Top 10 Reasons Why Whole Life Insurance Policies May Be Right For You



A whole life insurance policy is a type of life insurance policy that will pay a death benefit no matter how old you are when you die. Read on for the top 10 reasons why a whole life insurance may be the best policy for you.

1)You want to leave a death benefit: With a term life policy, you only leave a death benefit if you die during the term of the policy, which ranges from one year to 35 years depending on the policy. With whole life policy, the term is your life. This means that even if you die 50 years after you purchase the policy, you will leave a death benefit to your beneficiaries.

2)Your dependents will always need your income: The death benefit in a life insurance policy is designed to replace your income and to allow your family and dependents to live without your salary. If your dependents will always need your income whether you die in two years or thirty years, a whole life policy may be best.

3)You want forced savings: With a whole life policy, you may more than the premiums that it costs to insure you. With this extra money, your policy builds up a cash value which you can then borrow against or sell. Since you have to pay the premiums to keep your policy active, it is essentially a form of forced savings.

4)You want to invest in life insurance: With the extra money from the premiums you pay, the insurance company makes investments. You then earn a return off of those investments which helps your policy grow. You can also begin drawing income from the policy, thus earning a return on your money that you can tap into.

5)You are looking for a tax-deferred investment: Money invested in your life insurance policy grows tax free until you begin to withdraw it. If you borrow against the policy instead of withdrawing from it, you may be able to access your money without ever taking it out- thus using your money without paying taxes on the growth.


6)You want to save money with certainties not luck: Fixed rate whole life guarantees you a set payment for life and a set rate of return on your money.

7)You don't ever want to lose your life insurance: With a term life policy, when the term ends, you have to renew if you want to keep your life insurance. If you have become ill or too old, you may be unable to renew. This would leave you with no life insurance protection and your beneficiaries would receive no death benefit at all.

8)You don't mind slightly higher premiums: Whole life insurance costs slightly more each month term life insurance, both because of the lifetime protection and because of the investment features of the policy. Thus, if you have no wiggle room in your budget and are stretching to afford insurance, term life might be best because it is more affordable. On the other hand, if you have a bit of extra money, that extra money can go to good use in buying lifetime insurance and the forced savings of a whole life policy.

9)You want maximum peace of mind: With a whole life policy, you will know that you will always have insurance and that your family will never suffer a financial loss or financial ruin upon your death.

10)You want every dollar To work as hard for you as it can: These is no other asset that can give you and your loved ones lifetime protection, forced saving and have the guarantee of growth. This is called the velocity of money.


Call Vincent at 347-661-6234 to find out how Whole Life Insurance can enhance your overall financial world.

Smart moves to maximize your Tax Refund

1. Start an Emergency fund. If you don't have an emergency fund, strongly consider opening one and depositing your windfall for a rainy day. While it might not be enough to create a full- fledged emergency fund, it'll be a good start.

2. Pay down your debt. Whether it's credit cards, an auto loan, or a student loan, you need to get that monkey off your back. So add your windfall to your debt snowball and keep on digging.

3.Adjust your withholdings. You should consider adjusting your withholdings so you don't end up giving the government an interest free loan during the upcoming year.

4. Up your current saving rate. Most American are not saving nearing enough for retirement. Although 10% is a good starting point, you should keep increasing your saving rate until you are near 30% saving rate.

5. Look into Increasing your protections. Make sure all your protection are in order. Health, disability, home, auto, and life insurance. If you are not properly protected everything you are building and saving for can be taken or lost in an instant.

Any questions or comments, please feel free to respond, post in comments or call us at 347-661-6234

The Simple Financial Plan for City Workers

The Simple City Worker Financial Plan

These 7 simple steps are the basis for creating a solid financial plan for you and your family. Many individuals and families are reluctant to start the process of reviewing their financial situation because they feel it is very time consuming and can become a very complex process. This is why I have created these 7 steps to start you on the right track and make the process simple and more enjoyable.

1. Protection First - Full Replacement / Lifetime Protection

  This refers to having all your Insurances (Health, Life, Property & Casualty, etc.)
  reviewed. Without the proper protections (foundation), everything else you build
  can be taken lost or  taken away.

2.Eliminate Bad Debts

   Remember keep it simple, get rid of CREDIT CARD Debt.

3.Create A Budgeted Lifestyle

  This means learn what $ is coming in, and what $ is going out each month.
  Truly live within your means. Be true to yourself and your family.

4.Increase Your Savings

  Pay yourself first, build a simple saving account/ money market account. This step may
  take some time, but it is well worth it. This will help you stay liquid, also having available
  funds on hand with no penalties and no fees. Very Important !!!


5.Reduce Tax Exposure

 This step involves reviewing your your overall finances with a financial planner and
  your CPA (accountant).

6. Minimize Risk

   This is where you should be gaining your education/ knowledge on how risk and
   reward can benefit you  or can hurt you. A basic understanding is needed for this
   step to evaluate your needs.

7. Overall Rate of Return

   Although this is a important step, it has been proven that if put number 1, you are
   chasing returns. Which means you are assuming a certain percentage to assure

   you and your family a safe and happy future. Again you will be LUCKY if this

   works for you. Saving on a consistent basis will give you and your family a safe
   and secure financial future.

   ALTHOUGH SIMPLE, THIS PLAN HAS
  BEEN STRUCTURED TO MAXIMIZE
  LASTING WEALTH WITH CERTAINTY
  NOT LUCK!!!

PLEASE CONTACT VINCENT (347-661-6234) TO SET UP A APPOINTMENT
TO DISCUSS HOW THIS PLAN CAN WORK FOR YOU AND YOUR FAMILY.