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It Can Cost You Millions!

Did you read the articles on the need for life insurance? If not do so today. The wrong insurance can cost you millions.


Yesterday, I said you don’t need insurance forever and you don’t. Would you keep your car insurance if you didn’t have a car? Would you keep your house insurance if you didn’t have a house? No, why not? You would not keep them because there wouldn’t be a need for them. It is the same with life insurance. Let me explain.


My wife and I have life insurance. We are also saving for retirement. However, our retirement savings have not reached our goal amount. Also our kids are young. Why is that important? Remember yesterday post was about life insurance replacing my income. This is how you do it and why.


We have 20 year term insurance. Insurance for 20 years allows our girls to be old enough to take care of themselves without needing my wife to be home. After 20 years they are adults. My oldest would be 24 and my youngest 21. Our savings in that time would be more than sufficient to retire. Also my wife could go back to work. If you had millions in the bank with no debt would you need life insurance. If the house was paid off would you need life insurance. Could your spouse live and make it if they had no debt? Could they live if they had millions in the bank? Yup, they could.



Look at the two pictures. One is a whole life policy quote the other a term life policy quote. Read this from yesterdays article to know the difference:


You do not want a whole life policy or any policy with a built in component. The policy in the picture are both quotes for the same individual. They are for a 40 years old male with a 675k life insurance policy. Huge price difference. Here is the problem with the whole life policy or policies in general with a built in savings component. They are too expensive and keep your savings should you die. You do not get both the

insurance or the savings. That is a rip off. If you paid extra to have a savings component you should get both. Don’t do it. Watch this video Why whole life insurance is a rip off!





Term from zanderinsurance.com is way cheaper. If you take the difference and invest it you would be saving 8,485 a year. Put that in a growth stock mutual fund and you would have about 700k at the end of your term insurance. With no debt, plus retirement and the fund from not overspending in insurance you would have become self insured. There would be no NEED for life insurance. Get your assessment done here.


If you have questions don’t hesitate to ask. Until tomorrow get those self assessments done and get term life if you don’t have it!


Your biggest cheerleader on the web, Gio

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