Whole Life Insurance

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Enjoy it, share it, but most of all, thank you for listening and for choosing The Truth Podcast Network. You're listening to the network and TruthNetwork.com welcome to finishing well brought to you by Cardinal guy, certified financial planner belonged to Shiloh best-selling author and financial planner helping families finish well for over 40 years finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started. Finishing well. Thank you for tuning in the finishing mountain of interesting topic today. No doubt in my mind. The idea is whole is making something whole life insurance and when you think about the concept of Jesus told us very clearly in a Blessed are those who mourn, and you know it isn't. Blessed are those who worry that it's good to have you ever knows it doesn't say it that way but you know I have a good friend, Peter Rosenberger, who teach teachers every Saturday on the Truth Network with no hope for the caregiver and how caregivers often get very frustrated with the person that they're trying to help by not having to deal with her incontinence or having to deal with their cranky and all these things and all those things are terribly unfair and what happens to love the caregiver. Sometimes they just raged in anger because they're trying to get control the situation that is just totally unfair and what he was teaching was that if they would mourn and turn to Jesus and face that door of pain. This isn't fair with half of their loved one isn't right and all those things. So our response to that, according to Jesus, would be to actually mourn Matt to bring him into the equation to help us face that door and bring in all the support necessary in order to deal with the issue at hand. Well, it seems to me Hans to be just absolutely applicable to here we are in the situation that we know our loved ones are going to face.

We are going to be gone and and we need to put them well with God's help, we would hope to have them in a situation where they are able to not worry, but simply deal with the loss. That's right in front and and and this is why it's kind of cool that you you you gave me this idea that I was out all insurances it's it's gonna make and people said so they can deal with the real attractive of of the loss of their doom will every week you love you so I got the money in the bank and unwanted by life insurance was life insurance coverage make too much money off of that stuff I can afford that are the money, I'll just pay for this United paid for my funeral. People just dismiss the subject and are people that are on the phone or agents, let them do it when I felt the need to do is it. It's in my workbook where I make the case for $25,000 as a minimum of life insurance and of whole life and services you hear that word. Whole life insurance. Your thinking how I was told that that's no good. Well, okay, as opposed to what and then you say well, as opposed determine most people are carried a large amount of term insurance.

Their whole life to this point and term has an end to and a lot of people that are in their 50s and 60s are facing that date and it gets kind of expensive to cure those large amounts of term well into their 60s and 70s, and a lot of them have been sold and told we don't really need that amount of insurance and that may well be true if your kids are grown in your house paid for and people are not suffering of a big loss. Financial loss at your desk.

You may not need that amount. But what I what what I'm stating is is you need 25,000 is a minimum that wouldn't talk next week on the show about amounts larger than that and why some of our clients by 100,000 200,000 or more for various purposes, but all of them have this concept of the initial 25,000 baked into them could well be that this is where we started out talking to. So if you're in your 50s and your 60s in your 70s and you don't have any permanent life insurance life insurance is gonna last for your whole life that you know is can be enforced. And there's going to be a check there right after you pass away. Then Jan take a look at this quickly.

The sooner you do it the less it's gonna cost you, and the more chances are that you can qualify for a less expensive policy based upon your health. I also want to tell you that if you're 60, 65 years old 55 and you've got some serious chronic conditions or one serious chronic condition. He thought that you weren't eligible for more life insurance or whole life insurance and PR to talk and second part of the show. Specifically, and even give some prices on policies. I mean, we've written these policies and people with ALS is written among people with COPD, chronic lung disease, cancer, many conditions that you think are uninsurable. We've got some insurance that will take you okay now the 25,000 that I have in my book on page 88 in the workbook talk about the complete kernel guide to planning for living in retirement.

And then there's a workbook addition, I went through here made the case for this $10,000 for the funeral $2000 for attorney fees for estate settlement thousand dollars to pay the executor and 6 to 12 months of income replacement just of the thousand dollars a month or $2000 a month for six months $12,000.

