Most people don’t like to think about life insurance because of what we typically have to do to get the money. What many people don’t know is that there is more to life insurance than just dying. In this episode, financial advisor, Brian Heins, teaches us how to take advantage of life insurance features while were alive.
"The goal is and the secret is... we can take the money out of this tax-free."
We discuss multiple tax benefits of life insurance like immediate vesting, and the ability to create income for yourself in retirement. The best part is that the money in a life insurance policy grows tax-deferred and can be accessed tax-free, which reduces how much you need to save to make your retirement income goals. He teaches us to ask our agents and advisors to illustrate these options for us and provided us with a sample illustration.
He also teaches us about the rule of 4% to help us figure out how much money needs to be saved, so we don’t run out of money in retirement. We talk about the ability of life insurance policies to guarantee how much money you’ll receive once turning on an income, and Brian clearly explains the investment options inside of a life insurance policy. Who knew!?
Brian Heins is owner of Firm Foundation HR and is a financial advisor. To get in touch with Brian you can call him at 949-413-3282 or email firstname.lastname@example.org.
PS: One of the “living benefits” we didn’t get into is the ability of life insurance to pay out a portion of the death benefit early (before death) if the insured has a qualifying terminal diagnosis, critical illness, critical injury, or chronic illness. Yet another life insurance secret that shouldn’t be a secret! When shopping for life insurance ask your agent if the policy they’ve recommended for you has this type of living benefits.
When I asked Brian what costume he might like to wear he said “Cheese Head, Go Pack!” so we did football fans as our theme. California is my home state and this is the one and only sports team shirt that I currently have. I was happy to have an opportunity to show it off.
Follow the show on Instagram @moneyheartshow to see more pics of my costumes from each episode. I also include my guest’s costume when they choose to wear one.