Game Changers: The Conscious Culture Volume 2 Issue 7 | Page 11

Let’s Talk About the “L” Word: Life Insurance by Kye Wilson I am not positive why life insur- ance can be such a dreaded word or concept to many people, but if you know how it works and realize the numerous incredible benefits that you can take advan- tage of, I think that some people may think differently. Yes, the primary benefit of life insurance is to provide financial support to a person, family or business in the unfortunate or sudden loss of income. This is the #1 and primary reason that people purchase life insurance. Now that we have gotten that out of the way, let’s talk about some of lesser known benefits. Here are some of the personal policy options that I have exer- cised: Collateral – Recently I was approved for a business bank loan. Part of the underwriting requirements was that I had to assign a life policy over as collateral against the value of the bank loan. This means the bank would receive any outstanding owned bal- ances on my loan from the life insurance before the remaining balance would be issued to my normally designated beneficiary i.e. spouse, kids parents etc. This is much better than signing over your house or car or another tangible assets to the bank as collateral. Personal loans – A loan can be completed and withdrawn from your permanent life insurance policy with very easily with no questions asked. The checks are mailed to you within 1 business day. Conversions – If you own a temporary policy (a policy that will end on a specific date) many companies will allow you to con- vert all of some of the face value of that policy into a permanent product with no additional health questions or exams. That locks in your insurability against future health risks which would have made you ineligible to purchase a life insurance policy. Tax Shelters – This is a huge benefit that the wealthy frequently use to their advantage. Life insurance proceeds are not taxable, at least not at this time. Premiums, (the money) that you pay into your life policies, are also tax shel- tered. Of course tax codes change all the time and you can believe that every couple of years the government makes an attempt to change the codes so that they can garnish some of these funds for their own benefit. This list is just naming a few of the many potential uses. There are so many things that you can do to make life insurance really save you time and money and give you and your family finan- cial ease. I have been a licensed life insurance agent for the last 16 years. I am happy to answer any questions or would be happy to sit down and talk about creat- ing a life insurance portfolio to fit your needs and budget. Let’s talk today. Your child is driven to be the best on the field. But they need you to be the driver off the field. At American Family Insurance, we believe your dreams are the most valuable things you will ever own. And we’ll help you find just the right insurance to protect them. Kye Wilson Agency 1123 McDonough Place McDonough, GA 30253 [phone] [email protected] American Family Insurance, Mutual, Standard of OH and WI Companies, 6000 American Parkway, Madison, WI 53783 and The General® | © 2016 012413– 7/16 Game Changers Magazine Jul/Aug 2017 - 10