All that adds up to $25,000 now your family is going to need this and they really need the liquidity. Even if the money sitting in the bank never go down with the deceased person try to pull some money out of their account. I actually have and I think you can't do it because the bank climbs onto it because their weight and to figure out what Social Security is getting down to ensure they are and you got a deal with opening the estate distributing it all of that was life insurance is bypassed and there's no taxes on life insurance.

He's on his nephew to been with me yesterday. Hans was actually at the estate's office and rocking ham County finishing up my father's estate and there was a poor guy there who apparently had never listened to finishing what I wanted to cry for him, because I listened to the clerk taking them through things that he had no idea where all these things at his mother's what she had this going to that she was paying for a satellite bill shed that satellite TV and in on. He was just getting more and more and more upset as I listen to her take him in and through this situation at and I could see the amount of time it was be involved in a here's this guy is executor and and the amount of time and effort all that you know you think of thousand dollars for an executor isn't fair for somebody to sit through. Believe me, having done it that you know these things are going to be critical to your family at the time that they have. Listen, you can take a life insurance policy down to the funeral home and they will accept assignment of benefits and help you with the claim there is speed up the death certificate to when I know that that's whole not the payment. This is just this. Why talk about is a minimum, I mean a lot of folks to come in to see us when were all done, we discover some other needs they buy substantially larger policies even in their 70s and rent talk next week about some of them but I will be doing my job if I can impress upon all of you, having been in this situation so many times clients is that money coming due exactly when it's needing needed in the payment from the insurance company straight to the beneficiary is just it's a wonderful thing if I can impress upon you to at least investigate and do it right, you can give us a call the numbers kernel guide.com the numbers on the website, you can send us an email.

Send us a text message coming. Most of you are sharp enough to figure out how to find okay & I can spend a lot of our valuable time going over that were in the business of offering this type of insurance and I brought in today and I went over with Robbie, a document that I made for my agents for the people that work for me in the various offices that we have. To make this simple and I went over with Robbie and is is is pretty simple and working actually put some Rachel. We were using you as an example, Robbie Riley. Now, now I 60. Currently, 64 so denies chemical it right on top at 65 so I need to do something here before I turn 65. So these rates are for somebody is 60 years old and those 65 actually itself, so the rate at 65, your rate will not be the 60-year-old rate this thing only shows every five years working to just how is testing tolerance different than the �60 than 60 use the 65-year-old rates. How can okay and if you start on the bottom of this chart is we have from one company a guaranteed universal life policy. It's a whole life insurance. It's $80 a month who she is, as the female $97 a month for 65-year-old man non-smoker and that rate is guaranteed for the rest your life so for $25,000 insurance and that's the best rate we offer. You can get a free complementary physical and Internet free complementary contest.

All of that and they're gonna write for your doctors records. Now that doesn't mean if you get a few things wrong with you that they're going to turn you down. They may rate you but that's not to be too bad it's going to maybe knock it up by 25%. Maybe as much as 50%.

This is a fully underwritten policy for $25,000, 97 bucks a month now. That's the best we got. And now everybody's gonna qualify for that and many people don't want to go through all that hassle. So then we go up the chart and we find the next company. This is a final expense policy and so it has just easy underwriting sieges need to answer a bunch of questions all know qualify and then the good, maybe call you on the phone, maybe not an issue of the same questions again this can issue this policy immediately whole life insurance hundred 34 bucks a month. Now the next company is actually a little bit less. These two are pretty much the same. Then you go up to the next company hundred and 53 bucks a month say why do these people charge 153 for what I could buy from hundred 3434 well there easier to qualify for a minute since it's a sense we have two companies in that category, and depending upon what's your ailments are working to go with one or the other this thing keeps on going amused at the very top of this list.

The premium gets up as high as $3211 a month for the same $25,000 of insurance that this is guaranteed insurance guaranteed issue insurance, no health questions so we have people with severe chronic illnesses. You know I go and tell you the company is Gerber life insurance companies the same as the Gerber baby food people on this like cradle-to-grave yammer dataset that is it 211 bucks a month and $25,000 of insurance.

No questions asked. Know your rates depending upon where you go on this thing are to be a little bit less. This could you're still 64+ hopefully chronic illness.

