We're all going to die. So, if you do die like what can you do to prepare your
loved ones, your family or your other responsibilities for your
death day?
You know life insurance doesn't have to be that dark of a conversation. I mean
the reality is none of us really knows when this miracle beating in our chest
is going to beat its last beat. Or you get hit by a truck, right? Like crazy
stuff happens. We die and some of us get into a position our life where we're
like, "Man, if I were to die I would be worried for my loved ones what they'd
have to pick up." Now, regardless of what age you are, understand that life
insurance is your way of saying, "When I'm done I want all of my affairs cleaned up."
Let's talk about the big five reasons why someone would want life insurance.
And by the way, what is life insurance? Is kind of crazy but it's where you pay a
small amount of money and then if you die, your family and loved ones get a lot
of money. And the reason why some people engage in life insurance is because
number 1, funerals are expensive. Maybe it's 10, 15 thousand dollars
and they're like, "Dude, that casket is like four or five grand going in the
ground." Right? Or they have living expenses that they want to deal with or
maybe your spouse or loved one wants to take a little break from work. You might
have some debts like let's get the house paid off or let's pay off the cars. I got
some credit card stuff. Or I got real estate or business stuff. College, my kids,
I want them to be able to go or retirement, right? Like, actually, if I die,
you get X millions of dollars and that's the thing. Now, I do want you to know that
I have a bonus for you when we get to the end of this video. Because I'm going
to be sharing with you how I leverage life insurance as a living man to give
me a very powerful living benefit in business. And you're going to want to hear
this. But first, let's just understand a couple of things about life insurance.
First of all, a lot of people think, "Oh, life insurance is expensive." That's
actually not necessarily true. Like for example, for some for a healthy
individual in their 30s, let's say they want $250,000
to go to a person of their choice upon their death. Dude, that comes
out to like $12 a month. Like we're talking... That's not a lot of money. $12 a
month quarter-million dollars. If you want to be insured for a million bucks,
that might cost you $48 a month, right? So, insurance doesn't have
to be very expensive and often times people want to know
insurance should actually get. A lot of times people are looking for about 10
times of whatever their salary is or annual income. So, for example, if someone
made $50,000 a year, then they might want a half a million dollars. Someone might
say, "Hey, I want to know if I die that my house gets paid off, the cars get paid
off. And for that reason, I want to be insured for $675,000",
right? So, you want to be thinking how do you want your loved ones
to be left when everything gets cleaned up with the money that comes in from
life insurance. Some of you might say, "Dude, my spouse isn't working. I don't
want my spouse to work." So, I need to have a certain amount of life insurance that
can convert into a residual income that they can live off of. Those are some of
the considerations. Now, here's something that a lot of people don't know about
life insurance and I want to give you an opportunity really understand this. By
the way, if you're connecting with this conversation,
I want you to understand that I'm interested in life insurance for the
living benefit that also comes with the death benefit. And I'm about to show you
how I leverage my policies to make me loads of money. If any of that is
interesting to you, there's a link in the description below where you can get with
a member of my team and they'll actually help you explore the best companies with
the best policies for doing life insurance for your business purposes. So,
check it out: If for example, understand that there's 2 types of insurance.
There's what's called term and there's whole life. And term is generally for 20
years. If I'm 39 years old today and they get my medical exam and basically say
we're gonna check out how healthy you are. And based on your health and how
much you want to get qualified for, these are your terms for the next 20 years.
It'll be this amount every month but you'll get X. So, it'll be $100
dollars a month but you'll get a million dollars if you die. And so that's term.
Term is cheap. It costs very little money and it's the easiest way to have
something but be advised. 20 years from now when your term runs out and you
want more insurance it's going to be when you're older, term becomes more expensive.
That's why some people say, "You know what? I want to look at something that'll be
available for my whole life." And this is a different kind of insurance. There is a
term component but then there is another
component that I want to share with you. Let's just say under this scenario that
term is going to run me $100 a month for the amount of
insurance that I want. I could say instead let's do a different kind of
insurance where I'm going to pay my same $100 a month for that but I'm
going to pay an extra $400 a month to put into the policy to get
some extra perks. So now, I'm putting in $500 a month instead of
100. And why would I do that? Why would I lock up 400 extra
dollars that I could put into real estate or build a business or having
savings or spend you know flew fully. It's because there are some benefits of
whole life that personally as a real estate investor and business owner, I'm
in love with to many reasons that I can share in one video but understand this:
This money that is sitting in this account, I have the ability to borrow it.
But when it's sitting in there, I'm earning closer to 5% on my
money. In my bank I'm earning what like, point
oh nothing percent. So, by the way, 5% doesn't make me rich. But
5% is respectable for money that's just sitting. You get me? Number 2, I can
then borrow that money out and put it into my investments. So, that's a really
important perk for me as an investor. Number 3, this money that's growing
in here, guess how it's growing? Its growing tax-free. Do you know how cool
that is? Dude, it if you got tax issues or you want to pay less in taxes, all you do
is switch your savings accounts and soon you get massive benefit. And then the
biggest reason that I'm really in love with this is that this money is
untouchable. Which basically means no one can litigate it, the government, the
auditors couldn't even take it if they wanted it. Because there's this rule that
currently has existed up until you know that you can't touch a man or woman's
life insurance. If you look at it it's like a bank. I leveraged my whole life
insurance as my insurance bank account. And it gives me all of these cool things.
And those are some of the more advanced concepts. So, when we talk about like life
insurance 101, that was everything up until
right here. You just got more into a PhD level which means that life insurance, I
could actually have my money sitting in insurance and in real estate and keep
that real estate but pull it out and put it in more real estate. Kind of my money
sitting in three places at once. Literally the same dollar earning in
multiple places. Now, if that doesn't jazz or get you excited,
I failed somehow in helping you understand how financially powerful this
is. So, I'm obviously a fan of this. I've been leveraging this stuff for like 12
years. I got multiple policies and I will tell
you that most people don't know how to do this competently because it's a
specialized kind of product. But I do have a team that does it extraordinarily
well. And if you want to know who they are, just click the link below and say,
"Hey, Kris said that you'll give me like free consultation and kind of break this
down for what it would look like.| And there will be no charge, they'll do all
that for you. And really determine if something makes sense. Thanks for
watching today friends. That is life insurance 101. We all going to die. And don't
forget that in that word funeral is the root word fun. Right? Like let's celebrate.
Celebrate life and do the kind of life insurance that allows you to celebrate
life even more because it's not just for the death benefit. Don't forget, there's a
massive living benefit. Take care, subscribe, we'll see on tomorrow's video.