The time for you to get life insurance is now. Its an easy step you can take today from your home. Do it for you and do it for your loved ones.
Contact us for a proposal 866-675-3933
Do you have the old type of life insurance you have to die to use?
Listen to our podcast to learn about the new type of life insurance you don’t have to die to use.
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(Legal disclaimer) Remember that this is just our opinion and NOT approved by compliance.
Source: http://www.daveramsey.com/blog/the-truth-about-life-insurance/
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Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Ramsey’s Truth: Cash value life insurance is one of the worst financial products available.
Our advanced Marketer response: Cash value life insurance is a financial product that can be fantastic for some but not for others.
Ramsey’s Truth: Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected
Our advanced Marketer response:I don’t know what he’s talking about. I personally own a life insurance policy that is performing much better than originally projected. If I wanted to make up stuff, I could say things about financial show hosts, but that would be irresponsible so I won’t.
Ramsey’s Truth:
Example of Cash Value
If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100. Not true, competitive monthly premium for 20 year term in the industry for $125,000 is closer to $12 or $13/month. He’s making up numbers. And of course that’s only coverage for 20 years – where will his family be if he dies at age 52 with money still on his mortgage and kids in college? The universal life is permanent coverage for whatever duration they need. Suppose this guy needs it to age 67 (retirement age), how much is a 37 year term? (It doesn’t exist).
Our advanced Marketer response:
WOW! If he goes with the cash value option, the other $93 ($87) per month should be in savings, right? Well, not really; you see, there are expenses.
Expenses? How much?
All of the $93 per month disappears in commissions and expenses for the first three years. Blatant lies. I ran an illustration which showed that after 3 years of expenses only $431 of the $3,132 extra dollars (beyond the term premium) is lost to policy charges and expenses. And that’s assuming the WORST CASE contractual interest rate. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger’s Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%. And there’s indexed universal life as well. Mutual funds are not without charges as well as many studies have showed just how dramatically large the charges can be. The returns for mutual funds could be much less and of course expose clients to a great deal of potential loss. And unlike Mutual Funds, life insurance values can grow
Do you have the old type of life insurance that you have to die to use? We have a new type that you don’t have to die to use.
What if you suffer a major heart attack, stroke or invasive cancer and don’t die? Would your family be able to maintain their standard of living if you were financially impacted by a serious illness?
If you should have a qualifying chronic, critical, or terminal illness or condition, you may need cash to help with the cost associated with that illness or condition. Or, you may simply need money for everyday expenses. In instances like these, accelerating your policy’s death benefit may help in dealing with your financial needs.
Contact MKG Insurance Agency to get a quote to exchange your old policy for an updated one at a very competitive rate! 1-866-599-4470
Check out North American Life Free term quote caculator.
Contact us for more information about term insurance.
MKG Insurance Agency CA Ins Lic# 0J03013
Office 559-460-7504
Life insurance is a valuable component of your financial portfolio.
You work hard and likely have a strategy in place to build and help protect your financial future and that of your family.
Life insurance should be an integral part of that strategy. Instead, many are focused on building their assets and have traditionally viewed life insurance as just a necessary expense to help protect a family’s future. Yet cash value life insurance has the potential to offer far more than just death benefit protection.
MKG Insurance Agency now offers Legacy Optimizer to help you Get the Most Out of Your Premium
Invest $100,000 and gain $87,000 on day one. No market risk guaranteed income.
*Assuming 25% annual income tax
Cash Value Life Insurance can:
• Leverage premium payments into a sizable death benefit.
• Provide a way to accumulate funds through its cash value. This is money that can be used for college, emergencies or during retirement without tax implications, assuming the policy is properly structured, as discussed below
• Transfer wealth with an income-tax free death benefit.
Focusing in on the second bullet, the benefits of using cash value life insurance as a means to accumulate a usable asset while living include:
• Potential for tax-deferred growth of the policy cash value.
• Premium limits based on amount of insurance coverage but not on income.
• Potential for income-tax free withdrawals and policy loans.
• No 10% tax penalty on, withdrawals or policy loans prior to age 59 ½, assuming the policy is properly structured, as discussed below.
Assuming certain premium limits are adhered to so your policy is not considered a Modified Endowment Contract
Insurance Products: – Not a Deposit – Not FDIC-Insured – Not Insured By Any Federal Government Agency – Not Guaranteed By Any Bank or Credit Union – May Go Down In Value
This is information is a hypothetical concept and is not valid unless accompanied by a basic illustration for the life insurance policy described and an Internal Rate of Return report.
MKG Enterprises Corp. CA Insurance License No. 0J03013
4021 N Fresno Street Suite 107
Fresno, CA 93726
Toll Free (866) 675-3933
Direct (559) 412-7248
Auto, Home, Life, Health, Pension & Annuities
For complete annuity proposal at NO COST OBLIGATION, please call 559-293-4977 For immediate service, you may call: 866-675-3933 Ext 2 or apply online using MKG Insurance eForm
Our Mission to assists individuals, families and businesses in achieving financial security and independence through the use of top financial products focused on protecting against loss as well as increasing and safeguarding assets.
The exceptional liquidity of a 7702 Private Plan can allow you fund your own credit purchases, you can be your own bank. A 7702 Private Plan uses IRS Tax Code section 7702(a) to combine the tax free income of a permanent life insurance policy with the financial market opportunity of a major stock market index to provide a superior tax free retirement income that cannot be outlived when structured properly. MKG Insurance Agency We are here for you twenty-four hours a day, seven days a week! www.mkginsuranceagency.com