We can get get you in a north American and 97 bucks so that we got a whole lot more so common we come back we're going to be talking about whole life insurance and and and that this case no, was to make those people home with the point in time. Are there no put this in all similarly come back or from Cardinal guide.com and I were living in his and nine, Hans and I would love to take our show on the road to your church and Sunday school Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hahn's expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to Cardinal guide.com and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact time to Cardinal guide.com that's Cardinal guide.com welcome back to finishing well, a certified financial planner Hans John Allen is always this is achieved by Cardinal guide.com and Hans's book the complete Cardinal guide to planning for and living in retirement. When we left her hero me to keep me out of the hole by making up well with all life is where were going over some actual, you know, here's what this actually looks like to me you could being that beautiful thing it is that II. From my perspective, having bought. Term life insurance for years is that you know when you hear that $97 you like less pretty good that I'm amazed at what happens when a 95 while since it's all life insurance right when a 95 room hundred and five, it still was not all there still 97 bucks a month. That's guaranteed and that's it. That's a critical thing to understand. I think about whole life insurance is that no here. This is something and in the other cool thing about this that we talked about in the previous shows you can do a 10 year when you call it the 10 patient. Yeah so you could take the 97 I'm just going to guess at this, say hundred 50 bucks a month and you could pay 150 bucks a month for 10 years and then this policy would be paid up.

You would have to pay premiums beyond age 74.

Right.

So even if you have the hundred and 60.

Guess what that they're on the hook medic which sets my dad actually had a $10,000 policy like that, that he had paid up and it was it in the drawer and was wonderfully helpful and we can do that with most of these that we can figure that out. I try to keep this thing simple. Now there's another option that we didn't talk about and this is for those people that say you have the money in the bank and there's a lot of folks you just rely on their savings and that to some extent leisure heirs of masses.

They all of a sudden have to deal with all this stuff and they got to figure out how to access the money in the bank explains the executor and so would what a male could do what you can do is if you had this much in savings you have to have more than that, before it right you policy but you could put $15,350 in a single deposit to be a little bit less for you because your 64. This is called $15,000 and you would buy a paid up $25,000 whole life policy so the money since there no matter when you die that policies can pay 25,000 now that is evangelicalism. This is the one thing this is the one page you yeah you make one payment 15,003 and $50 and from 65 qualified for Baltimore. There you and your leveraging the money in your savings and if you were a lady to be 13,475. In this post is pretty easy to qualify for. We can get some health conditions for that as well so I mean it's it's called single premium whole life insurance and is from the Baltimore life insurance Company and we can write it for larger or smaller, but it's a wonderful way to leverage your money in your your kids or whoever is handling your affairs. Where is the beneficiary, then I can pay any taxes on that gainer that step up to $25,000 as tax-free. So this is a wonderful way to transfer wealth and we got a lot more option enough that you get into a larger amount you wanted to save, perhaps, with $50,000 in this thing are hundred thousand Morgan assure you more options Baltimore life. Considering we have several companies that offer large amounts of these with their wonderful company to work with on what is a $25,000 policy now what I want to do is I want to say okay so I got several people listening and just I have some people people just look right necessary. I'm just not panning down hunters and $930 a month. I don't whatever and so can I get less you know, can I get 10,000 so we've made this sheet. Pretty simple. Now that the North American along 10,000. Let me just tell you the last question that the statement he asked me which I did not see, actually was fine because I have covered was to have proof that all the funeral expenses and been paid and and so the closer Lebanon's estate in this tough it's gonna be paid should we can get a lot of people who think they can get insurance even on one of these immediate benefit is most these are, we know we can get your Gerber energy and we can get you know some people want more than 25,000 as well.

We have both on here.

We we have people that have bought AIG at 25,000 and invite Gerber at 25,000, and they've got $50,000 of insurance when they didn't think they could get the premiums are cheap when you thought he couldn't get something there. You know it's it's a good deal. We we we sell a lot of self well yeah and and and so we can even write these things down to 5000 7000 but it just as shown here in our salespeople were working to start out quoting 25,000. I really feel like your family.

