EPISODE #009

WHAT IS LIFE INSURANCE?

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Life Insurance: An Important Piece Of Your Wealth Plan

In this episode, John answers the question, “What Is Life Insurance?” and gets you to start thinking about it as an important piece of your wealth plan.

John is the author of 5 Ways Your Wealth is Under Attack. He has lectured on financial planning at various faculties. He has also received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.

John’s strength is his ability and commitment to improve the level and quality of the financial planning process.

His dedication to his clients’ growth involves an evolving strategy. As a result, his focus is to meet the demands, desires, and needs of his clients in a changing economic environment.

Some key takeaways of this episode are:

  • Life insurance is a contract between the insured and an insurance company. The aim is to deliver a certain sum of money (capital) in the future when the insured dies in exchange for a payment (premium).
  • Life insurance is a way to ensure your most important asset―yourself. It ensures specifically, your income-generating potential.

The design:

  • Also, its design is to provide replacement income in the event of premature death.
  • The replacement income will be there to pay off mortgages and debts. It’s there to pay future inheritance taxes, provide money to put kids through college, and pay for bar and bat mitzvahs. It pays for Sweet 16 parties and cars. It pays for all the things you would want to give your family in life.
  • Finally, there are many ways for the beneficiaries to receive this capital.

Think of it this way: life insurance is the only financial insurance that insures something that is definitely going to happen.

In future episodes, we’ll get deeper into the different types of life insurance and their uses. There are many.

Discussing life insurance can be emotionally difficult for some people. Yet, it is one of the best ways to protect your most important asset―you.

At Smallwood Wealth, we look at portfolios not only on a market volatility-adjusted basis, but also on a tax-adjusted basis. We always want to focus on how to reduce tax and how to reduce risk. This is how we can reduce the impact of volatility-adjusted returns.

Give us a call at 732-542-1565 or schedule a free 30-minute wealth conversation. We look forward to speaking with you.

 

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