Not Your Average Financial Podcast™

Episode 93: [Great Problems] Can I Put A Lump Sum into A Policy? Part 2

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In this episode, we ask:

  • Do you have giant piles of cash?
  • What are the six circumstances?
  • Did you listen to Part 1, Episode 92?
  • What is the answer to last episodes cliffhanger, the third unique way?
  • What is a single premium policy that allows you to add more money after the initial premium?
  • What if you’re dealing with a one time lump sum?
  • What do traditionally designed single premium whole life insurance policies allow?
  • What is a hybrid example?
  • How are Bank on Yourself authorized advisors influencing the insurance industry?
  • What did the insurance companies ask?
  • What happened?
  • What are the situations where using a Bank on Yourself policy for a lump sum makes sense?
  • Are you interested in a capital fund for real estate or business?
  • Do you need a holding place for future lump sums?
  • Do you have a need to pay for college?
  • What is a combo rider and how does it work?
  • What does a combo rider do?
  • Would you like the flexibility to put in a lump sum at irregular intervals?
  • What is the house analogy?
  • What is ART or Annual Renewable Term?
  • What is an ART rider?
  • How does the combo rider behave like universal life (UL)?
  • How is the risk much lower with a combo rider vs. a risky UL?
  • How can you get rid of the term rider within a combo rider?
  • What happens when you move the term rider into permanent insurance?
  • What happens when you know you won’t be getting additional windfalls? Can you drop the combo rider?
  • How can you move money into a policy right away?
  • How can you plan for expected windfalls?
  • How is this policy like a gas tank in a car?
  • How can you lock in your insurability?
  • How might you create a space to pour in cash?
  • How might you fund a college education without depleting or jeopardizing retirement funds?
  • What are the common vehicles for college funding?
  • Have you heard Episode 27?
  • What happens when you lock money into a qualified 529 plan?
  • How are Bank on Yourself type policies more flexible than a 529 plan?
  • What are some cool motivational incentives to get your kids to apply for a full ride?
  • What are all of the advantages?
  • Why does the government penalize parents that have saved for retirement and college?
  • Why does the government want you to be as poor as possible on paper to qualify for college funding advantages?
  • What can permanently give you an income that you can’t outlive?
  • What is the takeaway?
  • Are you working with an advisor who understands the nuances of these strategies?
    • ...more
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