Regardless of your financial situation needs that much to just settle your affairs and to have it all insured and coming to them quickly or a special one of them quickly now is is is a good thing.

Now if that presents a financial burden and a back back to 10,000, and by the way, the single premium whole life option for 10,000 for you is $6220 single premium for 10,000 insurance and for a lady in the 5500. That's at the 65-year-old rate let's go to somebody 75 and was look at the same things is that the $25,000 policy at 75. If you could still qualify for the North American guaranteed universal life hundred 68 bucks a month so it's still very doable and most people that we write that are 75 are going to get some rating just but we have some in great health or just some minor moderate chronic conditions like high blood pressure. Whatever they get. That are and $68.they can buy life insurance at 75. You can get the easy issue policies and the $200 month apartment you can get the guaranteed issue policies up in the 300 some dollars a month, but you can still it's not too late. You can get these policies. Some of them as late as 85 asset management AIG is offering one guaranteed. You can be 85 years old and and interestingly you could make a one pay for 25,000 Paul of 21,600 and so you know it's obviously your pitching in for $3400 no matter what right at 85. We sold the single premium whole life policies all day long. If you want an even better 20,505.

These are the people that get rid of people like me saying I got the money in the bank. I'm not turning it over to your insurance got me okay but you kids are going to have a hard time in the funeral director getting it. That money so you could take if you're 85 years old. You could take 21,600 and the bank and you can transfer it into 25,020 5000 life insurance matter when you die. And that's going to come quickly put down. However, one of the beneficiary and you know what happens with a lot of people at that age they end up doing more is it that simple.

And they feel they end up putting $100,000 into this type of policy and then they guaranteed a benefit in their lot of her doing that just because you got the estate you get the will.

You got all that stuff you quick math you're looking at 84,000 to give your heirs 100,000 right yeah I mean it just an end, then you know that is going to go to who you put down is that beneficiary okay. I mean, just an once people really start to understand that the power of the beneficiary and they know that is going to go to them tax-free.

When you leave your IRA to them. You know for its gonna go by beneficiary to but there no taxes on and is for an uncertain amount that the this is office. I'm telling you that it just having life insurance. When a person dies is just it's it's it's something you really I consider and so I'm recommending 25,000 as a minimum 10,000 is if you just can't afford the minimum or you just flat stubborn enough that you and I can pay that amount. Okay, I think you're better off buying 10,000 and were going to talk next Saturday show about buying 100,000 of insurance are more and you can do that in your 50s 60s 70s even in your 80s. We had to meet people by that amount of insurance in their 80s but we certainly have a lot of them in their seven when they talk about that next week is fine exec member talking funeral directors know that stuff they militarily do not talk to him about happy because what you know what if you got or make arrangements to make these payments. I simple as putting many diseases rate right now you will be able to touch that account for 65 what he thought those were a newsflash information for me. But again, my dad had the $10,000 in a paid up policy that Mina VED had all the stuff might line our friend who just lost his wife.

He had to scrape together money mean just on the bottom of some savings accounts and get himself down very low to pay for his wife's you and you know I suggested using a credit card and he explained to me that some of his balances are up and that that he can't admit is 11,000 bucks and you know we we made it through it and I'm I'm helping them are some things but I can say what I'm then be doing in the next few weeks as I'm a be selling him some licensure. He 79 years old on by this and then at least his heirs will not have the same problem that he's had when he passes away. So homework can make you whole today. I'm finishing well, finishing well would be finishing Hall for your family, etc. so again this shows brought to my cardinal guide.com forget the guide after cardinal in its seven worries tablets.

Life insurance is clearly one of those tabs as well as a whole chapter of the book, the complete cardinal guide to planning for living retirement which could be years absently free. All you have to do is email Hans Barrett cardinal guide.com so I have a lot of fun today. Thank you, thank you. We hope you enjoyed finishing well to my cardinal guide.com visit cardinal guide.com for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as cons best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what you get. Hans book go to cardinal guide.com if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again, that's cardinal guide.com cardinal guide.com