In this chapter we will show you how to blend the above into a cost effective system that protects you and your family. In addition you will see how the wealthy use the blend to become your own banker. So, when you need to buy a car for example you borrow.
The bottom line is that we protect your family with term and build wealth with a IUL or WL so that when you get older and the cost of term insurance becomes prohibitive you will have savings and investments instead. The pros and cons of term and whole life insurance are clear: Term life insurance is simpler and more affordable but has an expiration date and doesn't include a cash value feature. Whole life insurance is more expensive and complex, but it provides lifelong coverage and builds cash value over time.
Is it better to have whole life or term life insurance?
Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection—if you can keep up with the premium payments. Since a term life insurance policy doesn't come with a cash value component, it's not possible to cash it out. This policy solely includes a death benefit that your beneficiaries may receive if
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