Insurance evaluation is a vital part of buying insurance. Life insurance premiums may be one of the biggest continuous cash drains you have. Nobody wants to spend their hard earned money on expensive life insurance. We all want value for our money. Many people feel their skin crawl or get sick to their stomachs when the subject of life insurance is approached. Maybe because they have been take advantage of by the industry. The truth is that life insurance can be an important part of an estate plan.
Life Insurance in an Estate Plan
Lawyers are taught about the importance of life insurance as part of an estate plan in law school. Unfortunately they are not taught about insurance evaluation and getting value for the money spent when buying insurance. Not only can insurance be used to pay estate taxes, a life insurance policy can be a really great investment, because of the tax advantages! When I started in practice as an attorney, I would suggest insurance to my clients, only to have someone take advantage of them. I determined to find out about insurance so I could help my clients.
What I found with my research was enlightening. Did you know that you can get double the insurance for the same dollar, using the same policy? It is all determined by how your agent writes your policy. Unfortunately, many times the agent writes the policy so you make little money. That way he gets a very big commission. It is not in the agent’s best interest to make your policy profitable. The take home lesson is that you need to do your own insurance evaluation when you are buying insurance. You need to understand the process and insist on value.
How to Hold Your Insurance?
It is also important how you hold or own your insurance. Often it is a good idea to hold you insurance in an insurance trust. This can save a bundle in your estate when you die. While it is true you can put an existing insurance policy into a trust, it is best to have the trust buy the insurance in the first place. It is a good idea to get legal counsel on the ins and outs of an insurance trust. If things aren’t structured correctly you will lose your benefits. My book Protecting Your Financial Future gives the big picture of estate planning and the insurance trust. It also shows how insurance policies fit into the estate plan. This topic is so important. I would suggest you read it.
Insurance Evaluation is Important
Insurance evaluation and buying insurance are so important that I have made a CD, How to Evaluate a Life Insurance Policy. It gives you an unbiased lawyer’s analysis of life insurance evaluation. This CD shows you the ins and outs of buying insurance. Life insurance is known as the sweetheart of the IRS Code, but you had better know what you are doing, if you want to get a true value for your money.
Before giving more money to life insurance companies, wouldn’t it be worth spending a few minutes with me and letting me teach you about the ins and outs, hidden traps, and cash cows of the insurance industry? You must know what your agent isn’t telling you when you are buying insurance. Whether you are just buying your first term policy, or you are deep into using life insurance as a “non-qualified retirement plan,” find out the secrets the insurance company, or the agent doesn’t want you to know.
Order the How to Evaluate a Life Insurance Policy CD now!