Not Your Average Financial Podcast™

Episode 91: [Great Problems] Giant Piles of Cash – Single Premium Solution

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In this episode, we ask:

  • Can you say ca-ching?
  • What are the risks of a giant pile of cash?
  • What are the four key challenges facing all savers today?
  • What about the low interest rate environment?
  • Have you been successful in saving for retirement?
  • What is a required minimum distribution?
  • How do we pay for long term care expenses?
  • What is the average cost for nursing homes?
  • Does Medicare cover nursing care?
  • At what age does your financial plan end?
  • How old will you live?
  • What if you live past age 90? 100? 110?
  • Am I too old?
  • If you are age 60 to 85, how would your policy be affected?
  • How long do you have to wait?
  • Have you saved up your nest egg?
  • What do you do with a lump sum when you don’t want to wait years for growth?
  • What if you could do a one-time drop in?
  • What if you could have a death benefit with your lump sum?
  • What if your age could work to your advantage?
  • What is a Bank on Yourself type Single Premium solution?
  • What is a single premium?
  • How do single premium plans work?
  • What about health problems?
  • What about naming someone else as insured?
  • What if you own the policy?
  • How does the value grow as soon as starting a new policy?
  • How does the death benefit continue to grow?
  • What about the cash value?
  • What about long term care?
  • How long does the coverage last?
  • Can you use this benefit AT HOME or does it have to be in a skilled nursing facility?
  • Is this more cost effective than a traditional long term care policy?
  • What is the downside?
  • What happened in 1986?
  • What is the TAMRA act?
  • What are the tax changes?
  • What is the 7-pay test?
  • What is the MEC (modified endowment contract)?
  • What is FIFO?
  • What about the gains that exceed the basis?
  • What is considered taxable with MEC policies?
  • Why are all single premium products MECs?
  • What are the privileges of being age 60 or older?
  • When do the gains kick in?
  • Should we be afraid of MECs?
  • In what circumstances do MEC policies make sense?
  • In what circumstances do Single Premium policies make sense?
  • Did you review the case study below?

    • ...more
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