Achieve Your Wealth Goals With This One Concept
One of the easiest and least expensive ways to accumulate wealth is through a life insurance policy. While term life policies are good for covering and protecting assets, they are limited in use.
I know that some will say, buy term and invest the rest, but how many people do you know actually implement that plan?
An attractive ability of a permanent policy and specifically an IUL, is it’s ability to take advantage of market returns without the risk of loss, thanks to floors.
Another advantage is using the policy as a college savings plan. While 529 plans where designed to be used for college, they have certain restrictions. For instance, if your child decides that college isn’t an avenue that they want to pursue, the money is basically lost for their use…i.e. they can’t open a business with it. With an IUL, the money can be used for anything and in most cases, tax-free.
The IUL is called the Rich-person ROTH IRA. Why? There is basically no cap on how much you can contribute into it for retirement and if it’s structured in a certain way, you can contribute to it before taxes.
Life insurance can provide more than just asset protection. It can be used in plans for: Wealth Accumulation, college savings, executive bonus, estate planning, retirement, and so much more.
