial Bites Podcast
  • 38:03 – Paul takes a deep dive into today’s topic

TWEETABLES

“Now all of you can take back control of your capital.”

“The problems with running out of money don’t occur the day you run out of money. They occur when you see yourself on the glide path of running out of money.”

“And the truth is, you’re always going to leave a legacy. A legacy will be left and most people don’t want that legacy to be all their checks were bouncing that they wrote from the last month that they lived.”

“It [whole life insurance] is qualified on the risk pyramid right up there with CDs at a bank or cash holdings because it’s guaranteed to not go down in value.”

LINKS

Sound Financial Group’s Website for a Financial Inquiry Call – Info@sfgwa.com (Inquiry in the subject)

Sound Financial Group on Facebook

Sound Financial Group on LinkedIn

Cape Not Required (Cory’s Book)

Sound Financial Advice (Paul’s Book)

Clockwork

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